How many Gen X are counting on Social Security?

LRRPF52

LRRPF52

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Mar 13, 2012
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#1
Given inflation what it is and modest forecasts for the foreseeable future for Gen X retirement, how many of us are truly thinking,

“My Social Security will be an important component in my retirement income."

iu


I don’t know about anyone else, but I can’t refrain from chucking at the prospect of SS being much even if it is paid in full, which as you will see, is not the plan for us....

Social Security: 4 Things that Gen X can expect
"Born between 1965-1980, the oldest Gen Xers are now just four years away from being eligible for Social Security in 2027. The youngest will have to wait until at least 2042. Either way, the Social Security program that awaits all of them might look much different than the one they were promised.

Congress Sealed Gen X’s Fate in 1983​

Eligible workers can claim their Social Security benefits as young as 62, but claiming early comes with the tradeoff of smaller payments. Only those who wait until their full retirement age get 100% of what’s coming to them.

Unlike the baby boomers, all Gen Xers become eligible for their full Social Security benefits at the same age — 67.

The minimum age for receiving full benefits was 65 from the dawn of the program in 1935 and remained the same for nearly half a century. Then, Congress drafted the Social Security Amendment of 1983, which mandated a new retirement age of 67 phased in over 22 years.

Gen X is the first generation of Americans that become eligible for full benefits at the new higher age without exception.

Gen X and the Countdown to 2035​

Gen Xers who are 50 today will become eligible for early Social Security benefits when they turn 62 in 2035. Those who are 55 will be 67, and therefore eligible for full retirement benefits that same year. However, “full” might look much different then.

Social Security is funded by trusts, which the SSA says will be depleted in 13 years. When that happens, incoming taxes will be enough to pay for only 75% of scheduled benefits unless something changes. That change — whatever it may be — can only come through Congressional action."
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The 4 things seem to be:

Gen X will be the first generation to have to wait to 67 to collect full SS benefits.
Only 75% of the SS Trust can be funded with SS taxes after 2032.
Congress will have to pass some kind of legislation to fund it fully.
There will likely be a combination of cuts to benefits and increases in taxes to keep it solvent.

I personally am willing to exchange the involuntary theft of my labor with false promises that has already happened all these years for something of actual value and forfeit my expectation of payments from the SSA.

I am willing to accept BLM land parcels of my choice that were forcibly stolen from my ancestors anyway, as a compensation for the theft of my labor and our land. I am also willing to accept, as compensation, select defense articles from surplus.

Here’s a Quick Calculator from the SSA that shows the money you can dream about that isn’t there.
 
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#3
I had a professor in college, spring 1983 semester, Cultural Anthropology class, who said that for us then in college in his class, he doubted we would be able to collect at the circa-83 age of what I recall as 62 yrs old, roughly 40 years later.

The class was strangely named and it was about the history of various aspects of American culture, such as industrialization. It was a college in WV where Rust Belt status was just starting, and steel mills were closing left and right. Professor often asked us to think about long-term effects of historical or present paths, such as de-industrialization. As he explained the Soc Sec situation, he said the funds were drawn upon in excess of who in future would be drawing upon them. "Underwater," in slang modern mortgage terms, I guess. He said the de-industrialization would hit Soc Sec hard, fewer people with steady reliable jobs regularly contributing to Soc Sec.
 
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#6
My guess is Congress lets things go to shit and then raises the retirement age on everyone to 73 or 75. At that point the Boomers are either dead or old enough to not care and everyone else already expected to not get Social Security.

The real disaster coming that nobody talks about is going to be Medicare. Social Security could be fixed in an afternoon, Medicare will take a civil war to fix.
 
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#7
With an ‘85 birth date, I’ll never see it. Pisses me off to no end, that the government forces me to pay into a benefit for my future that I’ll never see. I could invest that money in a fucking savings account and see better returns than social security. Archaic and outdated concept.
 
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#9
BJames said:
With an ‘85 birth date, I’ll never see it. Pisses me off to no end, that the government forces me to pay into a benefit for my future that I’ll never see. I could invest that money in a fucking savings account and see better returns than social security. Archaic and outdated concept.
Click to expand...

It was the world's greatest Ponzi scheme and it worked perfectly for those that started it.

Kids just don't want to put in the effort, that's why the boomers won't retire and die in office trying to grasp every little bit of power their narcissistic evil can get
 
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#12
After paying into this ponzi scheme we call SS for well over 40 years, I'll likely never see a dime from it. I've got other means of income for retirement, that should provide a good living. I wished early on when I started working that I wanted to opt out of SS, but that wasn't possible, so I made other plans along the way.
 
