Social Security benefits cut. What are your opinions?

My reading indicates that benefits would be cut for FUTURE, not current beneficiaries.

Thank you, BarbBrooklyn. It may be true, but I don't trust Congress. I rest their case for 12 more years.

If Congress hadnt made it so social security money wasn't put in the general fund this would not be as much of an issue.

The reality is social security payments were based on life expectancy of seniors so most seniors would never live long enough to get social security or only be on social security for a few years before they died.

Many seniors are living into their nineties or hundreds and this makes social security unsustainable as these seniors are requiring and get expensive medical interventions to keep them alive and warehoused as the living dead in nursing homes. You have elderly with dementia getting cancer treatments and pacemakers just as examples.

Something has to give and since seniors offer no real value from a financial standpoint in our society and to the government it makes sense that they would cut funding in this area. This entire world is about money.

If they cut benefits for people at or near (perhaps within 15 years of retirement age), I fear our country is going to see a dramatic rise in homelessness. Our country can't tolerate that. Not enough people have had the ability to earn enough to save on their own and many people have not saved even though they could have if they were responsible and frugal from their 20's on. I'm 56 and I worry everyday what my life is going to be like if I make it to 70. Am I going to be able to afford a place to live? There is not enough senior subsidized housing, wait lists if they are open, are years long, and market rents keeping rising and rising. Something will have to give and if they cut SS and Medicare you are going to see more and more seniors with no place to live. It is scary.

devils advocate here...
Social Security was not intended to be the only source of income after retirement. It is/was to be a Supplemental Income.
We are also outliving what the "normal" life span was back when it began. (August 1935)
Life expectancy in the 1930's for men, late 50's and women, early 60's.

Now we have people living WELL past 50's and 60's, probably add another 30 to 40 years to that.
Population of the USA in 1935 was 127,250,232
Population of the USA in 2022 is 332,403,650

People can not and should not rely on Social Security for their retirement.
Cutting benefits is one option or increasing the contribution that one pays is another.
And there is a great number of people that have paid into the Social Security pool and will NOT get payments.

Editing this..
contribution to Social Security in 1935 was 4.21% of taxable income in 2022 it is 6.20%
The first payment was for $0.17 in Jan 1937
The average now is $1,657 per month in 2022

Work and save, save and work. That was my grandmother’s advice long ago. In her generation, women didn’t work outside the home. She had an 8th grade education and married at age 19 after working in a laundry for 5 years. When she was in her 40s and kids were grown, she went back to school, learning skills that got her a good job with a pension, which was her goal. Few women did that in her time. She worked till age 75 when she got sick and she and grandfather, who had no pension, retired. They sold their house, downsized to a beautiful smaller home with the money, and lived out their lives. No Medicare. No Medicaid. A little Social Security. Work and save. But other people don’t think that way. They expect the government or their kids to take care of them. They spend their money on frivolous things. They don’t plan. Let’s get back to work and save.

Fawnby is exactly right. Work and save. From 1984 to about 2001-2002 I worked two jobs. One full time 40 hours and the other between 20 - 25 hrs. per week. I was putting my son thru college and graduate school. He worked as well, and graduated debt free. But I still saved during that period. My second husband was the same way. Neither of us took vacations, bought new cars or recreational toys, no credit card debt. I still have my inheritance from my parents. My husband when he was younger invested all of his bonuses and signing money in real estate. Now that I am 66 and have multiple health problems that are expensive, I have the funds I need to pay for health problems and have the assistance I need. I don't have to rely on Social Security, although I could live on mine if I had too. I would never want to have my son to have to help me. I won't have to rely on Medicaid for long term care.

My opinion on social security benefits getting cut is pretty simple.

Don't vote Republican if you're worried about it.

Another possible Social Security plan: Tax brackets for income earned in 2022
37% for incomes over $539,900 ($647,850 for married couples filing jointly)
I think those rich people with over $500k in annual incomes should not be eligible to collect any Social Security benefits unless their income level falls into an annual $500k or less, or their care level expenses exceed what their income is bringing in at $500 or more. That will also help with Medicaid eligibility. Make Congress think!

This isn't going to happen. Never would a politician anywhere now cut Social Security as he thereby cuts his own neck. It is a simple threat people use to scare people. You DO understand that the cost of living raise coming to you in January is the largest ever, due to our rampant inflation, right?????? On average we are getting a raise of about 130.00 a month.
Now, will the program fail eventually down the line? I suspect we will all be dead first, but it may if our country gets into trouble. So let's do all we can to keep her strong.
I hope the admins will move your question to "Discussions" because it will last longer there, and it is interesting question for sure.

@sp19690 i do not understand what you mean when you say that
"pension money is paid for everyone else who don't get pensions"
You pay into a pension you get a pension. You do not pay into the pension you do not get the pension.
Add to that that anyone that has worked and paid into Social Security if they also have had a job with the Government and paid into a pension generally they do not get Social Security. OR if they worked and paid into a pension and had a spouse that worked and paid into Social Security if that spouse dies they do not get any of that Social Security.
There is a pension off set that pretty much takes dollar for dollar from the Social Security check.

