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