Surviving the crash

[arakboss]

How is the marketing promise of ever newer caliber introductions any different than the amazing expansion of pretend improvement on various economic programs?

Purchasing new caliber introductions is voluntary. Contributing to SS program, not so much.

 

[Bobbygun]

Purchasing new caliber introductions is voluntary.

Not always. Sometimes I just can't help myself.

 

[The Heretic]

The youngest baby boomer will be 69. Will you look at that? An entitlement program voted for and funded by a multi generational cohort is going to come to an end as the last of the boomers age out. Go figure. The "I've got mine so screw you" gen strikes again.

If the gov had allowed me to invest the funds I paid into FICA, I would have 3X as much now as I paid in, and I could pass it on to my daughter. As it is, if I die tomorrow, the best she will get is something like a $150 burial fund and all I paid in will go to someone else. By 2033, I will barely get back what I paid in, with no interest accumulated for 50 years of contributions.

So I don't feel bad about "getting mine", especially since by the time my daughter is eligible for SS she will likely never get what she paid in, much less any interest.

 

[Longwalkhome]

Wife died at 58 years old and never saw a dime of what she paid in. I retired and recieve a lower amount because I was 62 and you had to wait until 65 to get the full payout. At this point my property taxes alone take two months of SS checks to pay them. They also tax my SS so don't think it's all free money. They give you what they owe you and tax it and take it back.

Some day just spend a little time and figure all the taxes you pay and you will realize SS was never meant to carry you.

 

[sobo]

The youngest baby boomer will be 69. Will you look at that? An entitlement program voted for and funded by a multi generational cohort is going to come to an end as the last of the boomers age out. Go figure. The "I've got mine so screw you" gen strikes again.

So, are you suggesting that when Social Security was enacted (in 1937) during FDR's reign, that Baby Boomers (first ones in 1946) had already hatched an evil plan and conspired to deplete the fund? And this before any of them were even born? I must admit, that's quite an ingenious plan, if I do say so myself...

 

[Nick Burkhardt]

If the gov had allowed me to invest the funds I paid into FICA, I would have 3X as much now as I paid in, and I could pass it on to my daughter. As it is, if I die tomorrow, the best she will get is something like a $150 burial fund and all I paid in will go to someone else. By 2033, I will barely get back what I paid in, with no interest accumulated for 50 years of contributions.

So I don't feel bad about "getting mine", especially since by the time my daughter is eligible for SS she will likely never get what she paid in, much less any interest.

Medicare will run out of money by 2031. Social Security is in worse shape with the fund predicted to cover only 77% of benefits starting in 2033.

 

[VinnieBoomBah]

So, are you suggesting that when Social Security was enacted (in 1937) during FDR's reign, that Baby Boomers (first ones in 1946) had already hatched an evil plan and conspired to deplete the fund? And this before any of them were even born? I must admit, that's quite an ingenious plan, if I do say so myself...

I mean . . . if you consider that they also all conspired to live much longer than anyone calculated for it all just falls into place

 

[Bobbygun]

I mean . . . if you consider that they also all conspired to live much longer than anyone calculated for it all just falls into place

Us Boomers are pretty darn cagey!

 

[Alexx1401]

If the gov had allowed me to invest the funds I paid into FICA, I would have 3X as much now as I paid in, and I could pass it on to my daughter. As it is, if I die tomorrow, the best she will get is something like a $150 burial fund and all I paid in will go to someone else. By 2033, I will barely get back what I paid in, with no interest accumulated for 50 years of contributions.

So I don't feel bad about "getting mine", especially since by the time my daughter is eligible for SS she will likely never get what she paid in, much less any interest.

THAT right there is the part the proponents of this "scheme" never want to talk about. The amount paid in and what could have been done if the one paying was just allowed to make that money work and they keep it.
The scheme will never be allowed to go under. Too many voters who want it now. What they will do is just get more creative on taxes like they always do.

 

[sobo]

Social Security is in worse shape with the fund predicted to cover only 77% of benefits starting in 2033.

