An Idea as a Fix for Social Security

[FilmFestGuy]

Now...This isn't exactly what Mitch Daniels (Indiana Gov - R for those who don't know) said at CPAC, but it's my take on it.

(Summary of his speech here...)

He said: "These programs should reserve their funds for those most in need of them. They should be updated to catch up to Americans' increasing longevity and good health. They should protect benefits against inflation but not overprotect them."

My thought was this: Not a means test that takes the benefits away from the wealthy; but a means test that would delay the benefits until they are needed.

In other words, if you're private retirement funds are to where you meet X level per year; you don't begin collecting Social Security. If you survive til 90 (or whatever age) and your private funds are starting to deplete; you begin collecting the benefit.

It's just an idea to help make this benefit soluble again.

What ideas would like to see from candidates in reforming Social Security?

 

[Slartibartfast]

This is a great idea. The original idea behind social security was insurance, not a retirement program.

 

[pbrauer]

Now...This isn't exactly what Mitch Daniels (Indiana Gov - R for those who don't know) said at CPAC, but it's my take on it.

(Summary of his speech here...)

He said: "These programs should reserve their funds for those most in need of them. They should be updated to catch up to Americans' increasing longevity and good health. They should protect benefits against inflation but not overprotect them."

My thought was this: Not a means test that takes the benefits away from the wealthy; but a means test that would delay the benefits until they are needed.

In other words, if you're private retirement funds are to where you meet X level per year; you don't begin collecting Social Security. If you survive til 90 (or whatever age) and your private funds are starting to deplete; you begin collecting the benefit.

It's just an idea to help make this benefit soluble again.

What ideas would like to see from candidates in reforming Social Security?

Social Security doesn't need reform, it works perfectly, it hasn't missed a payment in all the years of it's existence. Social Security's detractors say it's bankrupt, but it has approximately $2.6 trillion invested in U.S. Treasuries. This is money that workers have paid into the system. They way to insure it will be able to payout 100% of the benefits is by lifting the cap.

 

[Albert Di Salvo]

The solution to unfunded Social Security liabilities is to tax young workers. The burden will be heavy, but youngsters love social justice.

 

[PeteEU]

The solution to unfunded Social Security liabilities is to tax young workers. The burden will be heavy, but youngsters love social justice.

What unfunded Social Security liabilities?

Btw.. dont people die in the US any more?

 

[Albert Di Salvo]

What unfunded Social Security liabilities?

Btw.. dont people die in the US any more?

Are you familiar with accounting gimmicks? Taxpayers on the hook for $59 trillion - USATODAY.com

The members of my generation have no intention of dying until we have sucked the last drop of life blood from the youngsters who will be compelled to pay for our beer and pizza.