Homestead mailing list

["Lisa K.V. Perry" <lisakvperry AT gmail.com>]

On Sat, Aug 30, 2008 at 8:15 AM, Gene GeRue <genegerue AT ruralize.com> wrote:

>
> When we are making our required contributions to Social Security we
> see them as taxes. When we are collecting Social Security we see those
> payments as required retirement investment. And we are glad that it
> was so.
>
> My latest SSA statement was received in May. I wonder how much SS will be
available for me to collect at age 67 (full retirement age) in 2029. The
latest annual statement encourages me to wait until age 70 to collect.
There's even a blurb that says "...in 2017 we will begin paying more
benefits than we collect in taxes. Without changes, by 2041 the Social
Security Trust Fund will be exhausted* and there will be enough money to pay
only abut 78 cents for each dollar of scheduled benefits."

[*These estimates are based on the intermediate assumptions from the Social
Security Trustees' Annual Report to the Congress.]

I've read they might raise the age to collect to 75.

As it is, I am not counting on SS being there when I reach whatever age it
is changed to. I don't currently have much faith in the US Government being
solvent in 21 years, much less having 'extra' to give out in the form of SS
payments that I'm entitled to collect. I have a very small smidgen of hope
that things will turn around.

Lisa