Comments on: Where Do Your Social Security Tax Dollars Go?

By: BMacom1030

BMacom1030 — Fri, 05 Jun 2009 00:58:43 +0000

A few years ago I saw an article on social security and where the money was going in fact they had a pie graph and according to it only about 1/3 of the money going into social security was being paid out to social security. the rest was going to other things. It seem some bright eyed lawyer type congressmen saw all this money and devised a way to get their hands on it. So now social security is broke and everyone is deaf or dumb.

By: Wehttam

Wehttam — Wed, 09 Jul 2008 05:25:16 +0000

Just a fact to show the incorrectness of this post:

“In the Social Security Act of 1965, part of President Lyndon B. Johnson’s “Great Society” program, the Social Security was changed to withdraw funds from the independent “Trust Fund” and put it into the General Fund for additional congressional revenue.”

By: tgiradeaux

tgiradeaux — Mon, 16 Jun 2008 23:08:55 +0000

This article is utterly incorrect as it does not address the one most important trait of SS as administered today: i.e., that is THERE IS NO TRUST FUND. SS is a pay-as-you-go system that has always run a surplus, which IS ALWAYS SPENT BY EVERY GOVERNMENT regardless of the party in power. The ‘trust fund’ contains IOU’s for this money that will have to be repaid when the INCOME IS NO LONGER SUFFICIENT to fund th OUTGO. Unfortunately, these virtual IOU’s are not real bonds as they are NOT negotiable ON THE OPEN MARKET. Even worse, the financial pain will be felt long before the system ‘goes negative’ as the budget will suffer serious deficits way above those we have tolerated to date. GET IT?

By: Century Benefits

Century Benefits — Tue, 08 Jan 2008 01:18:07 +0000

There are new medicare plans for 2008. I would strongly recommend reviewing your current plan each year as there are sometimes dramatic differences. If you think outside the box you will find some great health plans. The big companies such as Blue Cross will charge whatever they want because they assume people will just go with the name and they spend a ton of money on advertising which reflects in the premiums and benefits. If you look at some other companies you may be pleasantly surprised with the benefits you will find.

By: Bryan

Bryan — Tue, 01 Jan 2008 11:50:51 +0000

It would be hard to count on these programs being available to us in our life time. The dollar is about to crash and even if we did benefit, by the time we withdrawal anything, the dollar will be so inflated it won’t buy anything of value.

SS taxes will have to increase on our generation to consume the current burden of these Government installed entitlement programs. There really is no reserve of funds. Everything paid into the program now is an asset to the boomers and a liability to us. It is nothing more than a pass-through of cash, now. One generation piggy backing on another.

And this leads to something else. Kids are getting stupider and stupider. At the rate we’re at and the high level of education standards, will there be enough workers by the time we retire to piggy back on?

There is going to be millions of boomers who have the entitlement mentality eager to withdrawal what they’ve put into this program all their lives.

My personal opinion of all this inflation is that it is a move towards a pre-planned recession by the FED to introduce a new Continentally dominated currency unit.

That way we can start this mess all over again on a new supply of currency.

I think it is safe to say that as a worker coming from 1965 plus, you’re going to have a hard time in your retirement years.

The Capitalist Society we live in may even collapse in our life time resulting in something new. There could be a lot of war and even a Civil War. With the financial crisis that we’re facing today, I can’t see such a peaceful time as the boomers and generations before that had. When it gets into the workers consciousness of what the capitalist class is doing to the working class, which is pinching them out of existence, their could be a heavy revolution.

By: Darwin Corby

Darwin Corby — Fri, 30 Nov 2007 01:00:04 +0000

It would be good if we knew we were getting an honest accounting of Government spending on these social programs

By: Jeremy

Jeremy — Mon, 19 Mar 2007 18:54:30 +0000

Indeed mapgirl. The statements are full of interesting info, unfortunately for those of us with a few decades until we will be able to even touch SS benefits it is hard telling how much will be left. Hopefully we are surprised with something.

By: mapgirl

mapgirl — Mon, 19 Mar 2007 15:02:02 +0000

I think it’s pretty nifty that the SSA will send you a statement every year with your estimated benefits and how much more you need to work to get your full allotment, etc. I find it a very informative piece of mail.

Of course, by the time I retire, there won’t be much money left unless we fix it!

By: Finance Findings For Monday, March 19, 2007

Finance Findings For Monday, March 19, 2007 — Mon, 19 Mar 2007 07:19:23 +0000

[...] Where Do Your Social Security Tax Dollars Go? [Generation X Finance] [...]

By: fivecentnickel.com

fivecentnickel.com — Mon, 19 Mar 2007 02:04:52 +0000

Weekly Roundup – 03/16/07

Here’s a quick look at some of the articles that caught my eye over the past week…

JLP is remodeling his kitchen. See here for a followup.
Flexo got busted for driving like a maniac.
Jim has an interesting post about fixed mortgage paymen…