And you expect the government to fix this? I find that very laughable.
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.
And you expect the government to fix this? I find that very laughable.
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.
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.
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.
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.
But then it's no longer a retirement program, but rather an entitlement tax...
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.
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.
+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.
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.
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.
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.
+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.
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.
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.
... but we are going to be paying for dumb asses who don't save one way or another.
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.
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.
But then it's no longer a retirement program, but rather an entitlement tax...
And you expect the government to fix this? I find that very laughable.
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.