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Old 04-11-2015, 04:23 PM
 
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Quote:
Originally Posted by Escort Rider View Post
I have no crystal ball. However, it seems strange to me to base a major decision on speculation about what MIGHT happen in the future legislatively. I have serious doubts whether such a measure would pass Congress. For one thing, the valid argument would be raised that Social Security retirement benefits are already means tested in two significant ways:

1. Low wage earners receive a substantially higher percentage of their average wages back as benefits than do high wage earners.

2. People who have significant income in addition to Social Security retirement benefits pay federal income tax on 85% of the SS benefits, whereas people who have Social Security income only (or mostly) do not pay any federal taxes on it.

Only if they live long enough. Unfortunately, they disproportionately die early. For example, black men collectively get a bum deal from SS due to shorter lifespans.
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Old 04-11-2015, 05:03 PM
 
Location: Los Angeles area
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Quote:
Originally Posted by HappyTexan View Post
That may be but they are calling for means testing up front which would reduce the benefits you get which in turn would lower your potential tax.

They are trying to save the SS Trust Fund. When you pay taxes on your SS those taxes do not go to the SS Fund. The means testing would happen up front and you would get lowered benefits and the excess gets to stay in the SS Trust Fund.
Yes, they do. When you pay taxes on your SS, those taxes DO go to the SS fund.
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Old 04-11-2015, 05:11 PM
 
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Quote:
Originally Posted by freemkt View Post
Only if they live long enough. Unfortunately, they disproportionately die early. For example, black men collectively get a bum deal from SS due to shorter lifespans.
SS isn't a savings plan, it's insurance.
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Old 04-11-2015, 05:47 PM
 
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No; means testing isn't in the SS law itself; and no way I see it even getting to either floor in congress.
The SS trustees make reports on what happens in shortfall by law;I suggest you search and read the last few. Then read Breaux commission last to study the problem of shortfall. I have long thought of the possibility of cuts tho; which is the law now. The Disability funds will come to crisis state first; so like always that is when the SS law and funding will be reformed. But there is no way needs testing will be anything seriously considered politicially. Increase like last time in tax plus pushing the retirement age out plus possibly reviewing what is disable to qualified back to past standard. That is basically what other western governments have done facing shortfalls.
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Old 04-11-2015, 05:54 PM
 
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Quote:
Originally Posted by HappyTexan View Post
Honestly I wasn't trying to turn this into a political jab for or against Hillary.

It's about retirement accounts. This is the woman who wants government to control all our retirement money and give us a guaranteed income in return with an inflation COL every year.
You mean like SS
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Old 04-11-2015, 06:17 PM
NCN
 
Location: NC/SC Border Patrol
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Could someone please explain means testing to me? I have no idea what you are talking about.

I would like to correct one statement though. SS is not out of money. We own the federal government because they borrowed our money.

It is funny how you never hear that we should not send money to foreign countries or not pay welfare to illegals in this country or stop food stamps to people living in houses bigger than they need. It is always the senior citizens or military that are the problems. That translates to jerks in government to me.

You can always judge a society by the way they treat their young and old people. Ours murders the unborn and steals from the old.

Last edited by NCN; 04-11-2015 at 06:28 PM..
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Old 04-11-2015, 06:31 PM
NCN
 
Location: NC/SC Border Patrol
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Originally Posted by TuborgP View Post
You mean like SS
I have read articles about plans to take over 401K's. This talk has been going on for years. I don't know which party is worse on these subjects.
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Old 04-11-2015, 08:02 PM
 
Location: Los Angeles area
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Quote:
Originally Posted by NCN View Post
Could someone please explain means testing to me? I have no idea what you are talking about.
..............
In this case "means" refers to financial assets. So if some benefit is restricted to people who are in financial need, then that is the "testing" part. Section 8 housing and food stamps, to cite two examples, are means tested; that is, you do not qualify for them if you have too many financial assets.

In the case of existing Social Security law, it might be more accurate to call the present system "partial means testing". Well-off people are not disqualified completely from receiving retirement benefits, but they simply receive less, percentage wise, and then additionally have to pay federal income tax on those reduced benefits. In other words, people who have done well in their jobs and careers get screwed because they don't have the same financial need as people who have done poorly in their jobs and careers. This is probably justified as part of a safety net, the vast, hugely expensive safety net that exists increasingly in this country. If there were no safety net, this would be a cruel society indeed.
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Old 04-11-2015, 08:23 PM
 
Location: Los Angeles area
14,018 posts, read 17,792,060 times
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Quote:
Originally Posted by NCN View Post
...........

I would like to correct one statement though. SS is not out of money. We own the federal government because they borrowed our money.

It is funny how you never hear that we should not send money to foreign countries or not pay welfare to illegals in this country or stop food stamps to people living in houses bigger than they need. It is always the senior citizens or military that are the problems. That translates to jerks in government to me.

You can always judge a society by the way they treat their young and old people. Ours murders the unborn and steals from the old.
"We own the federal government...."????? Even if you had specified exactly who "we" are, it is nonsensical to state that anybody "owns" any level of government, be it local, county, state, or federal. We are all citizens of the various levels of government, which means we have various rights including the right to vote. But "own"? That's just bizarre.

The old have it good in this country, very good. And I am one of them, being 71. There is Medicare, for starters, supplemented by Medicaid for those with limited assets. No other age group enjoys that kind of generosity in medical care. There are all kinds of programs and services for old people. For example, where I live the old get free rides around town in vans paid for by taxpayers.
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Old 04-11-2015, 09:00 PM
 
30,239 posts, read 47,482,697 times
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I posted this on a separate thread but though with the talk of means testing SS people might be interested--
by Scott Burns, investment blogger who helped found the AssetBuilder investment advisory company and writer of several investment books
it is about the need to modify the taxation formular affecting SS benefits...

AssetBuilder - It
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