Guest jrmfl Posted November 13, 2003 Report Share Posted November 13, 2003 WHEEEEEEEEEEEEEEEEEEEEE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Link to comment Share on other sites More sharing options...
Pee Brain Posted November 14, 2003 Report Share Posted November 14, 2003 WHEEEEEEEEEEEEEEEEEEEEE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! j, interesting that intragovt holding % of total has increased by 40% since 1997(30% to 42%). does that mean the SS trust fund assets are now almost entirely debt instruments? also of interest that the current intra-govt holdings would have been over 1/2 the 1997 total debt. we are really gonna have to borrow more from ourselves if this keeps up Link to comment Share on other sites More sharing options...
Guest yobob1 Posted November 14, 2003 Report Share Posted November 14, 2003 j, interesting that intragovt holding % of total has increased by 40% since 1997(30% to 42%). does that mean the SS trust fund assets are now almost entirely debt instruments? also of interest that the current intra-govt holdings would have been over 1/2 the 1997 total debt. we are really gonna have to borrow more from ourselves if this keeps up Trust fund? Excuse me while I wipe the tears of laughter from my eyes. What you thought they were buying gold? There is no trust fund. Never has been. It was designed as a pay as you go system capable of generating excess tax money to be siphoned off and spent immediately. Social Security was doomed to failure from the get go. When the boomers begin hitting 65 in large numbers and stop having the mandatory 15% tax drawn from them and their employers, the system will explode. Personally I don't even take social security into account when looking at my future income. I simply don't think it will be there. Nor do I believe all those 401Ks (or any other tax advantaged retirement vehicle) will reamain tax advantaged when withdrawl time comes. Assuming our government still has the ability to collect taxes, they're going to leave no stone unturned as they look for revenue. Everything will be up for grabs. Trust me, you want to look as poor as possible in the future. Link to comment Share on other sites More sharing options...
Pee Brain Posted November 14, 2003 Report Share Posted November 14, 2003 the TRUST FUND label was from the web-site link for the debt breakdown for intra-gov'tal holdings. believe me, i dont trust 'em. i agree with your points and would add that retirement age will be moved older than the current 62.5-65 yo and that any income over a very low threshold will offset $ for $ any SS benefits. i do have my 10-yo and 12 yo contributing to their 401-k accts - the impact of 50+ years of compounding is too juicy to pass up, even if they eventually tax the withdrawls. i do not count SS in retirement income projections, and im working to replace working income with investment/passive income, and as a single guy, after a certain level it does not pay to work anymore, which is distressing - i believe that this trend will really hurt the welfare state as more people "opt out"or just give-up as totally discouraged with retirement become an unattainable dream. believe me, ive been moving in the same direction since 1986 (way ahead of the curve) when i first began planning for early retirement - absent the divorce and a botched development project, it'd already be "game over". i have become VERY "SELFISH" (fanatical) as i not only believe that the govt will NOT work in my interest, but try to redistribute my wealth at every turn. Link to comment Share on other sites More sharing options...
Guest jrmfl Posted November 14, 2003 Report Share Posted November 14, 2003 j, interesting that intragovt holding % of total has increased by 40% since 1997(30% to 42%). does that mean the SS trust fund assets are now almost entirely debt instruments? also of interest that the current intra-govt holdings would have been over 1/2 the 1997 total debt. we are really gonna have to borrow more from ourselves if this keeps up ss is a GL entry .... lol, of course i got no response to my offer to take NPV now. $14 trillion "trust" with a $10.75 trillion gap. the math... = "a retirement pipe dream" perpetual war for perpetual peace. welcome to the new world disorder. Link to comment Share on other sites More sharing options...
Guest jrmfl Posted November 14, 2003 Report Share Posted November 14, 2003 j, interesting that intragovt holding % of total has increased by 40% since 1997(30% to 42%). does that mean the SS trust fund assets are now almost entirely debt instruments? also of interest that the current intra-govt holdings would have been over 1/2 the 1997 total debt. we are really gonna have to borrow more from ourselves if this keeps up ss is a GL entry .... lol, of course i got no response to my offer to take NPV now. $14 trillion "trust" with a $10.75 trillion gap. the math... = "a retirement pipe dream" perpetual war for perpetual peace. welcome to the new world disorder. be sure to add that into the lastest budget deficit numbas... staggering. Link to comment Share on other sites More sharing options...
Guest jrmfl Posted November 14, 2003 Report Share Posted November 14, 2003 j, interesting that intragovt holding % of total has increased by 40% since 1997(30% to 42%). does that mean the SS trust fund assets are now almost entirely debt instruments? also of interest that the current intra-govt holdings would have been over 1/2 the 1997 total debt. we are really gonna have to borrow more from ourselves if this keeps up Trust fund? Excuse me while I wipe the tears of laughter from my eyes. What you thought they were buying gold? There is no trust fund. Never has been. It was designed as a pay as you go system capable of generating excess tax money to be siphoned off and spent immediately. Social Security was doomed to failure from the get go. When the boomers begin hitting 65 in large numbers and stop having the mandatory 15% tax drawn from them and their employers, the system will explode. Personally I don't even take social security into account when looking at my future income. I simply don't think it will be there. Nor do I believe all those 401Ks (or any other tax advantaged retirement vehicle) will reamain tax advantaged when withdrawl time comes. Assuming our government still has the ability to collect taxes, they're going to leave no stone unturned as they look for revenue. Everything will be up for grabs. Trust me, you want to look as poor as possible in the future. i'll be like one of those "mobile scuds", catch me if you can. Link to comment Share on other sites More sharing options...
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