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Hi, All.


I've read from AARP and from other relevant sources that Congress threatens to cut Social Security benefits 20% to all retirees and future retirees in the year 2034 to balance their federal government budgets. If this should happen, what will happen to the millions of our USA citizens who rely on this as our only income? It's bad and cannot happen to us who have worked all our lives for these vital lifeline benefits.


I will turn 79 that year and am scared I may struggle to pay my bills if Congress cuts 20% from my annual income of only about $29,000. Please help with your opinions.

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"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.
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Patathome01 May 2023
FYI: My father did not properly manage his finances after his mother died and could not support us kids. My mother was mentally ill, making my parents a bad match, resulting in their divorce after ten years of marriage 1946 to 1956. I am the youngest of 6 kids, and unfortunately, we are all paying the price for his financial mistakes.

I worked hard and tried to save more money with over 40 years of employment. If I was able to work the same job for 30-35 years, I feel I would be in a better financial place today. Unfortunately, I got laid off in 2012 from 25 years of service and could not save as much as I had planned for, nor get more in my 401(k) pension. I faced nearly 4 years of unemployment trying to find better-paying jobs and finally forced to take minimum-wage jobs for six years; 2015 to 2021 to retire me at age 66.

I am 67 today. In ten years, I will be 77 and do hope government's SSA benefits will last in my lifetime. Thank you for all your assistance, so I will worry less about the issues and cross the bridge at the time if disaster actually happens.
Prayers and peace to all.
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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.
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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.
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More scare tactics!
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mstrbill May 2023
What do you mean? Do you believe that 10-20 years from now there will be no cuts to Social Security, even though the it will be insolvent in 10 years? Where will the money come from to pay the benefits? Higher taxes?
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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.
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mstrbill May 2023
Unfortunately Fawnby, a large portion of our population haven't been able to save much, and not enough have followed your advice over their earning years and now it is almost too late for them.
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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.
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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.
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JoAnn29 May 2023
I think ur putting the cart before the horse. I don't know how old ur, but at 73 I don't think anything will happen in my lifetime. I think those already collecting should be grandfathered in. It maybe the generations coming up that will have to make adjustments. Really, a lot of Americans rely on SS to live. It would be cruel to pull the rug out from under them.
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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.
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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.
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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
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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.
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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.
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sp19690 Nov 2022
AARP is a scam. They tell seniors these things to get money from them through their memberships and requests for donations.
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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.
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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.
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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..
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freqflyer Nov 2022
Patathome01, and how are the taxpayers funds being stolen?

If a Congressperson has a high income, it doesn't mean it comes from the taxpayer. If a Congressperson writes a book or gives speeches, the taxpayers doesn't pay. If a Congressperson does well on the Stock Market with their own funds, the taxpayer doesn't pay. If the Congressperson's spouse does well in their own non-government career, the taxpayer doesn't pay.

Lot of these Congressperson's had employment before going into politics and did well. Many were Attorneys, Professors, Businessmen, Doctors, Mayors, Governors, etc.

Retirement and health insurance of someone in Congress is the same as any Federal employee. Congress doesn't have anything special.
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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.
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Isthisrealyreal Nov 2022
Good luck with that.

I do agree with you, I just don't see it happening, they are ALL both sides to arrogant and entitled.

I think removing the income cap is a more likely solution, honestly.
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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.
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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.
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freqflyer Nov 2022
Patathome01, you are correct, it is best to diversify investments.

I remember in 1980's when banks had 17% interest rate on savings accounts. Of course, home interest rate were also high back then, but house prices were lower to balance it out.
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Perhaps if Congress and even the US Senate had their own retirement benefits cut, they can share our pain.
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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.
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Bridget66 Nov 2022
Did your school sell post office savings stamps? I remember buying 4 /$1.00. The little folder could be turned in for $25.00 which my parents took to the bank for my savings account. I got $1,00 for Christmas and birthdays too. Straight to the bank.
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Absolutely no one should expect to live on Social Security if they've been capable of working throughout their life.
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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.
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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.
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Luta65 Nov 2022
@againX100,
It's not a fear tactic, it's a reality. Just do a bit of net research on the cuts made to social programs under R control. It's absolutely factual.
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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.
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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.
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sp19690 Nov 2022
Ask gen z if they want to work and pay to fund social security for old people. I bet they would day no. Too bad all those "green" solutions are not really environmentally friendly when you dig into them. Think about the environmental contamination from the electric car batteries decades from now. Not to mention the natural resources required to make these batteries.
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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.
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Grandma1954 Nov 2022
Sadly with LTC insurance by the time you can afford it often you do not qualify for it.
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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.
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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.
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BurntCaregiver Nov 2022
Come on, Grandma. You're lucky to be old enough that you had a job with a pension and were able to save as you did.
It wasn't because of your Scottish heritage or old New England values about spending and earning.
Now, my husband is a Jew. A natural-born one. Not a convert for love like myself. He certainly fits the Jewish stereotype and is also a business guy.
He took a bath on his 401k. He doesn't live like a king spending like it's the end of the world. Not at all. He's a very responsible person. It wasn't his fault that the company folded and he was broke. This is what it is today. Unless you've got a government or municipal job, there is no more pension.
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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.
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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.
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