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It’s not designed to supplement MY retirement. I’m in my late 20s and I’ll never see a penny of what I am paying into the system. Social security probably won’t even be around in 40 to 50 years. Best to abolish it.
Privatization is a better idea. Just have that money placed in a retirement fund appropriate for your age. Example a 23 year old would be placed in a Retirement 2060 fund.
Getting rid of SS entirely would stick us with a lot more welfare bums.
If the cap on SS tax is eliminated, the cap on SS benefits also has to be eliminated. By law, that's how SS works. That would actually be even worse because as of now, everyone but low-income earners LOSE money on SS. Make that no longer true, and SS implodes even faster.
GASP. Did you know that laws could be changed? True story.
GASP. Did you know that laws could be changed? True story.
Yes, they can, but you'll never be able to convince high-income workers and their employers to pay extra tens of thousands of dollars each per year for social program benefits they'll never receive. They're already losing money on SS now, as it is.
Privatization is a better idea. Just have that money placed in a retirement fund appropriate for your age. Example a 23 year old would be placed in a Retirement 2060 fund.
Getting rid of SS entirely would stick us with a lot more welfare bums.
No thanks, the private sector does not do that good a job of securing money in the markets. The closest thing you will see is the US Treasury Bond. Unless Trump decides he does not want to pay.
36 months till retirement and I can leave the hell hole of Long Island, New York - your location - and yet it's fine for everyone else to work into their 70's? People with hard physical jobs - do not have the strength or health by that age to continue working.
Let's raise the cap but not the payout. The % of people making $128,000 + back then was small compared with the amount of people making it today. Or if your net worth at retirement is over $1 million dollars - you can't collect what you put in - because really you don't need it.
you can not raise the cap without raising the payout.. they are interconnected
just raise the age...just like when the re-adjusted it in 1983
In 1983, the last time there was federal action to address Social Security’s financial problems, it included gradually increasing the retirement age from 65 to 67–emphasis on g-r-a-d-u-a-l-l-y.
The first increase didn’t kick in until 20 years later, in 2003 when the full retirement age jumped from 65 to 65 and two months. It’s been rising slowly since then, and won’t get to 67 until 2027.
do it again raising it 70/75 taking effect for those that would retire in 2055ish
No thanks, the private sector does not do that good a job of securing money in the markets. The closest thing you will see is the US Treasury Bond. Unless Trump decides he does not want to pay.
Bull. Over any 40 year period the stock market does exceedingly well and Retirement 20xx plans understand that.
The fact is your SS benefits can be taken away much easier than privately held assets.
No. If they raised the cap, there would be no problem in funding.
Quote:
Originally Posted by cuebald
If the cap was dropped on wages above $128,400 it would be funded forever.
Your conclusions are all wrong.
This is the most up-to-date tax data, which is from calendar year 2015.
1] The income groups you want to tax:
$100,000 under $200,000
$200,000 under $250,000
$250,000 or more
2] The total number of tax payers from each Income Group you want to tax:
16,537,689 = $100,000 under $200,000
2,167,508 = $200,000 under $250,000
3,872,156 = $250,000 or more
3] The Earned Income from those groups you want to tax:
$100,000 under $200,000: $1,898,212,053,000
$200,000 under $250,000: $392,479,350,000
$250,000 or more: $1,570,944,037,000
More than half of your new tax revenues will immediately be eaten up, and over the next 8 years, the rest will paid out as benefits, leaving you right back where you started.
At the end of the day, no matter what you do, you have to increase the FICA Payroll Tax for employers and employees by at least 3% to increase future revenues.
The Social Security Trustees projected FICA Payroll Tax estimates for 2017 under their three scenarios:
Actual FICA Payroll Tax revenues for 2017 were $709.3 Billion.
As you can see, the Trustees aren't very good at estimating revenues.
So long as your Labor Force Participation Rate is less than 65% and your Employee-to-Population Ratio remains under 63%, you'll never collect enough in revenues to offset costs.
and that is why "off the book" or "under the table" is illegal...... you are stealing from the government and your self, if you are wanting to actually be eligible for SS
too many people intertwine the "off the books" with illegal aliens, but it is a national problem of all citizenry
Wait. So hanging a few ceiling fans and security lights during the week is stealing? Cash is king!
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