I don’t think cutting ss is realistic. However, I expect colas to become untied to inflation soon and retired to another metric, like the federal minimum wage. It’s 7.25 now, which equates to 1256 a month. If they get a raise this year it’s typically 3 percent. In fact actually zero ppl I know got 9 percent raises so for the government to take all our money and give recipients that is simply unfair.

Which brings me to the other part everyone working gets billed for. Medicare. It aggravates the population big time to see ads for free stuff that they the working people don’t get with their health plans if they have one. They would go into orbit were they to discover how much it costs to keep a “feisty fighter” alive through medical intervention.

With so many people getting laid off today and since the Great Recession, look today, at Elon Musk for Twitter for example, employees cannot be certain about job security, let alone 30 years of steady work and sufficient savings to support retirements, even though they really try hard, only to end up in spending down their funds for basic needs during State unemployment's skimpy payments, then eventually end up on Social Security as their primary means of income. The government really sucks, and it is really on every man for himself. Take this from your reader who studied for eight years to obtain a two-year degree in art but never could use it because I had to work to full-time to support myself.

My situation back in 2012 was that I couldn't find any more better paying or even clerical work because I could no longer compete due to my autism disability and anxiety, yet SSDI denied me because I had too much employment experience and education. I got so frustrated between that and my late mother's care I had to see a therapist to get me through those tough times.

If Congress does threaten to cut benefits, I can be assured that many "bells" will ring, and "whistles" will blow to get their attention come 2034.

It's federal employees who do not pay into Social Security, so they do not care.

I have saved.
I was taught that way.
Add in that I am a former New Englander (frugality is second nature) And I have Scottish heritage. (frugality once again)
I have saved. I have a pension. I also put money into an IRA (sadly the Roth IRA was not available when I started and would have cost to change)
I also purchased Long Term Care Insurance. I did that when I was caring for my Husband and I figured I would not want anyone to do what I was doing.
The Work and Save, method works.
Not living beyond your means is important.
Pay off credit cards each time.
the only debt I have is Auto and Mortgage, both are being paid off early.
BUT What is scrimping and saving if you do not enjoy life.
So allow yourself enjoyment but keep it within your means.

Patathome01, my parents were the children of the Great Depression, therefore they always lived below their means, even when my Dad had a good long-term job. Mom could make clothes last over 30 years, no fad styles for her. When their dishwasher failed after 35 years, she and Dad would hand wash dishes. They never got cable TV or cellphones.

My sig-other and I both learned from our parents to save, save, and save some more. Unfortunately his advice to save has fallen on deaf ears of his grown children.

When I was working it was during the glass ceiling time, so I earned less than a man doing the same job who had less seniority and less education.... the company offered 401k dollar to dollar match, I took the max that I could. When I left that company after 20 some years, I couldn't believe how much was saved in that account :) Chances are today the company doesn't have that match option as employees prefer a higher salary instead, too easy to spend.

Both sig-other and I have each a 26 year old Jeep [both bought used] and will keep driving them until the wheels fall off, we loved those vehicles. Hardly any major repairs.

When I see my social security amount hit the bank, I need to remember that the check was higher as Medicare took a percentage out to add to my Medicare account.

If you have the means to have some fun and more, do it while you are healthy enough to. Buy as much time as you can for more!

If you have at least $5,000,000.00 today in assets and now need care in an NH or whatever, you are likely to be cared for sufficiently in your lifetime, Social Security benefits or not.

If you can afford long term care insurance and the service finds you eligible, go for it. Unfortunately, many people cannot afford to pay the premiums. The service also looks at family history for health risks and may deny benefits to those interested. Best good luck and prayers.

I very afraid of this too. I a planner so. It is very tough for me to live with uncertainty... Year I had my first job they started the 401k plans. The plan was to get people to save for their own retirement... 40 years after, republicans want to stop ss as was their plan... That is why u r hearing about it so much now..
My senator -.i didn't vote for him-wants SS to be voted on every year. Fl Republican senator wants SS to end in 5 years.
And for the next 2 years we r safe from that as president Biden will not sign such thing and there is not enough in Senate to override a veto. And there will not be for a long time as this last election generation z made their voice heard.. they do not like being the ones that will have to live or die through climate change and they r sick of active shooter drills they have to do if they want to survive going to school. Those 3 issues go together ss, active shooter drills and global warming there won't be enough political will to end ss for longer than ur lifespan.... Fyi Japan or China I forget which one doesn't have work based SS only need base ss..so it will never be going it alone.

