How Much SS Will You Get With $50k Yearly Income (wages, benefits)

[NewbieHere]

Originally Posted by mathjak107

80 million voting baby boomers says so

We’re not the biggest group anymore, it’s the millennium.

[NewbieHere]

Originally Posted by lieqiang

Unfunded obligations of 16.8 trillion over 75 years = 224 billion per year.

Still a big number but in perspective that's only 5% of the 4.5 trillion federal budget for 2020. As mathjak alluded to it could be covered by various combinations of removing the cap, payroll taxes, pushing the age back, etc. It's still a problem, but nothing insurmountable as seems when just looking at it like they have to come up with almost 17 trillion next week.

That’s peanut or emaciated according to Pelosi, $300 billion, I mean.

[mathjak107]

Originally Posted by NewbieHere

We’re not the biggest group anymore, it’s the millennium.

We still got a lot of voting power

[RationalExpectations]

Paying people not to work is a bad idea.
Paying people to work is a much better idea.

[Johnhw2]

Originally Posted by NewbieHere

That’s peanut or emaciated according to Pelosi, $300 billion, I mean.

Porkie Pelosi I call her. She gave Kennedy Center $25M in the first rescue package she porked up. And fter they got the money Kennedy Center furloughed the musicians. So who got the bail out Nancy and her rich friends who run the Kennedy Center?

[mathlete]

Originally Posted by mathjak107

all they need to do is raise the cap and increase fica taxes 1.8-2.20% have the employer kick in 1.25% and the employee 1.25% and it is funded

So all it would take to fix the $16.8 trillion shortfall in Social Security would be to raise FICA taxes on Millennials, Gen X-er’s, Gen Z-er’s and their employers?

I like it!

[mathjak107]

Originally Posted by mathlete

So all it would take to fix the $16.8 trillion shortfall in Social Security would be to raise FICA taxes on Millennials, Gen X-er’s, Gen Z-er’s and their employers?

I like it!

[pvande55]

Originally Posted by RationalExpectations

Paying people not to work is a bad idea.
Paying people to work is a much better idea.

Social Security does a bit of both. You can quit your job at 62 and get lifetime benefits, BUT if you keep working, not collecting, your benefit goes up for the next eight years.

[mathjak107]

Originally Posted by pvande55

Social Security does a bit of both. You can quit your job at 62 and get lifetime benefits, BUT if you keep working, not collecting, your benefit goes up for the next eight years.

Actually it is based on the 35 highest years .....if you retire at 62 The benefit you already earned is reduced from your fra amount which is the amount for the 35 years you already worked.

In effect it is cut not gained so to speak if you file early

[mathlete]

Originally Posted by mathlete

So all it would take to fix the $16.8 trillion shortfall in Social Security would be to raise FICA taxes on Millennials, Gen X-er’s, Gen Z-er’s and their employers?

I like it!

Originally Posted by mathjak107

I just hope they’re good for it.