Rhode Island cuts pensions, gets backing from federal court

[Yojimbo]

(02-08-2018, 04:07 PM)BengalHawk62 Wrote: They say SS has 16 years left before it "runs out".  I'm forty now.....probably another 20 years left to work. (fingers crossed)  Great, work all my life, having my hard earned funds put into SS, without my say so, and can't get any of it back. 

Do I get to sue the gov't for basically stealing my money from me?  No, not a chance.  Good lord, what do you do?

It can pay out 100% of benefits until 2037. After that it drops to 80% of pay outs for another 20-30 years.  It's not going to be completely out of money, just not enough to pay out what was promised for 3 big reasons:

1) Congress has been stealing borrowing from the SS fun for a couple of decades now. They need to stop and put back all the money that has been taken.

2) Congress needs to lift the cap on wages taxed from $118k to at least $250k, but preferably no cap and you pay taxes on all your income, like the rest of us peasants do.

3) The Baby Boomer generation is retiring and there will be more of them retired than people working to pay into SS.

The first two can be fixed, the third one can’t. But, fixing the first two would probably alleviate the problem of the third one.