15
Oct
07

Social Security Benefits

Kathy Casey-Kirschling is stepping out today to start a landslide. She’s the first baby boomer (born in Philadelphia on Jan. 1, 1946, at 12:00:01 a.m.), you know. She’s heading down to the Social Security office in her home town to sign up early for Social Security benefits. She’ll pull her first check in January. But there will 80 million more folks right behind her that will be starting to qualify for the next 20+ years. The first wave of 3.2 million baby boomers turns 62 next year — 365 an hour. About 49% of the men and 53% of the women are projected to choose early retirement and begin drawing monthly Social Security checks representing 75% of the benefit they’d be entitled to receive if they waited four more years to retire. In 2011, they’ll turn 65 and be eligible for Medicare. In 2012, those who didn’t take early retirement benefits will turn 66 and qualify for their full share. By 2030, Social Security’s caseload will be 84 million people, up from 50 million today. Medicare will go from 44 million beneficiaries to 79 million. That will leave barely more than two workers paying payroll taxes for every retiree.

I was born in 1964, the end of the boom. I have no illusions that I will ever see any of the substantial amount of money that I put into Social Security, ever. The money will be long gone, spent on some ridiculous government pork project. Truth be told, I don’t think the government has any business being in the role securing social welfare. I’ve saved, despite the boat anchor of Social Security taxes. Nope, the folks running around with blinders on, thinking that Social Security will carry them through their golden years, are just too stupid to see beyond the crap that politicians parade in front of them. Social Security is broken for a lot of reasons. It’s not going to get better. Think Hillary’s plan of raising the maximum taxed income level beyond its current $97.5k is going to help? Think again. If you are making that much money, you’ll never really see any benefits. You’ll just be funding the incapacity of everyone else who was too foolish to not prepare. I’m sure that will feel real good. But don’t worry, that money wont really be going straight to the folks on the dole. Nope. First, it will need to fund an ecological sustainability study on the one-armed, brown-speckled, shunt butt wiggler in North Dakota and then operate the Middle East peace mission (folks, there will always be a mission, there will never be peace, and we’ll always be paying for it…). Your government will have placed IOU’s in the coffers of Social Security so that they (politicians) can continue helping us.

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