I periodically run a Monte Carlo analysis that assesses the income of my IRA and two 401ks, and it includes my SS income beginning at my FRA in a few years. The income calculates against my expenses I expect to incur to keep me in my accustomed standard of living. For years, my spreadsheet has been set up such that my expected SS payments will drop to 70% of my "maximum benefit amount" (what the gooberment says I will get) in 2034. I may need to go into my spreadsheet and move that drop date up a year. Or just leave it, since I'm expecting a drop of 30% a year later rather than a 23% drop a year earlier...

 

[Mono1]

Medicare will run out of money by 2031. Social Security is in worse shape with the fund predicted to cover only 77% of benefits starting in 2033.

Yeah, I'm really not so sure there is "Fund" per se. In Economist's terms this is considered a "Transfer Payment", so whatever money comes in during the year gets 'transferred' to the recipients.

If it's not a sufficient amount, it just gets printed.

Hard Assets.

 

[JadeFox]

I am sorry this thread is facing closure. I been thinking about this stuff a lot lately. So I'll say something about guns. 10mm carbines rock! Get one! Buy lots of ammo or components and start reloading. Don't trust untested neighbors. But yes, we are already in the steep decline. Biden has rolled our allies and pooped on the American citizen population. Now we have rainbow zombies in the streets demanding we grovel at their feet or they will kill our children. Hard assets are the way to go. CBDC (central bank digital currency) will wipe us out. My hubby says a Kimber Rapide is worth more than a 1 oz gold eagle. But cheaper. People are starting to congeal out here. People see it coming. If you can stock pile fuel and food. 87,000 IRS agents, more atf agents everywhere, political prosecutions, piling on anti-2A laws in Oregon. Glad the thread is still open. God Bless America..... Jade

!

 

[parallax]

My plan for 2023

 

[Longwalkhome]

It's hard to explain to people because they haven't lived through it but the crash is a financial train wreck that just keeps crashing. There is nothing you can do to stop the crash and those wrecking the country only care because they see a way to make money during the crash.

As this plays out the elite will take good care of their banks and bail them out while the higher interest rates will destroy small banks.

My house was built in 1978 and sold new for $28k. By the time I bought it in 95 it was $108k. By the time I paid for it I had $160k I had spent. I have lived in it long enough I have put on a second roof. My property tax has gone up every year and today my house is said to be worth $365k.

The point being that folks think they are making a lot of money because the value of their house is rising. Yet when you factor in inflation and taxes it's not good money unless you are flipping houses in a boom.

Try this, look up the average SS monthly payment and compare it to renting any duplex by the month.

 

[ma96782]

Some day just spend a little time and figure all the taxes you pay and you will realize SS was never meant to carry you.

My BOLD.
YEAH.....we've been told that.
BUT, But, but.....Did/Do people listen?

Nah.

Some, still expect/think that MORE Govt......is the only FAIR way for this to all end.
IMHO.....THAT's the scary part.



Aloha, Mark

 

[Longwalkhome]

My BOLD.
YEAH.....we've been told that.
BUT, But, but.....Did/Do people listen?

Nah.

Some, still expect/think that MORE Govt......is the only FAIR way for this to all end.
IMHO.....THAT's the scary part.

View attachment 1396136

Aloha, Mark

Looks very much like the dollar won't be the world currency much longer. When the value of our money crashes the government will try to switch to another currency. All the government programs like SS and medicare will close and so will most pensions.

It was either stupid or criminal with so much debt to start a war and raise energy prices. Pick one or both.

 

[ma96782]

Aloha, Mark

 

[GrayGoose]

I may need to go into my spreadsheet and move that drop date up a year. Or just leave it, since I'm expecting a drop of 30% a year later rather than a 23% drop a year earlier...

It depends on what the meaning of "drop" is...

 

[Longwalkhome]

One of the things that might help surviving is to study the culture, get a good idea what each segment of the population will do in a collapse. If they are killing each other now then imagine when there is no money to pay cops what happens.

Country is already divided so when it goes broke what happens?

 

[ma96782]

Why worry?
President Brandon says, "Americans can rest assured that our banking system is safe."

Aloha, Mark