World Economic Collapse is imminent

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Originally Posted By: dishdude
antiquevowel - SSI is for people that are disabled and can't work.


I'm talking about Social Security retirement benefits and I just miss posted about the insurance part. You OBVIOUSLY know what I was getting at, nice try Bandito.
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SSI is Supplemental Security Income. It's an entirely different program from Social Security, and comes from a different revenue stream. If you had made use of the helpful link that I provided, you might have known that.

SSI is for disabled people, or low-income elderly folks who have little savings and can't make ends meet with Social Security (your future). I won't ever meet the asset or income threshold for SSI, so I won't ever collect it.

If you were talking about Social Security, you should have taken a moment to familiarize yourself with the difference between that and Supplemental Security Income. I didn't OBVIOUSLY know you were talking about Social Security, because you kept referencing SSI, which is different. Again, someone with financial literacy would have known the difference between the programs.

If the Social Security that I've been paying into is available at age 70, I'll start collecting it then. My estimated monthly benefit at 70 is $3,539. I don't factor that into my retirement plans, but it'll be nice to get that money if it comes around.
 
Originally Posted By: Mr Nice
No chance of collecting that money.

I don't think that's fair. 70 is decades away for me, and none of us know what the future holds, whether we saw a YouTube video about the Reptilian New World Order apocalypse or not. The idea that Social Security will end is an Internet rumor. It's not like a retirement fund that we're paying in to, it's a transfer of assets from workers to retirees.

So, if the system undergoes some massive financial strain, benefits could be decreased to what is being collected from taxpayers. This could happen if the surplus is exhausted sometime in the next 20-30 years. It could also be avoided by prefunding the system, raising payroll taxes, or bolstering the reserves with money from the general revenue stream. These actions will be up to Congress.

In any case, I'll be retiring before that and haven't included Social Security in my retirement plans. It'll be a nice bonus if it shows up.
 
Originally Posted By: Bandito440

In any case, I'll be retiring before that and haven't included Social Security in my retirement plans. It'll be a nice bonus if it shows up.


My plan also, I highly doubt that Social Security will ever be allowed to collapse.
 
Originally Posted By: dishdude
Originally Posted By: Bandito440

In any case, I'll be retiring before that and haven't included Social Security in my retirement plans. It'll be a nice bonus if it shows up.


My plan also, I highly doubt that Social Security will ever be allowed to collapse.


https://www.rt.com/business/331571-iran-dump-dollar-oil/

Soon it will be time to import some democracy to them
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Please don't bring politics here. Along with AntiqueVowel's fear of immigrants, that'll get the thread locked or deleted.
 
What happens if the dollar all of a sudden is worth only 10 cents or less ?

I'll tell you -- you're gonna have alotta hungry and desperate people running around.
 
Originally Posted By: Merkava_4
What happens if the dollar all of a sudden is worth only 10 cents or less?

I'm not exactly sure what you're asking.

Is it hyperinflation that you're worried about? That's been under the target of 2% for several years now.
 
Originally Posted By: dishdude
Originally Posted By: Bandito440

In any case, I'll be retiring before that and haven't included Social Security in my retirement plans. It'll be a nice bonus if it shows up.


My plan also, I highly doubt that Social Security will ever be allowed to collapse.


The next 2008 will be just around the corner and 2008 will look like a picnic compared to what is looming.
 
Originally Posted By: GiveMeAVowel
Originally Posted By: dishdude
Originally Posted By: Bandito440

In any case, I'll be retiring before that and haven't included Social Security in my retirement plans. It'll be a nice bonus if it shows up.


My plan also, I highly doubt that Social Security will ever be allowed to collapse.


The next 2008 will be just around the corner and 2008 will look like a picnic compared to what is looming.

The doomsayers have been warning like that for decades. 2008 was a big one yet we all recovered. We will recover from all reversals.
Unlike some people I like to hear the opposing views.
 
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'In any case, I'll be retiring before that and haven't included Social Security in my retirement plans. It'll be a nice bonus if it shows up'.


I stopped working full time at age 59, 4 and 1/2 years ago. I've been drawing my SS benefits for 16 months. My SS check is deposited in my checking account on the second Wednesday of every month. I use it to supplement my month to month living expenses and haven't had to touch any of my 401K retirement investment money yet. I owe less than $8,000 on my home and have no other debt other than the typical utilities, groceries, vehicle upkeep and insurance, etc. I don't live beyond my means and it has worked for me for going on 5 years. My wife will retire from the USPS in 4 years and then she will start drawing her SS and will roll over her USPS retirement into our existing 401K. We feel that our SS is more stable than our 401K investments, as witnessed from our 'now' conservative investment strategy since 2008. We haven't included any of our investments in our retirement strategy, just the opposite of some here, but it has worked well for us and if the big crash does come, it won't be from investments we were depending on to have to live.
 
Luckily I have 2 pensions, well funded 401K and IRA... so does my wife.

You have to fund your own retirement, SS is just a very minor cash supplement.
 
Originally Posted By: grampi
I don't know why people think SS is going away...it's not...


I think it will be means tested in the future...so only those who need it will get it.

Fundamentally, it's taking from current workers to give to current recipients. It's always been that way. It's always been a Ponzi scheme of sorts.

In the future, fewer workers will be available to tax and support the greater number of retirees.

The simple math requires increased tax collected, or delayed retirement age, or means testing to exclude some retirees.

All will be done for "fairness" of course, so that some folks will get far less than they contributed while others will get far more.

But I reckon it'll change at some point in my retirement, so, no, I don't count on it. It won't be there for some folks in the future. It's going away for them...
 
Originally Posted By: cjcride

The doomsayers have been warning like that for decades. 2008 was a big one yet we all recovered. We will recover from all reversals.
Unlike some people I like to hear the opposing views.


The economy (main street) NEVER recovered, there is massive manipulation by the private banksters aka fed to hide the hemorraging that is STILL taking place today, and soon it will make 2008 look like a cake walk, as this time no amount of connivances will stop the collapse. A REAL and HUGE depression is near at hand. No way out this time. Only a few (as usual) will end up with most of the toys in the end.
 
Originally Posted By: GiveMeAVowel
A REAL and HUGE depression is near at hand. No way out this time. Only a few (as usual) will end up with most of the toys in the end.

When is this going to happen? Will my equities still be worth zero, or is this a different doomsday prediction now?
 
The world economy is only a notion and all currencies used are fiat.

So if the economy (illusion) collapses nothing has really happened because the economy didn't exist in the first place.

Let's talk about the involvement of Central Banks in the current global economy..
 
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