Ss versus SS trust fund... The trust fund is running out not ss.
In 80s there was obvious population decline for a while they set up a trust fund for the population glut to pay into as there wouldn't be enough paying into it during their senior years.. it is this trust fund that is running out.
It was never meant to be permanent the trust fund was suppose to run out at time it is..
And the birthrate decline has resolved so ss is not at risk..
Just politician millionaires using the trust fund to scare u.

I would not waste my time worrying about it. I don't think they will be cutting existing benefits if they cut any at all. Live your life and don't borrow trouble worrying about what some politicians say could happen. Mostly this is done by one party to scare other people away from the party they claim is going to do the horrible thing in question.

VOTE THEM OUT.
The Rs have always been adverse to social safety nets and have made cruel cuts in the states that they control.
Conversely, the Ds are in favor of increasing SSA bens, esp to the low income elderly and the disabled.
I am personally in favor of trimming SSA bens to upper income Americans who have no need of it, even though they have paid in throughout their working lives.
Vote for pols who favor social programs and lessen your worries.
I grow, wild harvest, can and preserve as much as possible of my family's food, incl raising chickens and feeder pigs. And we eat a lot of local bounty, like wild rice, venison, and buffalo - when I can get my hands ion the latter. We use minimal processed foods and buy in bulk to cook from scratch as much as possible. All of this adds up to greater food security and cost savings. I've simply continued, throughout my adult life, to do as my Mom and extended family did when I was a kid. I've taught my daughter and now my grandkids the same skills.
I, personally, would be unable to remain in my home of 27 yrs without them living with me and I think that many of us need to pool family resources and that those of us who own a home can provide our adult kids and grandkids with the security that they would otherwise not have if having to pay ever-increasing rent costs, etc.
We drive used cars and bring the kids up to value what they have and not expect the material things that are beyond reach. I said goodbye to credit cards decades ago; it's a terrible waste of money. I use debit instead and we live within our means.
My biggest concern about becoming too old and frail to live without supportive care is that the current shortage of health care personnel will deepen as more of us Boomers age, a frightening reality facing us.
Be careful how you vote, that is the key determinant of the future of SSA bens.

Absolutely no one should expect to live on Social Security if they've been capable of working throughout their life.

Back when I was in high school in the 1960's, one of our business classes had us "pretend" to purchase stock. First we were shown how to read the stock reports in the newspaper, and a couple weeks later choose a couple of stocks. I still have some of those stocks to this day, which have split [doubled] many times over. Too bad such classes aren't taught today.

I had my first savings account when I was 5 years old, so every dollar I got for my birthday and Christmas went into that account. Yep, back when grandparents would send a $1 for a gift, and it was a big deal. I had saved enough for that required 20% down-payment on a house :)

I worked until I was 74, had to quit because the business had closed up during covid. I worked there because each day was an adventure, never knowing what my boss would be up to. I miss working so much, it kept my brain active.

Perhaps if Congress and even the US Senate had their own retirement benefits cut, they can share our pain.

Where are your funds safe anymore? Left in banks, money loses value due to inflation. In bonds, loses value when inflation and bank interest rates rise. In mutual funds, stocks, or other, even diversified, the principal may lose value due to Market fluctuations. The best decision is to see a financial advisor. The best approach is to diversify investments for the long term and pray for the best.

Here I am alone in the Bay Area, because my siblings live out of state, with nowhere else to go. I live every day and enjoy the time and sunny CA weather. That is what I earned after over 40 years of work and not too much to ask.

Social Security would be in the black and be able to pay livable checks if the took the income cap off.

Why should someone earning a billion a year only have to pay on 147k?

It's simple math to solve the potential crisis.

Nobody wants it to end but, if there is no money, there is no money. That's what needs to be addressed, the unhinged spending from Washington.

All Congress and Senate people who "commit fraud" and steal funds from our hard earned taxes and treasury (might just as well be) should be fired and jailed for dishonestly..

You are reading too many conspiracy media. There are a few congressmen making proposals that brings it into the media. These are proposals that are in the future. Do you expect this to pass in Congress? I do not. Did you read the good news that our SS will be increased by the highest amount in history to catch up with inflation, maybe 5%? Sit back for just a little while. Our statements will be out pretty soon.

Pat, Mark Kelly actually ran based on shutting down the insider trading information that has made many millionaires out of "Public Servants".

I was a bit surprised because it speaks of systematic problems. We would be inmates if we had any financial gain from insider trading.

I know the thought that our government is corrupt is gut wrenching but, it is a sad truth.

AARP is fighting to keep Congress from reducing Social Security funds from the 20% in 2034, and that's where I first saw information. Look, I could never get a four-year degree because of my comprehension and writing disability, besides expensive costs. I have to count on other's help with information.

I thought that federal employees' incomes come from all workers who pay federal income taxes. If I'm wrong about the federal tax spending, I apologize and will take that back. OK, I will spend less time reading and wait for national news to happen come 2034, if any at all. I will relax and enjoy life for now. Thank you for all your support.