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Keep in mind that social security is set to run out in 10 years time. (lemmy.world)
submitted 2 years ago by to c/aboringdystopia@lemmy.world
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[–] 12 points 2 years ago (1 child)

Yea. 6.2% of each paycheck is taken out for SS and your employer will match it. Then, when you turn 67, you are of retirement age and will start reciecving monthly checks proportional to your income when you were working. There are exceptions but that's generally how it goes

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  • [–] -1 points 2 years ago (1 child)

    Exceptions like the entire millennial generation

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  • [–] 4 points 2 years ago (1 child)

    That's only true if we let Republicans axe it for real. This is a often-repeated line, but assuming all is lost multiple years in advance isn't the right way to go about this.

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  • [–] 1 point 2 years ago (1 child)

    the entire thing is based of exponential growth like our entire economy, which isn't going to happen

    republicans may accelerate the decline, but you're lying to yourself if you think there will be retirement money waiting for you

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  • [–] 1 point 2 years ago

    I seriously doubt it will ever pay out enough to be a primary retirement method, but there isn't enough evidence yet to say it's likely to be 100% gone either. As the fund stands now without any legislative input, it's set to run out after 2035 the earliest.

    It would be a long and difficult road, but I think it's still possible to keep SS running and/or a meaningfully sufficient replacement. It's not as though the money required doesn't exist. It's just that oligarchs want to help as little as they can possibly get away with.

    The moment we accept that terminating a fund that keeps people alive is tenable, they will be emboldened to do so. Personally I won't accept it. Hopefully this generation will have enough political power to keep it, but I'm not going to rely on SS to retire either.

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