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What Will Be the Effect of Social Security Cuts

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  • 03-08-2017, 06:07 AM
    qmuddy2
    What Will Be the Effect of Social Security Cuts
    bernie sanders said (5 weeks ago) republicans want to cut social security; i am 64.5 years old , on social security disability: will the cuts (if they happen) effect me ? thanks
  • 03-08-2017, 06:28 AM
    llworking
    Re: What Will Be the Effect of Social Security Cuts
    Quote:

    Quoting qmuddy2
    View Post
    bernie sanders said (5 weeks ago) republicans want to cut social security; i am 64.5 years old , on social security disability: will the cuts (if they happen) effect me ? thanks

    It would be highly unlikely that any cuts would impact current retirees or even those people close to retirement age. Most likely any cuts will impact younger people.
  • 03-08-2017, 06:47 AM
    cbg
    Re: What Will Be the Effect of Social Security Cuts
    It is impossible to say what effect any prospective cuts will have on anyone until we see them. However, I agree with ll that it's unlikely they will affect anyone already in the system more than marginally, if at all.
  • 03-08-2017, 07:03 AM
    llworking
    Re: What Will Be the Effect of Social Security Cuts
    The last time that they did Social Security cuts they did it by raising the retirement age. However, they did not just raise it. They raised it to 55 1/2 for a segment of the population, 66 for another, 66 1/2 for another, 67 for another, and 67 1/2 for yet another. Whatever they do, I feel very sure that it will be something along those lines...minimal impact on older people, greater impact on younger people.
  • 03-08-2017, 07:09 AM
    budwad
    Re: What Will Be the Effect of Social Security Cuts
    I wish they would stop playing with the cost of living increases. Gasoline is down and everything else is up but we don't get an increase. Two years now.
  • 03-08-2017, 07:14 AM
    free9man
    Re: What Will Be the Effect of Social Security Cuts
    Quote:

    Quoting budwad
    View Post
    I wish they would stop playing with the cost of living increases. Gasoline is down and everything else is up but we don't get an increase. Two years now.

    I think part of the problem is that some of them probably assume since transportation costs figure into commodity prices that if gas is down that means transportation costs are down which means commodity costs are down. It doesn't always work like that though.
  • 03-08-2017, 11:37 AM
    cbg
    Re: What Will Be the Effect of Social Security Cuts
    Quote:

    Quoting llworking
    View Post
    The last time that they did Social Security cuts they did it by raising the retirement age. However, they did not just raise it. They raised it to 55 1/2 for a segment of the population, 66 for another, 66 1/2 for another, 67 for another, and 67 1/2 for yet another. Whatever they do, I feel very sure that it will be something along those lines...minimal impact on older people, greater impact on younger people.

    I agree. I was in a meeting run by the SSA just a week ago when this question came up. No one can say for certain, but it's far more likely to be something like this than cutting benefits for people already receiving them.
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