# US Social Security Going Under



## Asian Spirit (Mar 1, 2010)

Many expats here in the Philippines live on only US social security. What would happen if this benefit were to stop all of a sudden? Could we survive if the benefits we worked for stopped? Could we find a way out of the Philippines and return home? Interesting but also frightening thoughts:

Read More Here 
source: Fox News


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## M.C.A. (Feb 24, 2013)

I heard that this year was the first year the SS was in the red I think a trillion dollars and it will fail in 15 years and Medicare will fail in 8 years unless drastic measures are taken.

Thee also was the talk of raising the age for SS to 70 years old.


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## Ram1957 (Oct 14, 2014)

Here's a report from AARP that explains alot of what people think will happen to social security. I have little faith in what the so called experts in the news media say now a days. Too many "the sky is falling" predictions going on. https://www.aarp.org/retirement/soc...ing-six-more-myths-about-social-security.html


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## M.C.A. (Feb 24, 2013)

Ram, it says the cash reserves run out by 2034 but Social Security is able to fund roughly 80% of the people till 2090, whoa! I have 6 years to go before I'm elidgible to collect SS.


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## Ram1957 (Oct 14, 2014)

M.C.A. said:


> Ram, it says the cash reserves run out by 2034 but Social Security is able to fund roughly 80% of the people till 2090, whoa! I have 6 years to go before I'm elidgible to collect SS.


Well I don't think that anyone that is on social security needs to worry about it unless they plan on living until 2090. I start my social security next year and I'm not worried about. I'm sure I won't live another 70 years. That would be just too old.


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## Tukaram (Dec 18, 2014)

They have been saying my whole life that SS was going belly up. Don't believe the hype. They just try and use it as a political toy - just like veteran's care. Scare tactics as usual...


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## Manitoba (Jun 25, 2014)

I’d like to address the second part of the OP. The first was that American SS might be failing the second was the impact that this would have on pensioners here. 

My lifetime income and savings was such that I do not have to rely only on my governmental pension to survive. In Canada we have a total of three possible government sources of income. One is the old age, pension, OAP, everyone gets it in full if resident or if has been resident for at least 40 years since turning 18. Payable at 65, if memory serves me around $CDN 600 a month. The second is the Canadian Pension Plan, CPP, that is similar to the US SS where it is based on income , someone contributing max lifetime would get about $CDN 1100 a month. The last is the Old Age supplement, it basically tops a single person, resident in Canada, to a minimum income around $CDN 24,000 or so a year. Just enough to live on at or slightly above or below the poverty level depending on location.)

Personally I’d never let my finances get to the point where I could not afford a plane ticket home. Even if by some disaster, like all my accounts getting compromised and all my assets stolen, I could easily rely on my kids to buy me the one way ticket home. (I am assuming that the SRRV deposit would not be returned until sometime after I left the country.) Once back in Canada I could get the full government pension to a base livable amount annually. However I understand that there are people who cannot afford to put aside enough for plane fare home as the minimum emergency amount. These people will basically be in the same boat as a local citizen with no income or savings and no family to support them. In other words in a world of hurt. The best would be to let their visa’s expire and ask to be deported and hope that they were put on a plane back to the US. 

It is also my understanding of the US system that once home they would not get much more than they are getting here, but I may be wrong.

I think it is sad that the richest and most powerful nation on the earth does not guarantee that their senior citizens, the ones that built what the current younger people now enjoy, cannot live out their sunset years in peace and quiet with the surety that they will be able to survive and cover all medical and other expenses. The potential of lack of funding of the SS has been well known but no one actually forced your politicians to address the issue and make it right so you could survive without asking “Want fries with that” on your 80th birthday.


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## fmartin_gila (May 15, 2011)

As Tukaram has mentioned, this is brought up every once in a while and bandied about by the media. We are being given the thought that it is about to go under in preparation for the Politicians & the ones in power to make some 'adjustment' to the requirements. I would expect soon there will be some action to either increase the starting age, decrease the benefit allowance or increase the contribution rate. As I remember quite a few years ago, there was a great ballyhoo about SS being broke and 'suddenly' they came up with the graduated entry age scheme which is now in effect and was supposedly going to solve all the problems with SS.

As to the second part - I guess I'm too old to actually give it much thought as I am pushing 80 and have enough put away so that along with my other pension, I should have no problem doing whatever I wish to do although I know that is not the solution for some.

Fred


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## DonAndAbby (Jan 7, 2013)

Asian Spirit said:


> Many expats here in the Philippines live on only US social security. What would happen if this benefit were to stop all of a sudden? Could we survive if the benefits we worked for stopped? Could we find a way out of the Philippines and return home? Interesting but also frightening thoughts:
> 
> Read More Here
> source: Fox News


I have always liked John Stossel's stories. Logic doesn't always win when the government is involved. Make sure you watch the video because the text doesn't tell the story as well.

