7 Social Security Myths -- Debunked!

Using the example of having a $1000 per month Social Security 'benefit' (it is not but that is what it is called) I built the sheet to adjust the payment down to 62 when you can start and up to 70. Then I figured out what my government expected drop dead year is. Each year I delayed after 62 pushed the break even point further down the road (past the drop dead age).
Then I figured in when the expected reductions in payment were and by delaying it pushes the break even further out. This of course assuming that there are NO CHANGES to the system in either fixing it nor adding new drains on the reserve.
They have been putting off fixing it for close to 20 years now and have been adding more people that can draw on the funds. If they legalize the illegals then that is another 12 to 50 million people drawing on it.

In 2008 Ryan proposed some fixes. In 2008, about election time the CBO came out with a statement that if the Ryan plan was adopted in 2009 it would be 10% less effective than if it had been adopted when proposed.
What struck me interesting is that shortly after the election the CBO came out with a change to when the Reserve would be used up from 2036 to 2033 (~ 10%). It has since been adjusted to 2029.
Medicare and Medicaid are expected to run out of reserves sooner, as early as 2026, so they are thinking of 'borrowing' from social security even as they add people that can draw on those.

COL William Oseles - Ponzi Scheme?

MCPO Roger Collins - Ah, but the Government tells us it is NOT a Ponzi Scheme because they are running it. When you look at the definition of how a Ponzi Scheme works, Social Security meets all the requirements, except our government says it is not.

COL William Oseles - Here is the status of our debt, funded and unfunded. Not sure if it counts the $4T on the Central Bank that is backed by air.

A lot of misunderstanding about how Social Security works. Defended in front of the Supreme Court as a Payroll Tax, not a benefit plan, not an insurance plan.
In fact, the Supreme Court 'corrected' Justice Department defending the Affordable Care Act when they were calling it a Insurance program to get them to say it was a Tax Program.