#14
BuildingConceptsllc said:
Yeah I'm not planning on seeing anything from the last 30 years of paying into it. Yall boomers have fun with my money
Click to expand...

You need to research why the S/S trust fund (that was bulging at the seams) was rolled into the general fund in 1965, via LBJ. Then understand how pitting one group against another further sows distrust & confusion. The agenda being ran on the American people, is helped along by those who are easily hoodwinked. As time goes on the none thinkers/researchers, are digging their own hole to the point, they are pilling the dirt on top of their selves faster & faster.
 
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#15
Expecting the government to compensate for 30% of ones life time of wages they have stolen with the promise they will ,pay ya back later, is counting the government for a retirement. 🤔

What kind of retirement could you have made for yourself if you had 30% more money? How much more money would the local economy generate if all workers had 30% more money they have already worked for and the employer is paying out anyway?
 
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#16
Shut up about taxation without representation and get behind sending another 50 billion overseas every other week while feeding, clothing, and sheltering every illegal that can make it across the border.

The captains are steering full steam ahead and minutes from smashing into the rocks and ya’ll passengers on this cruise are hem hawing over being late to the next port of call.
 
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#17
I'm "counting" on it. I'm not dependent on it for my planning, but I am including it in my calculations.

My hope is to retire early in about 5 years, but not withdraw until I turn 67, but we're just now getting serious with financial planners to see if that's possible or not.

Even if I did retire from my regular job, that doesn't mean I wouldn't work part time somewhere or even find another full time gig that is less stress and more enjoyable.
 
#18
Short-bus said:
I seriously doubt social security will be around when I retire in 20-25 years. It's bankrupt now, i'm not sure if super dooper mega bankrupt is a thing, but it'll be that in about 15. I don't know what they'll call it in 25.

Branden
Click to expand...

Realistically Social Security was always pretty much in the history of most people alive today, simply a giant tax and spend scheme. The Supreme Court pretty much openly confirmed it.

In pretty much living memory, the Social Security has never actually had any "reserves" all they have had is spend all the money they get and any left over they hand to the government in exchange for a promise that some tax slave will be taxed to pay them back if needed.

So it will go on until the tax slaves can't be taxed enough to pay the expenses.
Then the government will pit those "selfish, property rich, greedy, non taxpaying, non productive old people" against those "selfish greedy, lazy, refusing to work, not wanting to do their civic duty, young people" and sit back and laugh while both sides tear at each other and demand the government pillage the other side to "balance the budget". The government will then happily pillage both sides as they always do.
 
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#20
I remember having these conversations in college in 1990. Everyone knew it was a Ponzi scheme then. None of the classmates I talked with were counting on it and most of us figured we’d never get to retire at all.

Been paying SS involuntarily for 35 years. I agree with OP. I’d accept National Forest land or certain military items in exchange for the theft.
 
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#21
Never counted on social security - from the beginning of my working days I could see it wasn't going to work.

What I didn't count on, and why I am truly screwed, is .gov taking over retirement plans (e.g. 401K's) - that is what I was counting on and now see that it is just a matter of time before congress raids that to keep sending billions to Ukraine, Middle East, etc (minus 10% for the Big Guy, of course). I'm sure I'll get some IOU promise for it
 
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#23
Social Security is the most massive transfer of wealth from the young to the old in human history, and is the Boomer's crowning achievement in selfishness.

But us Gen Xers are to blame - we keep voting for the crypt-keeper Boomers instead of getting into office and fixing the problem for ourselves.

Anyone prospective leader who regards SS as "the third rail" lacks the balls to be worthy of our votes. We got what we deserved.
 
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#24
Doc68 said:
Don't worry....401ks are on the chopping block next.

Look at Greece a few years back.

I'm sure they already have a plan to take them here soon.

Doc
Click to expand...

401(k)s are going to be fun because the promise was that funds won't be taxed until they are withdrawn. Well, who thinks that future tax rates at time of withdrawal will be lower than the average rate during the contribution period? That's almost as retarded as thinking that SS will exist in the future.

Can't wait to see my retirement income taxed at 75-90%.
 
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#25
johnnycat said:
Never counted on social security - from the beginning of my working days I could see it wasn't going to work.

What I didn't count on, and why I am truly screwed, is .gov taking over retirement plans (e.g. 401K's) - that is what I was counting on and now see that it is just a matter of time before congress raids that to keep sending billions to Ukraine, Middle East, etc (minus 10% for the Big Guy, of course). I'm sure I'll get some IOU promise for it
Click to expand...

