Darnold lost $71k for winning the Superbowl?

[Waterboy]

The hard core reality is that you'll likely have to raise the age for SS to younger people much as we did when it was raised from Age 65 to age 67.  When SS was enacted, the age to collect was 62 and average life expectancy was 63.5 years old...a difference of 1.5 years.  The age expectancy is now 79 years and climbing..and the age of full SS is 67...a difference of 12.5 years.  That's a big, big difference.  

You also likely need to increase contribution percentages for younger payees to cover that difference. 

Also, should richer retirees really collect social security?

With declining birthrates and the baby boomers coming of age, this needs to be addressed.  Politicians are cowards, however.  Any changes to SS...even if it's just for younger participants...is met with a chorus of politicians choosing to "kill Grandma".

Social Security is our money whether you're a billionaire or a minimum wage earner.  Hell yes, richer retirees should get what they paid in.  They've already been ripped off.  Taking it away is just additional theft from our govt.   Politicians dug this hole, they need to dig us out.

[purplefaithful]

https://usafacts.org/articles/how-much-o...-spending/

Some articles will say 50%, but 60% is the more common number that I’ve seen over time.  It’s mandatory spending, and it can’t be mandatory much longer.

---

Btw, any changes to entitlement spending will need to be phased out.  Those above 50 should see no change other than COLAs being modified. Those at 20 should be phased out of SS and moved into mandatory 401k accts and facilitated by the business community as part of benefits packages.  People between those ages receive a certain % only based on age.  Medicare will need to have different levels based on ability to pay. Retirement HSA’s also could be worked in to lessen the future footprint.  There are ways to do it, but it’ll take deeper crisis before ideas like this gain traction, imho.

Speaking of Medicare, they already have their ways to have different premiums depending on whose paying...IT's called IRMAA (Income-Related Monthly Adjustment Amount). I hope anyone planning their retirement takes that into account for their projections. 

I'm coming in very late to this thread and I'll just add (out of the blue) that too many Americans have done a really poor job of saving and preparing for retirement. 

Now I get that life happens and that can significantly impact plans. But overall, SS was never meant to be more than a supplement and for too many in this country it has become a sole source of income in their final years.

[Waterboy]

Speaking of Medicare, they already have their ways to have different premiums depending on whose paying...IT's called IRMAA (Income-Related Monthly Adjustment Amount). I hope anyone planning their retirement takes that into account for their projections. 

I'm coming in very late to this thread and I'll just add (out of the blue) that too many Americans have done a really poor job of saving and preparing for retirement. 

Now I get that life happens and that can significantly impact plans. But overall, SS was never meant to be more than a supplement and for too many in this country it has become a sole source of income in their final years.

Agree with you 100% and thus my belief in mandatory 401k.  People keep their own money and determine how much they have in retirement.   If they want to be dirt-poor in retirement, it will be their decision in many ways.  My initial boss told me when I started that I didn't have a pot to piss in starting out and I wouldn't miss the 15% being pulled from my paycheck.  He was entirely right.  I definitely need to verse up on Medicare, but as with any huge govt outlay, particularly in the medical field, there is all kinds of waste and fraud rampant.  Reeling in Big Pharma is critical to this I'm certain, and coverage like it or not will likely need to be distinguished between illegals who get zero and the 1% who pay 40% of the overall taxes.  I believe the more you paid in, the better coverage you should be eligible for above a basic care level.  That's going to be a tough one to draw lines for, but potentially could be like my 401k idea where you pick a path throughout your working years and your eligibility for higher levels mean you paid more in.

[purplefaithful]

Agree with you 100% and thus my belief in mandatory 401k.  People keep their own money and determine how much they have in retirement.   If they want to be dirt-poor in retirement, it will be their decision in many ways.  My initial boss told me when I started that I didn't have a pot to piss in starting out and I wouldn't miss the 15% being pulled from my paycheck.  He was entirely right.  I definitely need to verse up on Medicare, but as with any huge govt outlay, particularly in the medical field, there is all kinds of waste and fraud rampant.  Reeling in Big Pharma is critical to this I'm certain, and coverage like it or not will likely need to be distinguished between illegals who get zero and the 1% who pay 40% of the overall taxes.  I believe the more you paid in, the better coverage you should be eligible for above a basic care level.  That's going to be a tough one to draw lines for, but potentially could be like my 401k idea where you pick a path throughout your working years and your eligibility for higher levels mean you paid more in.

Thats where medicaid comes in (vs medicare) and there are varying supplements people can choose from depending on their ability to pay and coverage needs within medicare. 

Hell, there is a whole cottage industry on helping people choose which supplement is right for them, it's just an arm of any decent financial planner offering now. 

Its wild how this has evolved over time...God help those who arent prepared to understand/manage this s hit when they start sniffing 65

[Waterboy]

Thats where medicaid comes in (vs medicare) and there are varying supplements people can choose from depending on their ability to pay and coverage needs within medicare. 

Hell, there is a whole cottage industry on helping people choose which supplement is right for them, it's just an arm of any decent financial planner offering now. 

