Social Security benefits cut. What are your opinions?

From history I am told there was a huge battle the last time they had to adjust ss witholding.. last time they raised the tax by a half percent.
And ss was good for many decades

They raised the age of SS and that was less of a battle. It is known by 2034 they will have to adjust SS again and one way do that is cut benefits but there are many different ways to do it.. like raising the cap on social security taxed
GIve your vote to politicians who support that way of adjusting social security. Then the 20% cut won't happen
Its time to raise the cap as too many people have become obscenely wealthy... tme to throttle that back.

Personally I'm for a maximum
Income then the gov taxes 100,% after that.. to avoid the government from taking all. They would have to invest into their company or donate to charity of their choice.. SS Is not at risk. The wealthy see these alternative and trying to get in first to stop it.
The wealthy have the bucks to direct to conversation.. doesn't mean we have to believe them.

I am aware of additional problems to fix Social Security. Retirees may lose benefits as early as this July unless a solution is worked out.

CBS: Debt limit "X-date" could arrive within weeks, new analysis finds - CBS News

From msn.com.com website information:
What happens to Social Security if the U.S. breaches the debt ceiling? (msn.com)

If the U.S. defaults, "it is unlikely that the federal government would be able to issue payments to millions of Americans, including our military families and seniors who rely on Social Security," Yellen said late last month.
Here's what to know about Social Security and the bitter partisan fight over the nation's debt limit. 
How close is the U.S. to hitting the debt ceiling?
Estimates vary, but the U.S. is likely just weeks away from breaching the debt ceiling. 
The "X date" could arrive as soon as early June to early August, the Bipartisan Policy Center recently projected. And Yellen warned congressional leaders in a letter last week that the U.S. could be unable to pay its bills as soon as June 1.

I have high functioning autism and anxiety and will possibly face problems returning to work to earn some income. Until the Social Security crisis passes, what jobs would be available to me? This is welfare I am talking about, since Social Security is my only income. Thank you for your ideas. Please tell me to not worry. I am also seeing a therapist to help me.

Patathome01

Its all a scare tactic. The government oversees SS but the citizens and their employers pay into it. The government borrowed from it so they actually owe that money back.

I think we all know what will happen if SS stops. We will have more people on Welfare and Medicaid. The States cannot take that on.

It might be structured differently. I read somewhere that there is a push to restructure the SS payout based on other assets the person has. If you have nothing you receive a larger payout than a person who has contributed as much but who has other retirement savings.

I do not want to lose the condo I have lived in for 32 years until I find a CCRC elsewhere to age in place. I feel time is running out. Please pray for me.

I'm posting late to this, haven't read the previous responses (believe its called grunching), but if they do end up cutting benefits I can guarantee you there will be an awful lot more homeless, much more than the already too many we have today. There already isn't enough senior affordable housing to go around and they don't seem to be building anymore at the moment, at a time when the aging population is increasing. Boy, I really fear for the future.

Social Security was meant to be a safety net, not to provide for everyone's entire old age care and expenses. We were meant to work hard and make good decisions in order to take care of ourselves.

I totally understand your concern, but I don't think you need to be too worried. Someone wants you to be scared. It's manipulation.

Other programs, perhaps run by the states instead of the feds, may come in to take up the slack. In the meantime, save and invest as much as you can. Live frugally as many do. I learned to do so as a child. If you didn't, you still can. Tobacco, alcohol and drugs waste a tremendous amount of money. Designer coffee?? Ridiculous. McDonald's every day? Eat rice and vegetables at home, thus improving your health and saving money to put to work for you.

Have you ever heard the tale of The Richest Man in Babylon? Someone asked him how he became so wealthy. His secret was that of every amount he made, 10% was his to keep and invest. He did that over a lifetime. The interest earned interest.

There are presently rates of 4% and above being paid on CDs. In many ways your financial future is up to you. Your fellow taxpayers were not meant to support you.

More scare tactics!

To the OP. you mention that you have anxiety. In past history, Congress has brought these issue to the brink before and things sorted out. The media brings these issues to a frenzy. Social media including your comments just fan the flames. You and I cannot do anything about it. I suggest you tune out national news for a while until you get out of this panic. I am glad you are seeing a therapist.

Replying to comments that unfortunately many have not been able to save as they should: So true. Our country during my lifetime has been prosperous, and the ability to work, save and invest has been there. I've been poor. I've gotten more well-to-do. I've worked hard all my life and was expected to support myself from the time I was 18, as my parents would not. I've paid for four college educations including my own by sacrificing things I'd have liked to do. So I know.

Around me I've seen others who were able to save but didn't. They blew their money on foolish things, like fancy new cars every year or two. (I've never ever owned a new car, always used.) They squandered money on cars for their kids, designer breed dogs, Starbucks and jewelry that they never wear. They quit jobs but didn't find a new one and lived off their retirement income before age 50. A friend and his wife turned down a chance to buy a lucrative real estate business from his boss and friend, retired at an early age to fish and travel, and now they are like "Who has $72,000 a year to spend on assisted living?" Wah-wah-wah, and he was a corporate accountant.

Those of us who planned and worked and denied ourselves things so that we could take care of ourselves in our old age feel resentful at having to support those who didn't.

I'm not talking about hardworking widows whose husbands died leaving them no insurance, though that happened to my MIL and she rose from working as a waitress and helping out on a farm to owning income properties that provided well for her in old age. I'm not talking about genuinely disabled folks who haven't been able to work. I'm not talking about moms who are taking care of disabled children. Most of these deserve help.

But those who kept going on European vacations and Caribbean cruises and expect their adult children to take them in because they're destitute, not so much.

"Starting in 2034, the Social Security administration will run out of the excess reserves it has and will only be able to pay out a portion of a retiree's full benefits — 77% to be exact."

The reserves will run out not SS as a whole. Since both my DH and I started collecting at 62, we already only get 75% of our full benefits we would have gotten at 66. So Pata, I don't think u have anything to worry about in ur lifetime.