Doc68 said:
Don't worry....401ks are on the chopping block next.

Look at Greece a few years back.

I'm sure they already have a plan to take them here soon.

Doc
Click to expand...

Yep all those who think they are all good and set with their IRAs and 401Ks and retirement accounts and all the land and property they have, will be in for a big surprise when the government decides they need to start finding "creative ways" to "save social security".

I'm not sure how many paid attention to the recent developments in England where the government was essentially seizing houses from old people and saying well you don't need a house that nice, we are taking it to give to the "needy migrants", you can go live in a flat in some poor part of the country, tough.

I'd not be at all surprised if the government "for your own safety and security," essentially soft seizes IRAs and 401Ks where supposedly the money is still yours, but now the government holds on to it and uses that to pay what they would have given you in SS and tough luck, maybe you can withdraw a bit extra maybe not.
 
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#26
E. Bryant said:
401(k)s are going to be fun because the promise was that funds won't be taxed until they are withdrawn. Well, who thinks that future tax rates at time of withdrawal will be lower than the average rate during the contribution period? That's almost as retarded as thinking that SS will exist in the future.

Can't wait to see my retirement income taxed at 75-90%.
Click to expand...
People with brains are prioritizing Roth over pre-tax 401k for exactly this reason.

It's all a CF and a plausible can-kicking option will be means-testing SS. No, I don't like it either but I try to have open mind about how they will screw us.
 
#27
W54/XM-388 said:
Yep all those who think they are all good and set with their IRAs and 401Ks and retirement accounts and all the land and property they have
Click to expand...

That's the boomer generation mainly, subsequent generations will not have the same wealth because of wage growth vs inflation. Everyone else will be 100% dependent on social security.

Tariffs, no more using illegal immigration as a cheat code vs the working class, a living wage, raising taxes on the rich/super rich and cuts in military spending/foreign aid are how to fix this situation. Except nobody wants to do that stuff so our government just prints money instead, making the problem worse, and further impoverishing their own people.
 
#28
SpaceDyeVest said:
People with brains are prioritizing Roth over pre-tax 401k for exactly this reason.

It's all a CF and a plausible can-kicking option will be means-testing SS. No, I don't like it either but I try to have open mind about how they will screw us.
Click to expand...

Yeah more people are investing in ROTH these days but it's still a smaller part of the younger population, I read something where approx 20% gen x and millenials had accounts so people ARE thinking about it for sure. What worries me is the 60-70% who either don't invest or cannot afford to invest.
 
#29
Social Security is a Ponzi Scheme, robbing tax payers and redistributing wealth, nothing more. I'm gen X and I expect to receive SS, but it won't mean anything, because it will be consumed by inflation, as well as add to the deficit. I'd be way better off if allowed to invest that money, myself.
 
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#33
Don't worry guys, at least it will be going to a good cause. Just think of the smiles upon the faces of the harbingers of good will that we are lovingly inviting into our country along our southern border. It makes me proud to be able to help.

As a gen Xer born in '65, heck I didn't need that money anyway. With our currently strong economy and the firm support of our gov, we're all in good hands, eh? I am not worried about it. The gov has our back.

Right guys?
 
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#35
E. Bryant said:
Social Security is the most massive transfer of wealth from the young to the old in human history, and is the Boomer's crowning achievement in selfishness.

But us Gen Xers are to blame - we keep voting for the crypt-keeper Boomers instead of getting into office and fixing the problem for ourselves.

Anyone prospective leader who regards SS as "the third rail" lacks the balls to be worthy of our votes. We got what we deserved.
Click to expand...
Boomers had nothing to do with the Social Security Act of 1935 because they weren’t even born yet. It was a Marxist Progressive era scam passed under FDR when the Missionary, Lost, GI, and Silent Generations were alive. Silent had nothing to do with it because they weren’t of voting age, not that Congress was running a clean ship when it came to voting then either.

Missionary Gen born 1860-1882
Lost Gen born 1883-1900
GI Gen born 1901-1924 (grew up during the Depression and fought WWII)
Silent Gen born 1925-1942/1945
Baby Boomer Gen born 1943/1946-1961/1963
Gen X born ~1964/1965-1980/1981

Gen X is relatively small and not as influential in voting because we are out-numbered by both Baby Boomers and Millennials.
 
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#36
philly1010 said:
Don't worry guys, at least it will be going to a good cause. Just think of the smiles upon the faces of the harbingers of good will that we are lovingly inviting into our country along our southern border. It makes me proud to be able to help.