Its wild how this has evolved over time...God help those who arent prepared to understand/manage this s hit when they start sniffing 65

Yeah, I've recently learned more about Medicare, but I think it becomes more of a lifetime commitment than waiting until the end.  The most expensive care is end of life care and while I'm not an assisted suicide person, I do believe there has to be logic and limits to how far we go to save people whose quality of life and longevity are not good.   I'm sure that can be settled very easily, right??

[purplefaithful]

Yeah, I've recently learned more about Medicare, but I think it becomes more of a lifetime commitment than waiting until the end.  The most expensive care is end of life care and while I'm not an assisted suicide person, I do believe there has to be logic and limits to how far we go to save people whose quality of life and longevity are not good.   I'm sure that can be settled very easily, right??

Not a govt decision to make. Thats a deeply personal decision and between one's self and whatever god they pray to, if they do. 

But you bring up a good point regarding HCD's too...I wonder how many Americans have one? Or have one that represents their needs today vs 10 years ago.

[badgervike]

how many people over the age of 40 but under 60 would take a 1 time payout from SS if you were given your lifetime  contributions now, tax free,  and allowed to put the whole chunk into a ROTH,  but in return you are no longer eligible for social security?

Agree with you 100% and thus my belief in mandatory 401k.  People keep their own money and determine how much they have in retirement.   If they want to be dirt-poor in retirement, it will be their decision in many ways.  My initial boss told me when I started that I didn't have a pot to piss in starting out and I wouldn't miss the 15% being pulled from my paycheck.  He was entirely right.  I definitely need to verse up on Medicare, but as with any huge govt outlay, particularly in the medical field, there is all kinds of waste and fraud rampant.  Reeling in Big Pharma is critical to this I'm certain, and coverage like it or not will likely need to be distinguished between illegals who get zero and the 1% who pay 40% of the overall taxes.  I believe the more you paid in, the better coverage you should be eligible for above a basic care level.  That's going to be a tough one to draw lines for, but potentially could be like my 401k idea where you pick a path throughout your working years and your eligibility for higher levels mean you paid more in.

Again, what happens when people aren't responsible with their retirement...either in contributions or risky retirement investment.

Look at the numbers today.  For age range 55-64:

The average retirement saved is $185,000
The median retirement saved is $537,560

That's a huge difference in average and median retirement accounts suggested a dramatic difference in retirement accounts.

What do you do if someone bankrupts their retirement account by betting it all on a stock tip?  Do they go on to the government dole (Housing, Medicaid, SNAP, etc)?  Some people just can't handle their money effectively....that's why a plan like SS works.

[JimmyinSD]

Thats where medicaid comes in (vs medicare) and there are varying supplements people can choose from depending on their ability to pay and coverage needs within medicare. 

Hell, there is a whole cottage industry on helping people choose which supplement is right for them, it's just an arm of any decent financial planner offering now. 

Its wild how this has evolved over time...God help those who arent prepared to understand/manage this s hit when they start sniffing 65

I have a lady for this,  unfortunately she is already retired and wont likely be able to help me by the time I get there myself.

[JimmyinSD]

Again, what happens when people aren't responsible with their retirement...either in contributions or risky retirement investment.

Look at the numbers today.  For age range 55-64:

The average retirement saved is $185,000
The median retirement saved is $537,560

That's a huge difference in average and median retirement accounts suggested a dramatic difference in retirement accounts.

What do you do if someone bankrupts their retirement account by betting it all on a stock tip?  Do they go on to the government dole (Housing, Medicaid, SNAP, etc)?  Some people just can't handle their money effectively....that's why a plan like SS works.

give them some ability to influence how its invested,  but largely set the risk limits by age/income/ and any other factors that seem to be according.  either way,  get it out of the hands of congress,  like somebody else said,  make it mandatory like SS,  but privatize the actual investment management with govt controls on the mandatory funds.  as a person ages, and their kitty grows,  larger percentages of the pot get reserved from risk in more secure investments.  I am not saying people shouldnt have control of their own money,  but this mandatory money needs to have some oversight to prevent the dumb from destroying their futures, either way its time to start weaning people off the gov't tit.

perhaps there is a way to tax estates where people pull more from SS than they put in,  but still had assets to pass on when they die as a way to help refill the SS kitty for those that are not going to be able to pull off that weaning before their work life ends?

[Waterboy]

Again, what happens when people aren't responsible with their retirement...either in contributions or risky retirement investment.

Look at the numbers today.  For age range 55-64:

The average retirement saved is $185,000
The median retirement saved is $537,560

That's a huge difference in average and median retirement accounts suggested a dramatic difference in retirement accounts.

What do you do if someone bankrupts their retirement account by betting it all on a stock tip?  Do they go on to the government dole (Housing, Medicaid, SNAP, etc)?  Some people just can't handle their money effectively....that's why a plan like SS works.

Forced 401k and forced investment profiles.  Only equity type funds.  Mix of Bonds and Stocks.  You set guidelines for employers and the sign-up process.  That's really not a hard problem to solve.  They can do what they want with the non 401k money as far as investments.  Even with that small amount of regulation, people get their own money and get a strong rate of return.