How do we fix Social Security?

SFC Private RallyPoint Member — Mon, 16 Feb 2015 12:35:47 -0500

I saw this on FB. I think we can all agree that it is failing. How can we fix it?

Response by CW5 Private RallyPoint Member made Feb 16 at 2015 1:20 PM

CW5 Private RallyPoint Member — Mon, 16 Feb 2015 13:20:59 -0500

I think the first step is to stop allowing the federal government to "borrow" from the SS fund. Whoever started that nonsense? I remember it being a topic in the news years ago, and it needs to stop.

Second, maybe privatize SS? I'm not sure of the details, but that seems like a good idea. Grandfather the older folks, and maybe give the younger folks an option ... Just some random thoughts.

Response by Cpl Private RallyPoint Member made Feb 16 at 2015 2:26 PM

Cpl Private RallyPoint Member — Mon, 16 Feb 2015 14:26:14 -0500

There is an alternative taking place, but very limited. The Feds can't do it or won't because of the money they owe the SS fund.

http://www.forbes.com/sites/merrillmatthews/2011/05/12/how-three-texas-counties-created-personal-social-security-accounts-and-prospered/

How Three Texas Counties Created Personal Social Security Accounts and Prospered

Three Texas counties opted out of Social Security 30 years ago by switching to personal accounts, and those workers have made money every year.

Response by 1SG Private RallyPoint Member made Feb 16 at 2015 3:25 PM

1SG Private RallyPoint Member — Mon, 16 Feb 2015 15:25:27 -0500

Just give me the money I put in and let me invest it. Problem solved.
The Government bonds that the SS Fund purchases pay a lousy 2% or so annually. Barely ahead of inflation.
And that assumes the feds ever figure out how to actually repay the money they withdrew.

Response by GySgt Wayne A. Ekblad made Apr 20 at 2015 2:48 PM

GySgt Wayne A. Ekblad — Mon, 20 Apr 2015 14:48:08 -0400

Social Security Is Late Again -- Should You Worry?

By law, the Social Security trustees are supposed to issue their annual report on the state of Social Security by April 1 of every year. April 1 has come and gone, and the Trustees' report for 2015 has not yet been published.

Response by MAJ Ken Landgren made Apr 20 at 2015 3:30 PM

MAJ Ken Landgren — Mon, 20 Apr 2015 15:30:18 -0400

The government has raided the SS coffers for years.

Response by TSgt Tim (lj) Littlejohn made Apr 21 at 2015 9:33 PM

TSgt Tim (lj) Littlejohn — Tue, 21 Apr 2015 21:33:04 -0400

We start by making congress pay back what they illegally took. Then tell the government, this an entitlement to those that payed into it, not a damn benefit for illegals.

Response by PO1 Glenn Boucher made May 11 at 2015 9:16 PM

PO1 Glenn Boucher — Mon, 11 May 2015 21:16:22 -0400

The only way to fix it is to pass a law making it illegal to borrow from Social Security. I don't want to sound to simple but in essence the government is like the bank. Its not the banks money, its the customers money, but the bank has an agreement with the customers to "use the money in the bank" to make loans to other customers and the loans are paid back with interest so the bank makes money from the money it lends. Yes some loans are defaulted upon so there is a small margin for error. But with the government they borrow the money, spend it on something else and then fail to pay it back that's why those geniuses are always crying wolf about SS going broke. SS is hurting but its not quite broke because the American worker keeps paying in.

Response by SPC Jeffrey Bly made May 11 at 2015 9:35 PM

SPC Jeffrey Bly — Mon, 11 May 2015 21:35:08 -0400

I saw a news show whereas the irs by their own admission paid out benefits to multiple people of the same social security number, people who would be 140 years old by now, and other crazy stories. And all true. Scary. We pay out more in scammed funds than actual real people with real payouts. It is a broken system.

Response by SPC David Hannaman made May 13 at 2015 7:12 AM

SPC David Hannaman — Wed, 13 May 2015 07:12:41 -0400

I would gladly forfeit any future Social Security benefits if I was allowed to contribute what is deducted from my paycheck to a Roth IRA and the cap on annual contributions was removed.

Response by SGT Richard H. made May 13 at 2015 9:02 AM

SGT Richard H. — Wed, 13 May 2015 09:02:39 -0400

The same way you fix any other "loan". You pay it back.