As a gen Xer born in '65, heck I didn't need that money anyway. With our currently strong economy and the firm support of our gov, we're all in good hands, eh? I am not worried about it. The gov has our back.

Right guys?
Click to expand...
We need to tax remittance payments at 150%. Breaking the law should cost violators substantially.

A little tariffs here, remittance taxes there, cut out the administrative state and 115,000 employee DOJ, some flat tax, audit Medicare and SS to see where all the money is going, with a clean businessman approach to spending.
 
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#37
Doesn’t matter what it’s called, there will be a “plan” so people don’t starve in the streets.

Either it’s funded by printing money, taxing “the rich” etc, everyone knows no matter how retsrded the govt is they can’t have every “blue collar” guy be homeless 2 years after retiring no matter what age it’s changed to.

Will it be equal input to take out nope, will it be a mess just like social security is now..yes. But there will be something.
 
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#39
brianf said:
Doesn’t matter what it’s called, there will be a “plan” so people don’t starve in the streets.

Either it’s funded by printing money, taxing “the rich” etc, everyone knows no matter how retsrded the govt is they can’t have every “blue collar” guy be homeless 2 years after retiring no matter what age it’s changed to.

Will it be equal input to take out nope, will it be a mess just like social security is now..yes. But there will be something.
Click to expand...

The plan will already be what is on the books.
Take stuff from those that were wise enough to save, store or whatever, at gunpoint using the uniform hangers everyone worships.
Then redistribute to all the "needy" types so long as they obey and bow the knee to the government.
Oh and kill anyone who resists having their stuff "taken for the public good".
 
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#44
W54/XM-388 said:
The plan will already be what is on the books.
Take stuff from those that were wise enough to save, store or whatever, at gunpoint using the uniform hangers everyone worships.
Click to expand...

Naw they'll just keep doing what they have been doing, printing tons of money and letting just enough trickle down to the peasants to keep them from revolting.
 
#46
Be a hellava lot of lawsuits plus interest for the thievery. Better crank up that printing press Uncle Sam. I'll take mine in a loaded out F16 since the big guy says I'm gonna need it if the SHTF
 
#49
cas6969 said:
How did the post war baby boom start before the war ended?
Click to expand...

For most of western history up until very recently sexual relations were only considered proper between a married couple.
Hence most women did not get pregnant until they were married.
Young men being either propagandized or forced into going to kill others and possibly being killed, along with a pretty sure knowledge of them being away from home for some time prompted many to get married promptly before heading out or on times if they were back home.
Normal waiting periods were of course brushed away with because of patriotic need.
Also being employed by the military usually means steady wages that can be earmarked to be sent to your wife / family.
Wars often are started during dire economic times, women are likely more than not to be interested in marrying someone with a steady government paycheck.

Hence the start of an increase in marriages, and the associated pregnancies as folks got things in order before heading off to war, which later on then really took off when everyone came home.

It's actually a natural thing that even goes down into the animal world, get the pregnancies started before your population might get culled.

Even the ancient laws of Moses had things about get your wife pregnant before heading off to war.
 
#50
LRRPF52 said:
Boomers had nothing to do with the Social Security Act of 1935 because they weren’t even born yet. It was a Marxist Progressive era scam passed under FDR when the Missionary, Lost, GI, and Silent Generations were alive. Silent had nothing to do with it because they weren’t of voting age, not that Congress was running a clean ship when it came to voting then either.

Missionary Gen born 1860-1882
Lost Gen born 1883-1900
GI Gen born 1901-1924 (grew up during the Depression and fought WWII)
Silent Gen born 1925-1942/1945
Baby Boomer Gen born 1943/1946-1961/1963
Gen X born ~1964/1965-1980/1981

Gen X is relatively small and not as influential in voting because we are out-numbered by both Baby Boomers and Millennials.
Click to expand...
yea,i do get tired of "youngers" bitching about us boomers raiding SS. v.early boomer and paid in for 50+ years. yes at a lower rate. FYI the 1st SS check was paid in 1940,my great grandmother's gen. big prob was taking the flush SS fund money and putting it into general funds and used for the usual vote buying maneuvers. funds by the millions have been paid out to many,many who never fulfilled even the basic requirements. AKA never worked enough,at all or were "handicapped" etc;titles 3,4,5,,6. what i get from SS is prob 2+x what my parents got when they retired in about mid 80s. gas was i think < $1.50/gal. everything else was priced at rather the same level. do the math. it is a true socialist ponzi scheme,intrusive and with huge admin costs. might have worked for 200yr or so. but,societal and economic reversals,usually result of gov actions makes it unlikely to last 100.
 
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