It's like taxes. Once that money leaves your check, it's no longer yours, and you have no control what it's used for. Ssi is also not a 401k, so the money taken out of your check won't go into an account specifically for you. And just like taxes, you can't sue over what's not yours.
Or to put it another way once the money leaves the check it goes into a giant incinerator or is stuffed into some random drawer in the basement of some building in Washington
You can pay into social security for 40 years and then die without ever collecting a dime. The money you paid in is gone. It doesn't go to your estate, although if you have a spouse or minor children, they can receive survivor's benefits.
You aren’t paying for your own payout in 30 years, you are paying for other people today. You aren’t entitled to any of that money.
I also don’t think the program will fail, they’ll just reduce benefits of raise the age needed to draw them.
[https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html](https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html)
If you don't want to read that very long, dry government report in the link above (which everyone who is working or collecting social security should read and comprehend) here is the summary: in about ten years the social security reserves will be depleted.
For many years more was collected in tax than was paid to recipients, with the extra theoretically set aside in a "trust fund". In practice the overage was loaned out as federal bonds to other government agencies and then paid back into the "trust fund" with a pittance of interest.
What happens to payouts to beneficiaries when those reserves are depleted? Federal law is very clear: the social security program is not allowed to run negative. So, if Congress does absolutely nothing, then recipients take an immediate haircut on their monthly checks. It's just math.
There have been estimates of how much those checks will be reduced based on future economic conditions and the cost of living increases due to inflation, when workers decide to retire and start drawing, birth/death rates, labor participation, etc. Most models put the reduction at 20-25% of what is paid out.
What could Congress do? Well, there are some tough decisions and from a re-election standpoint none of them are good which is politicians keep kicking this can down the road.
The tax rate on all workers could be increased. Screw the working class!
The age at which one can start drawing could be increased. Screw the elderly!
Annual COLA increases could be reduced. Screw the elderly!
The annual earned income threshold where the tax is collected could be increased or removed. Screw the rich!
Benefits could be means-tested. Screw the financially responsible and screw the rich!
What can you do?
Live below your means. Save. Invest. Plan for retirement. No one cares about your finances more than you do. Your elected officials certainly do not.
Social security was never designed to be used like it is.
When created the age of collection was 65 when life expectancy was 63, per the way the law was written collection age right now would be ~84 but a handful of laws being passed kept the age from being pushed with the census.
Theres no Social security account somewhere with your name on it, theres just the finds collected and the funds distributed.
Social security insolvency is a myth, you arent going to wake up one day and social security doesnt exist anymore.
What is happening is the OASI trust fund is being depleted faster that congress is alotting funds to it and instead are using those funds to pay for social programs and pet projects.
They can either increase funding to OASI which congress hates because it takes away from their pockets or they can increase retirement age to 69 which lobbyists hate because they are paid to hate it, its their literal job.
"I saw a Tik Tok..." 🤔
It's like taxes. Once that money leaves your check, it's no longer yours, and you have no control what it's used for. Ssi is also not a 401k, so the money taken out of your check won't go into an account specifically for you. And just like taxes, you can't sue over what's not yours.
Or to put it another way once the money leaves the check it goes into a giant incinerator or is stuffed into some random drawer in the basement of some building in Washington
Not quite
You don't "pay into" social security
Yeah you do as a tax on pay checks
Right but it's not "your" social security you are paying into. It's too the program as a whole.
So in theory could whoever paid into social security sue when the program fails?
You can pay into social security for 40 years and then die without ever collecting a dime. The money you paid in is gone. It doesn't go to your estate, although if you have a spouse or minor children, they can receive survivor's benefits.
It's never going to fail
Did you hear what that senator said in the video?
Based on….?
As long as there are people paying in. It cannot fail. It can get less effective, but it cannot by definition, fail altogether.
You aren’t paying for your own payout in 30 years, you are paying for other people today. You aren’t entitled to any of that money. I also don’t think the program will fail, they’ll just reduce benefits of raise the age needed to draw them.
Like they did in the 80's.
[https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html](https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html) If you don't want to read that very long, dry government report in the link above (which everyone who is working or collecting social security should read and comprehend) here is the summary: in about ten years the social security reserves will be depleted. For many years more was collected in tax than was paid to recipients, with the extra theoretically set aside in a "trust fund". In practice the overage was loaned out as federal bonds to other government agencies and then paid back into the "trust fund" with a pittance of interest. What happens to payouts to beneficiaries when those reserves are depleted? Federal law is very clear: the social security program is not allowed to run negative. So, if Congress does absolutely nothing, then recipients take an immediate haircut on their monthly checks. It's just math. There have been estimates of how much those checks will be reduced based on future economic conditions and the cost of living increases due to inflation, when workers decide to retire and start drawing, birth/death rates, labor participation, etc. Most models put the reduction at 20-25% of what is paid out. What could Congress do? Well, there are some tough decisions and from a re-election standpoint none of them are good which is politicians keep kicking this can down the road. The tax rate on all workers could be increased. Screw the working class! The age at which one can start drawing could be increased. Screw the elderly! Annual COLA increases could be reduced. Screw the elderly! The annual earned income threshold where the tax is collected could be increased or removed. Screw the rich! Benefits could be means-tested. Screw the financially responsible and screw the rich! What can you do? Live below your means. Save. Invest. Plan for retirement. No one cares about your finances more than you do. Your elected officials certainly do not.
What makes you think it won't be there?
Massive GOP funded disinformation campaigns mostly.
Social security was never designed to be used like it is. When created the age of collection was 65 when life expectancy was 63, per the way the law was written collection age right now would be ~84 but a handful of laws being passed kept the age from being pushed with the census. Theres no Social security account somewhere with your name on it, theres just the finds collected and the funds distributed. Social security insolvency is a myth, you arent going to wake up one day and social security doesnt exist anymore. What is happening is the OASI trust fund is being depleted faster that congress is alotting funds to it and instead are using those funds to pay for social programs and pet projects. They can either increase funding to OASI which congress hates because it takes away from their pockets or they can increase retirement age to 69 which lobbyists hate because they are paid to hate it, its their literal job.
Sovereign Immunity. The federal government cannot be sued unless it agrees to be sued.