Social Security Benefits Will Be Cut In 2017
Fri, May 15 2015
BY JED GRAHAM, INVESTOR'S BUSINESS DAILY
In practical terms, workers claiming benefits at age 62 in 2022 and beyond will face a 30% reduction in the annual benefit that they receive throughout their lives. When the retirement age was 65, those claiming benefits at 62 suffered a 20% cut.
Between 2017 and 2022, the retirement age for Social Security will rise to 67. iStockPhoto View Enlarged
No matter who wins the White House in 2016, there's no getting around it: Social Security benefits will be cut starting in 2017.
A 1983 pact between President Reagan and the Democrat-led Congress to stave off an imminent Social Security financing crisis included a hike in the official retirement age from 65 to 67 somewhere in the far-off future, but that pact is pushing the limits of age-related reforms even as a new funding crisis builds for the retirement program. (??? HOW ABOUT THIS 'GOV' STOP STEALING THE PEOPLE'S MONEY FROM THE AMOUNTS THAT WERE TO BE SET ASIDE FROM THE FUNDS EXTORTED FROM OUR PAYCHECKS??? WHY AREN'T THESE FUNDS INVESTED IN THE PLATFORM TRADES TO INCREASE THE AMOUNTS THAT SENIORS SHOULD BE RECEIVING? WHY NOT IMPOSE A NO-SALARY 'LAW' UPON ALL GOVERNMENTAL POSITIONS AND THE MONIES THAT WERE FORMERLY PAID OUT IN SALARIES AND BENEFITS BE INSERTED INTO THE SOCIAL SECURITY ACCOUNTS FOR OUR SENIORS? WHY NOT STOP COMPLETELY ALL 'BENEFITS' BEING PAID OUT TO THE ILLEGALS THAT ARE BEING DELIBERATELY BROUGHT INTO OUR COUNTRY AND WHO HAVE NEVER WORKED ONE DAY IN THEIR LIVES IN AMERICA? WHO COLLECT EVERY BENEFIT AND ENTITLEMENT HANDED TO THEM BY THIS ROGUE 'GOVERNMENT', EFFECTIVELY STEALING FROM AMERICANS WHO SHOULD BE RECEIVING THEM?)
The retirement age rose to 66 in two-month increments between 2000 and 2005. Between 2017 and 2022, the retirement age will rise to 67.
In practical terms, workers claiming benefits at age 62 in 2022 and beyond will face a 30% reduction in the annual benefit that they receive throughout their lives. When the retirement age was 65, those claiming benefits at 62 suffered a 20% cut.
The cuts are intended to be an actuarially fair trade-off allowing people to get a benefit that's smaller but runs for more years. (Seniors should be receiving AT LEAST $3,600 month minimum right now - the funds should be returning MORE if not for the 'feds' stealing them.)
While it may be fair, that doesn't mean it won't hurt. If that 30% cut were in place today, it would shrink the available benefit for a $30,000-earner turning 62 down to the poverty level, a bit less than $12,000 a year. That's hardly enough to ensure income security for members of the working class who live long enough to deplete their savings.
In Trust Fund We Bust
Yet despite the coming rise in the retirement age, Social Security's cash deficit is set to explode to $361 billion in 2025 from $74 billion in 2014, the Congressional Budget Office estimates. (THERE SHOULD BE NO DEFICIT!!! This maneuver is all about starving out the seniors, pushing them to go to the government for more handouts - to be carted off to the FEMA camps as 'useless eaters.' This is outright STEALING from our seniors.)
The CBO's estimates point to the $2.8 trillion trust fund being depleted late in 2029, after which program revenues will cover only about 75% of scheduled benefits. (Bullshit - this is all about manipulation and control of the seniors, stealing from the 'fund' and using to finance illegals and other unlawful expenditures.)
Something has to be done to put the program on a firmer footing, and potential Republican candidates have begun stepping forward with their ideas. Chris Christie and Jeb Bush have both put themselves squarely behind a further increase in the retirement age. Christie specifically advocated a hike to age 69, closing a bit more than one-third of the financing shortfall. (These two traitors have lots of money from their illegal dealings. Of course, they have no idea what it is like for the seniors to have their incomes cut drastically because theirs won't be. They live well off their incomes derived from drugs and other 'businesses.')
But a hike to age 69 would mean that early retirees would have a whopping 39% benefit cut for life. To avoid that scenario, Christie proposed raising the earliest eligibility age for claiming benefits to 64 in tandem with the retirement-age increase.
Americans, unless and until you totally empty out this rogue 'government', things will NEVER get better. You can expect the same or worse because you have allowed the same people to do the same things to you and to this nation over and over. It was never intended for the CON-gress to occupy their seats for years and years and years and years - or the 'president', etc. This is NOT the TRUE government of America but a phony criminal mafia organization playing games with America.
2 comments:
Well, given this is a phony mafia setup like a reality T.V. show I say the states themselves replace security income with their own program that is legal using precious metal bonds.
Didn't they already start doing this in South Dakota with the disability insurance mandate? Also give them the publicly declared right to cancel their social security number in all of those states.
It is obvious there is going to be a transition, the only question is how rough do you want it. If you do not exit the phony government and turn into a state national you'll have it the roughest.
In other news: GOVERNMENT JUST VOTED TO BAN ALL SNAP BENEFITS.
http://www.huffingtonpost.com/2015/05/14/wisconsin-food-stamps_n_7283654.html?utm_hp_ref=politics
Were there some of you who did not believe it? The government and their cronies in WI actually voted to make it law that anyone who buys ketchup or so on commits a felony.
Likewise, the rest of the state's government board are nullifying the bill.
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