My 2 kids and I get our first SS payments in November. Usually programs like these grandfather current recipients, so I hope we are safe from any changes.

Trump might be the one to finally do something about SS. He doesn't care what anyone thinks about him and if it needs to be done, he might just do it!

I'm not a tax the rich type of guy but it seems like something will need to be done in that area to keep it solvent.


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## JRB__NW (Apr 8, 2015)

There are steps that can be taken to fix it but it's a political mess so nothing ever seems to get done. They could take the cap off earnings that are taxed for SS. Why is it low earners pay SS tax for every dollar they earn but high earners get a break after $125K? I used to hit the cap and found it odd.

The age to receive benefits can also continue to be raised, as mentioned. Certainly people are living way longer. I have no issue with that. I do take issue with privatization - Americans have proven many times over that they are not good at saving or managing their investments. That will just result in further problems. As will expanding SS, whatever that means.

It's clear that the current party in power wants to reduce what they call entitlements. It has been the mantra for many years, and the narrative is always that these are "handouts", even though they help many people, especially elderly and children in low income families. One way they plan to do that is starve the beast, hence the recent tax law that puts even more pressure on the situation by increasing the deficit. Cuts will eventually have to be made somewhere, the big question is where? I assume SS will be part of that.


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## Nickleback99 (Aug 6, 2011)

Spot on.....and they call it "entitlements", equating it with handouts, when most of us put a butt load of $$$ into it over a Lot of years (42 yrs for me as I paid into it starting at age 15 on first payroll job in '74). What the current power bunch is doing to it by essentially ensuring the deficits bankrupt it all and benefits are reduced, is shameful. Had the money I put in simply been invested at say 6-7 % interest over time, I'd have a nice additional account to add to my other investment and pension income without the political nonsense. However, it was always set up as a ponzi pyramid scheme.


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## Zep (Jun 8, 2017)

Not that I am complaining but some people will get back way more than they put in to SS. My wife payed SS taxes for 30 years at about $2000/yr. She has been collecting SS for about 7 years now at $1080/mo. So she has already got more back than she has put in and will probably live another 20 years.

So something needs to be done to save it but not sure what.:confused2:

I am hoping it is still there when I can start collecting.:fingerscrossed:


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## fmartin_gila (May 15, 2011)

Nickleback99 said:


> Spot on.....and they call it "entitlements", equating it with handouts, when most of us put a butt load of $$$ into it over a Lot of years (42 yrs for me as I paid into it starting at age 15 on first payroll job in '74). What the current power bunch is doing to it by essentially ensuring the deficits bankrupt it all and benefits are reduced, is shameful. Had the money I put in simply been invested at say 6-7 % interest over time, I'd have a nice additional account to add to my other investment and pension income without the political nonsense. However, it was always set up as a ponzi pyramid scheme.


The politicians who concocted the scheme seemed to think there would always be enough entering the system to support the ones still living after age 65 (remember when it started 65 was OLD) Along with some creative accounting and such the SS system has been a bit sickly for some time. I paid into the system for 51 years and by now I have probably collected back more than I put in. When I look at it honestly, I do not think I would have had the discipline to invest the funds that were deducted from my paychecks and I think most fall into that category too, especially during our younger years. I do despise the fact that the politicians have labeled ss payments as "entitlements" as if we don't really deserve them when they are living high on our dime.

Fred


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## Asian Spirit (Mar 1, 2010)

lost_lyn said:


> Get a job.
> 
> Hope the US takes another loan from China.


I see; so an expat here should find and accept employment anywhere possible? Without the legally required working permit? Sorry that does not cut it but rather is a very good avenue to being arrested AND deported. There are very few types of employment here that a non citizen can qualify for and even fewer companies willing to apply, pay for, a work visa.

*Moderator Note: Forum members and visitors are strongly advised to not accept any type of employment without the proper work visa provided by a qualified employer..*


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## bigpearl (Jan 24, 2016)

lost_lyn said:


> Get a job.
> 
> Hope the US takes another loan from China.


Well and well again, I take umbrage at your statement, in fact many of your replies on many topics including one of my own. It appears some people don't read the entire thread and postulate opinions with limited knowledge and at times bias views.
While I'm not from North America I feel the attack will be at Australia or another members country very soon.

Perhaps you could introduce yourself as most of us do so we may have a better understanding of your nationality and what your plans are as an expat.

What one has to remember is that most expats are retired and chose to live in the Philippines for many reasons, one of those is not to work but have a decent life to suit their budget/needs. Most bring greater wealth to a developing nation and do it in good faith, ultimately spending their hard earn't retirement cash from another country within this country instead of their own helping to prop up an ailing economy.

I and I'm sure others would love to hear your story.

Cheers, Steve.


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