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mnhtnbb

(33,543 posts)

29. During COVID in 2020, I bought a house.

Thu Jun 11, 2026, 01:21 PM

Yesterday

I was surprised to learn I could qualify for a loan--15 year at 2.3%--because both my Social Security and Federal Survivors Annuity payments would be accepted as income.
I'm 75 now. There's a decent chance I'll still be here when Social Security is forced to reduce payments if the problems are not fixed before 2032. Eighteen months ago I decided I'd better start planning to have my mortgage paid off before 2033 when SS was going to be forced to reduce payments. Now it's expected to come in 2032. I ran the numbers yesterday and it means I have to start putting another $150/month into my payoff the mortgage early scheme, in addition to the amount I began setting aside a year ago.
How delightful! If inflation keeps rising--requiring SS payments now to be adjusted higher than anticipated --that bankruptcy date for Social Security will undoubtedly be adjusted again, to earlier than 2032.

What a fu*king mess. And I'm one of the lucky ones who will--no matter what--be able to figure out a way to keep my house, feed myself, and pay my bills.

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byronius Moosepoop CoopersDad Katcat

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Highlight:

Four senior senators express alarm, push for 'hard' Social Security votes [View all] BumRushDaShow Yesterday OP

no awards for moral courage for this bunch after ignoring the problem for years msongs Yesterday #1

No, but probably only lame ducks felt free enough to do this DFW Yesterday #3

But removing the cap technically isn't raising taxes, it's just adjusting contributions. nt in2herbs Yesterday #18

To anyone who would have to pay more of their paycheck than they do now DFW 20 hrs ago #30

They're not all lame ducks. ShazzieB Yesterday #26

The obvious simple solution is to raise or, better yet, remove the cap on income levels... GReedDiamond Yesterday #2

I paid double the SS for nearly 40 years being self employed years ago Bengus81 Yesterday #10

Exactly, Thune always has a mealy mouthed response/retort... IthinkThereforeIAM Yesterday #19

I completey agree they should remove the cap jgmiller Yesterday #24

I think the obvious solution is to not be simple DFW Yesterday #4

Most of these people are so wealthy they would not miss this money. travelingthrulife Yesterday #6

They might have to pay for a tank of fuel for their 400' yacht Bengus81 Yesterday #11

Right, none of them are going to be faced with eviction or have their diet changed... IthinkThereforeIAM Yesterday #20

The other solutions all are politically unpopular. SamuelAdams Yesterday #7

Do what we do for all of the wars -- borrow. Also, Obama managed to extend the date by a year. Nt lostnfound Yesterday #9

Bush like Trump wants SS privatized so some bud of theirs can get hold Bengus81 Yesterday #12

Social Security Trustees are all MAGA Kid Berwyn Yesterday #5

And that was intentional... IthinkThereforeIAM Yesterday #21

Project 2025 is MAGA for Urinary Executive (Trickle Down Forever) Kid Berwyn Yesterday #23

What a waste to work for 45 years and to spend money helping those who needed it lostnfound Yesterday #8

(a percent of which comprises the revenue). mdbl Yesterday #15

100% could come from wages, if wages had kept pace with productivity or with CEO pay lostnfound 1 hr ago #37

Maybe the 4 Senators can come up with good ideas Buddyzbuddy Yesterday #13

REMOVE. THE. CAP. TygrBright Yesterday #14

Exactly, let everyone pay the same percentage on their Payroll Tax obligation. It is simply a huge gift to the Exp Yesterday #27

Precisely! CoopersDad 18 hrs ago #33

Experts like Paul Krugman say vary affordable fixes are available to keep SS solvent. Republicans insist on holding SS Martin68 Yesterday #16

There is no "solvency" issue. It is bullshit. valleyrogue Yesterday #17

It's like saying the USPS loses money. Bullshit. nt. druidity33 19 hrs ago #31

"3 of the 4 won't be there next year, not just Cassidy and Tillis but Durbin too." Wednesdays Yesterday #22

"And what are they going to do when The Felon vetoes their bill?" BumRushDaShow Yesterday #25

It's not hard ...get rid of the cap or make the donut plan JT45242 Yesterday #28

During COVID in 2020, I bought a house. mnhtnbb Yesterday #29

Are you also making 2X monthly payments? CoopersDad 18 hrs ago #34

No, right now short term interest rates mnhtnbb 17 hrs ago #36

Eliminating the payroll cap would solve the problem. Any Democrats who suggest anything else are not Democrats. Dangling0826 19 hrs ago #32

Gee whiz Katcat 18 hrs ago #35