U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-10-2015, 12:57 PM
 
29,775 posts, read 34,863,854 times
Reputation: 11705

Advertisements

Quote:
Originally Posted by GeoffD View Post
I'd have no problem with symbolic means testing. There are very few people showing 6-figure income as a retiree. It's symbolic since eliminating distributions to sub-1% of retirees isn't going to change the finances of Social Security at all.

My concern is that what we eventually end up with won't be that kind of symbolic means testing. It wouldn't surprise me if proposals were floated to start phasing it out at median household income and eliminating distributions at 2x median household income. As the population of the United States ages and we converge on something like 2.8 workers per retiree, there are going to be all kinds of proposals to slash Social Security spending.
Lot more six figure income individuals and even more couples than you realize. In the case of Millennials many professionals are marrying other professionals. Go to high income areas of the country and they could be fairly common since retirement income parallels working income. Now even if you exclude SS from computing the family income you would still have a number. Also a number of states don't have their employees in SS and they would be getting a higher pension since their employer doesn't have to contribute to SS. This would just encourage more to do so. Means testing perhaps but at much higher levels and pre-SS. Otherwise you create a moral hazzard if saving on your own means giving up SS benefits, who would unless they had mega portfolio's.
Reply With Quote Quick reply to this message

 
Old 11-10-2015, 01:18 PM
 
Location: Ohio
19,904 posts, read 14,232,069 times
Reputation: 16083
Quote:
Originally Posted by Burkmere View Post
I read recently the return on SS is .3 of 1%. That's probably accurate.
It's irrelevant, since Social Security is an insurance benefit program. Talk about Red Herrings.

Quote:
Originally Posted by Randyri View Post
I very, very strongly disagree with means testing.
Too bad, since Social Security is already means-tested.
Reply With Quote Quick reply to this message
 
Old 11-10-2015, 01:55 PM
 
39,251 posts, read 20,356,214 times
Reputation: 12750
Quote:
Originally Posted by TuborgP View Post
Yup and this is a conservatives idea. Makes privatization more plausible for a lot more people.
It might be why he was relegated to debate in the first debate instead of the main debate. I say increase jobs = increase tax revenue's.
Reply With Quote Quick reply to this message
 
Old 11-10-2015, 02:20 PM
 
29,775 posts, read 34,863,854 times
Reputation: 11705
Quote:
Originally Posted by petch751 View Post
It might be why he was relegated to debate in the first debate instead of the main debate. I say increase jobs = increase tax revenue's.
This is a dated thread from back in April bumped up and certainly this proposal didn't help to give him any traction. Note I said any and not more as he has been dead in the water for awhile.
Reply With Quote Quick reply to this message
 
Old 11-10-2015, 03:01 PM
 
Location: Great State of Texas
86,093 posts, read 72,498,448 times
Reputation: 27565
Christie may have just been before his time in saying this.

I can easily see this happening down the road.
2022 was the date before Congress funneled some FICA money towards SSDI for 3 years so it might be sooner than that for SS.

None are proposing a raise in the FICA tax to cover the shortfall.
And if SSDI continues to spiral out of hand even more money will get funneled to that.

Soon both SS and SSDI will be in crisis mode together.

I see no alternative but means testing SS payments as well as raising cap.
Reply With Quote Quick reply to this message
 
Old 11-10-2015, 03:04 PM
 
13,894 posts, read 7,400,560 times
Reputation: 25379
Quote:
Originally Posted by Mircea View Post
It's irrelevant, since Social Security is an insurance benefit program. Talk about Red Herrings.

Too bad, since Social Security is already means-tested.
Social Security is social insurance, not an insurance benefit program. Social insurance has a very narrow definition.

Social Security is not means-tested. At full retirement age, you can be worth a billion dollars and get the same pension as somebody who has zero net worth assuming you both had the same years and income in the program.

The Federal income taxes paid on Social Security are means tested.
Reply With Quote Quick reply to this message
 
Old 11-10-2015, 05:51 PM
 
649 posts, read 554,159 times
Reputation: 1877
So it's okay, as some have stated, to take the cap off the wage limit for taxing for SS but it's not ok to means test once retired?

Seems to me that lifting the wage cap only affects the top 3-5 percent of all earners in the country and that means testing only affects the top 3-5 percent of earners in the country. What am I missing here?

Either way, that 3-5 percent is never going to see what they contributed but they get the wonderful opportunity to support more people and contribute more taxes to the system.

Wonderful......
Reply With Quote Quick reply to this message
 
Old 11-10-2015, 05:58 PM
 
5,426 posts, read 3,448,244 times
Reputation: 13704
Chris Christie just got bumped off the Republican main debate stage due to a very low percentage of support....I think around 3 percent. So his chances are diminishing quite a bit.

He's stuck with Mike Huckabee as the two bumped off the main debate stage, along with Santorum an one other.

So little need to reject or support his Social Security plan.

Last edited by matisse12; 11-10-2015 at 06:13 PM..
Reply With Quote Quick reply to this message
 
Old 11-10-2015, 09:30 PM
 
7 posts, read 3,436 times
Reputation: 10
Mg120, means testing only affects the top 3 - 5 % of earners? Really? So, if you make 80k you are in the top 3-5 %? really?
Reply With Quote Quick reply to this message
 
Old 11-10-2015, 09:59 PM
 
Location: Great State of Texas
86,093 posts, read 72,498,448 times
Reputation: 27565
Quote:
Originally Posted by MG120 View Post
So it's okay, as some have stated, to take the cap off the wage limit for taxing for SS but it's not ok to means test once retired?

Seems to me that lifting the wage cap only affects the top 3-5 percent of all earners in the country and that means testing only affects the top 3-5 percent of earners in the country. What am I missing here?

Either way, that 3-5 percent is never going to see what they contributed but they get the wonderful opportunity to support more people and contribute more taxes to the system.

Wonderful......
Remember when the AMT got passed ? That was an alternative tax on "the wealthy".
Yet the "creep" had people making $40K getting hit with the AMT.

You don't want to introduce any means testing.

Raise the cap and raise FICA instead.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top