What you need to know about Social Security is that it is

[PoindexterOglethorpe]

a Pay As You Go system, meaning the money that is taken from your paycheck this week, goes to fund the SS check of someone else this week. While the government keeps track of what you pay in, there is NO account with your name on it, that will send you money when you retire. If that were the case, a lot of people (including me) would run out of SS after a shorter time than most people realize.

The other thing is that most people will live significantly longer in retirement than they realize.

[spooky3]

1. It is only PARTIALLY a pay as you go system. In 1983

A trust fund was established in anticipation of the large number of baby boomer retirees. Employee and employer contribution rates were increased. So, if you have been working most years between 1983 and now, some of your contributions went for retirees, disabled persons’ and widows/widowers’ benefits (and administrative costs), but part went into the trust fund and earned interest for you to draw later.

See the SSA website for details.

[Kaleva]

2. Congress reserved the right to change SS as they saw fit

There's no guarantee when it comes to SS.

[Progressive dog]

4. Congress can change any

tax or spending program but voters can change Congress.

[Kaleva]

5. Which can't happen if we now live in a fascist dictatorship

[Progressive dog]

6. Obviously

We do not yet live in a fascist dictatorship.

[Kaleva]

7. I agree but others here don't.

Congress won't make drastic changes to SS as it would cost them their jobs

[PoindexterOglethorpe]

8. So if you die before collecting you get your money and

interest back?

[spooky3]

9. No; it's a defined benefit plan, not a defined contribution plan. Nt

[valleyrogue]

11. It is NOT a "defined benefit plan." It is social insurance. n/t

[spooky3]

16. It's both of those things. Go to the SSA website.

https://www.ssa.gov/oact/solvency/provisions/individualaccts.html

“ The current Social Security program is a defined benefit social insurance program. A worker and eligible dependents receive monthly benefits based on a formula that takes into account the worker's earnings history. Financing of the program is pay-as-you-go. The payroll contributions of workers each month help provide these benefits to eligible retirees, disabled workers, and survivors in the same month. In contrast, individual accounts provide benefits to each beneficiary using: (1) their own worker contributions; (2) the contributions to their account from their employer; and (3) investment earnings on these contributions. Thus, individual accounts are completely funded in advance.”

I get so tired of seeing all the misinformation about SSA, usually started by right wingers hoping to bring the program down, by confusing people. Here is another useful page:

https://www.ssa.gov/history/InternetMyths2.html

[Mariana]

13. It's not your money.

OASDI is a tax. Once you pay a tax, that money isn't yours anymore.

[Progressive dog]

3. Yeah. In something like ten years

the social security trust fund will be empty. The money that was loaned to the government by social security will have been repaid and the system will become pay as you go. Then payouts will drop by around 20% unless social security collects more taxes.

[PoindexterOglethorpe]

10. For fifty years now people have been saying

Social Security is going to be out of money in a very few years. I've been telling people for this same fifty years not to buy that bullshit. SS has plenty of money, just distribute it to those in need.

[DeepWinter]

15. Exactly

The "running out of money" fear mongering has been going on as long as I can remember. It's always "in the next few years" for the last 4-5 decades.

[Progressive dog]

17. Actually, the date of about 2030

for the Trust fund to run out of money has been predicted for a long while. The amounts predicted were also pretty close. So either we will have cuts or the government will find a way to pay what they promised.
Sixty nine million (and growing) of the most likely to vote age group is not who you should want to anger.

[PoindexterOglethorpe]

18. I'm not the one falsely telling

them SS will run out of money for them. I'm the one saying it's all there for you, will be there for you.
And the exact date it will run out is re-set periodically. Even if literally not a single member of Congress, not a single one of them has a mother reliant on SS, the millions who are reliant will make sure their congress critters know. I'm sure.

[valleyrogue]

12. It ain't "going broke."

That is a LIE the Koch foundations have been pushing for decades because Koch and company don't want to pay FICA.

It is really that simple. Don't fall for it.

[XanaDUer2]

14. Ty nt