1. CBO analysis shows that if all income were subject to the Social Security tax (as opposed to just the first $106,800), Social Security's trust fund would last through 2083. Given the imprecision of 75-year economic forecasts, that should be good enough for now.
2. A poll conducted for USA Today by Gallup shows that 67% of Americans support lifting the cap on income subject to the Social Security tax.
Problem solved. In fact, it was so easy to solve, it's really not much of a problem.
it's solved!
LOL!
baby boomers beam!
bottom line---500 a month in (for LOW earners) for 40 to 50 years, 1000 a month out for those lucky enough to make it to 67 (or 69, or 70, or whatever the engineers ultimately determine) for as long as a retiree can hang on
even a low earner would have to survive to 120 just to break even
and soc sec is still upside down
realists realize, in addition, that "contributions" are gonna have to go up, while benefits eventually must be cut
a program in need of such draconian fixing is no success
it's a tragedy
Most financial advisors say you'll need about 70 percent of your pre-retirement earnings to comfortably maintain your pre-retirement standard of living. If you have average earnings, your Social Security retirement benefits will replace only about 40 percent. The percentage is lower for people in the upper income brackets and higher for people with low incomes. You'll need to supplement your benefits with a pension, savings or investments.
1. CBO analysis shows that if all income were subject to the Social Security tax (as opposed to just the first $106,800), Social Security's trust fund would last through 2083. Given the imprecision of 75-year economic forecasts, that should be good enough for now.
2. A poll conducted for USA Today by Gallup shows that 67% of Americans support lifting the cap on income subject to the Social Security tax.
Problem solved. In fact, it was so easy to solve, it's really not much of a problem.
Life isn't alway fair.I'm already going to pay in more to SS than I take out, even with the cap.
.
Life isn't alway fair.
My Dad died at 60 and never collected a dime. But he was glad SS existed so he didn't have to worry about surviving in the future.
Removing the cap would stop any masquerade of SS being a retirement plan.
The robbing of the SS trust by the government and spending the money on other things already proved that.
1. tell it to barack
2. soc sec was never sposed to be a welfare program
3. another fundamental promise unfulfilled
4. 500 a month in, for low earners, for a lifetime
5. 1000 a month back for those who make it to whatever the newest, most recently revised retirement age turns out to be
6. if the program were a success it would not be in such desperate need of such dire remediation
Here we come gang. Seventy seven million baby boomers at your throats demanding benefits. Half of us haven't saved one red cent for retirement. So you young folks are going to save us. It's your duty.
It is the duty of the nation, its government and its people to honor the long standing terms of the deal that people have honored their entire working lives.
yup
and that's why draconian alterations to those long standing terms---eligibility age, payroll obligations, benefits due, etc---all changes made to the detriment of the membership, is a big govt betrayal to those hundreds of millions of people who have honored that deal their entire working lives...
FoxNews.com - Social Security Fund to Be Empty by 2037
Essentially, the SS trust fund has a big IOU in it, and nothing else.
Yup. I feel safe and secure about SS. How about you?
I'll pass on the best advice someone ever gave me - I really didn't even know them at the time:
"Plan, save and invest for your own retirement like Social Security never existed."
That was 12 years ago, and I seriously took that advice. I'm planning on working until I'm 60 - that's another 17 years. Unless the entire country goes economically belly up, I should be able to work part time as a Walmart greeter past 60 if I want to get out of the house, but I have a feeling my hobbies will keep me busy. If SS still exists and I get a few sheckels, great - but I'm not holding my breath. I seriously wish the government would allow me to opt out and give me back my money via tax brakes over the next 10 years so I can take the extra money and put it where it will actually do me some good.
Not likely. The people have spoken
With all due respect to the people, most of them are stupid.
.
If the last 17 years are any indication, the economy will probably go belly up in the next 17 years. The only thing propping up the stock market right now is low interest rates. People are forced to put their money there to get any kind of return. More and more jobs are moving overseas, energy costs are rising, inflation is right around the corner, unemployment is rising, and the states are bankrupt. Things are only going to get worse.
I have also followed the rules, lived within my means, saved every dime and prepared like SS did not exist. Doesn't mean I'm not worried.
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