People like you said it wouldn't last at all from when it was created.And you expect the government to fix this? I find that very laughable.
Funny, going well much later - though Reagan screwed it up with surplus borrowing.
People like you said it wouldn't last at all from when it was created.And you expect the government to fix this? I find that very laughable.
...lol... Priceless!People like you said it wouldn't last at all from when it was created.
Funny, going well much later - though Reagan screwed it up with surplus borrowing.
It more than likely would be a viable program if it was not borrowed/stole against. It has been a successful program and definitely has its place in society, so not sure if I agree that I would say it would not last, though I would have my doubts due to the corruption of the politicians today. You never have to bring R or D to the conversation as do not decide on party lines. In my opinion R and D is one in the same behind closed doors. Something must be done though and I do not know how to fix it. Possibly raise the tax ceiling on the SS max, but I am sure it will take more than this.People like you said it wouldn't last at all from when it was created.
Funny, going well much later - though Reagan screwed it up with surplus borrowing.
Johnson started raiding the SS Trust fund by using surplus witholdings to fund the Vietnam War. He did this by making a unified budget and moving the surplus into the general fund. I'm sure you just forgot.People like you said it wouldn't last at all from when it was created.
Funny, going well much later - though Reagan screwed it up with surplus borrowing.
But then it's no longer a retirement program, but rather an entitlement tax...Remove the cap on SS taxable income. Include capital gains in this calculation for individual earners. That will go a loooooong way to fix and/or alleviate the problem. Of course, simple demographics will eventually lead to a situation where we will need to come up with a shortfall out of the general fund. By that time it'll be time to pay the piper, and I'm okay with that. I'm a bit weary of means-testing schemes as SS was originally structured as a type of insurance/annuity...a benefit that you pay for and earn. I would only advocate that in the most dire of fiscal situations.
So? make it temporary with escalators based on the financial severity of the time.But then it's no longer a retirement program, but rather an entitlement tax...
No, that's why I said "surplus", the thing Reagan created that didn't exist under Johnson.Johnson started raiding the SS Trust fund by using surplus witholdings to fund the Vietnam War. He did this by making a unified budget and moving the surplus into the general fund. I'm sure you just forgot.
+1 Although I would like to see this happen in less than 20. SS really is pointless when no one expects or plans on it to fund any of their retirement. They are already taking steps to do that themselves.Personally, I'm just assuming SS will be gone when I retire in 30 years. It's not even in my plans as a source of income so I'm making sure I save enough on my own to fully fund my retirement.
That being said, I'd really like it if SS could start to phase out over time and maybe in 20 years or so the tax for it could go away and I could invest my money for my own retirement rather than pay for someone else's.
It needs to take decades for it to go away. There's a lot of people that are at or near retirement that are depending on that money to be there and they've paid into the fund all their adult lives.+1 Although I would like to see this happen in less than 20. SS really is pointless when no one expects or plans on it to fund any of their retirement. They are already taking steps to do that themselves.
I am willing to sign on the dotted line right now forfeiting any benefits as long as my payroll tax is eliminated. I know a lot of people with the same attitude. They have gotten plenty of my money that I already will never see. This eliminates my burden on the system immediately.It needs to take decades for it to go away. There's a lot of people that are at or near retirement that are depending on that money to be there and they've paid into the fund all their adult lives.
An idea might be to announce "in 20 years SS will be gone for all new retirees" then begin phasing out the benefits. For those that retire 5 years after that, they get 95% of full benefits. 10 years after that get 75%, 15 years get 50%, and 0% at 20 years. After the 20 years, the SS tax ends.
There will be a lot of people that get screwed in this scenario but SS cannot be ended by pulling the rug out from underneath those that currently depend on it. Unfortunately, that means people that won't ever collect on it will pay in tax money that they'll never see.
Why don't you send it to my retirement account?I am willing to sign on the dotted line right now forfeiting any benefits as long as my payroll tax is eliminated. I know a lot of people with the same attitude. They have gotten plenty of my money that I already will never see. This eliminates my burden on the system immediately.
It wouldn't completely fix the issue unless you made people above the then removed cap pay more into the system without receiving more out of it (ie subsidizing other peoples SS payments)Remove the cap on SS taxable income. Include capital gains in this calculation for individual earners. That will go a loooooong way to fix and/or alleviate the problem.
Not gonna happen (unless we have a really big meltdown) Might as well get used to that right now. Way too many people are relying on it to retire. Frankly I don't see that getting any better. While more and more people are aware of the SS issues people are starting to save later and later. I expect that the drstically rising cost of college education means there is an entire generation out there that is putting off saving for retirement when it will benefit them the most so they can pay off student loans+1 Although I would like to see this happen in less than 20. SS really is pointless when no one expects or plans on it to fund any of their retirement. They are already taking steps to do that themselves.
SS has been indexed to inflation. The ceiling is raised every year. It also only pays out on a maximum of 106K. People seem to forget that.In the 1980's when Social Security was readjusted and the limit that people had to pay was raised there was something of gentlemen's agreement or understanding that in the future income limit that people had to pay would be raised at a certain rate.
If that was strictly followed, instead of the about 106k(?) that is subject to taxes for social security it would definitely be noticeably higher.
I have to find sources to confirm this. I do remember hearing about it on the radio though.
If the government did away with Social Security... people still wouldn't save for retirement. Then you would have all these retired people without a dime to their name needing assistance from the government.Personally, I'm just assuming SS will be gone when I retire in 30 years. It's not even in my plans as a source of income so I'm making sure I save enough on my own to fully fund my retirement.
That being said, I'd really like it if SS could start to phase out over time and maybe in 20 years or so the tax for it could go away and I could invest my money for my own retirement rather than pay for someone else's.
YUUUP.... but we are going to be paying for dumb asses who don't save one way or another.
Lies.If you're under 40 and expect Social Security you're a damned fool. At this point it's like people who still smoke - you know the consequences and have known them for generations - but you do it anyway. Fortunately I'll be long dead before 2033. The funny thing about all these SS discussions is it's seems a fair percentage of people in this country didn't mind stealing SS monies to get that nice little mortgage deduction and other tax breaks they enjoy. We are now blaming the person who was robbed for being robbed.
You're wrong. Unless idiots vote to get rid of SS, it'll be there for you.Personally, I'm just assuming SS will be gone when I retire in 30 years. It's not even in my plans as a source of income so I'm making sure I save enough on my own to fully fund my retirement.
That being said, I'd really like it if SS could start to phase out over time and maybe in 20 years or so the tax for it could go away and I could invest my money for my own retirement rather than pay for someone else's.
It's a retirement insurance program. In case you are like most. If you're rich, you're like the guy who pays car insurance and doesn't have an accident.But then it's no longer a retirement program, but rather an entitlement tax...
respectfully, I think several EU countries already tried universal insurance that made things better. I won't say it is a cure all but at least it's a proven concept to reduce long term cost for everyone.And you expect the government to fix this? I find that very laughable.
You have to understand something.respectfully, I think several EU countries already tried universal insurance that made things better. I won't say it is a cure all but at least it's a proven concept to reduce long term cost for everyone.
However, I cannot say it can be the only solution to this problem. You seem to be on the Republican side, maybe, some state can give the Republican plan to fix SS/medicare a try see how successful it really is.
Maybe we can come up w/ something that most people can accept while solve this problem.