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Old 03-08-2016, 06:25 AM
 
71,974 posts, read 72,020,102 times
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exactly , but you know how some are in these forums . they always know better and only their views are the correct ones . we have that in all the forums .
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Old 03-08-2016, 07:00 AM
 
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Quote:
Originally Posted by GeoffD View Post
It's kind of inevitable Social Security will phase out at higher income levels when they revamp payroll taxes and retirement ages to cover the 30% shortfall but I'm not sure I believe it would be as low as $85K. I can certainly see 100% of Social Security being subject to Federal income taxes at an income level like that but going from 85% to 100% isn't much of a hit. There are so few retirees with a 6-figure AGI that it doesn't particularly impact the 30% shortfall in Social Security funding. I think a symbolic phase-out would start at well north of $100K and you wouldn't get anything at all with $200K+.

Medicare premiums, on the other hand, are the thing that really worry me. If you want the level of coverage available now with Medicare plus supplemental, it's likely to get very costly. Basic Medicare is going to have to fairly tightly ration the more expensive things.

This is all driven by some pretty basic demographic math. Right now, there are about 4 1/2 workers per retiree. In 2050, it will be more like 2 3/4 workers per retiree. Either taxes are going up in a massive way or benefits are going to get slashed. I think Social Security benefits will be largely grandfathered. I don't see how Medicare can be.

I can easily see Congress cutting benefits across the board.
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Old 03-08-2016, 07:02 AM
 
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80 million voting baby boomers who are retiring makes that unlikely i think . any political party responsible for a cut across the board better have new jobs lined up
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Old 03-08-2016, 07:02 AM
 
Location: In The Pacific
986 posts, read 1,180,638 times
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Quote:
Originally Posted by elliotgb View Post
May be time to bail out of this forum.
Too much sarcasm and criticism.

Mathjack was just stating what he does personally to keep in shape.
I don't believe it was self aggrandizement at all, sorry!
Just put that person who offended you and or those other members on here with sarcastic and critical attitudes on your "ignore List". That's what I did and it works!
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Old 03-08-2016, 07:05 AM
 
33,046 posts, read 22,116,650 times
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Originally Posted by mathjak107 View Post
80 million voting baby boomers who are retiring makes that unlikely i think . any political party responsible for a cut across the board better have new jobs lined up

"Hey, those people should have planned ahead and saved for retirement."
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Old 03-08-2016, 07:12 AM
 
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many did , but that still has nothing to do with cutting the benefits . i can tell you if they screw with my benefits i will vote against everyone responsible and you can bet 80 million others would do the same .

the changes they made to ss are changes hardly anyone uses like paying back ss and refiling , file and suspend and restricted application . these were used by less then 8% of folks .
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Old 03-08-2016, 08:53 AM
 
Location: Central Massachusetts
4,800 posts, read 4,861,663 times
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Congress will have to make some changes though I think the first one is to look at their own spending habits on pet projects. Start with funding that strike fighter jet. The air force don't need it. Instead put more people in boots. Those things get an economy working. Put more people working infrastructure like roads and bridges. How about working on better dams and maybe even making more power electric dams. That at least would create jobs and provide a useful service.


Well hell I am making too much sense. Might as well put me in a box to shut me up.
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Old 03-08-2016, 10:38 AM
 
Location: Baltimore, MD
3,746 posts, read 4,228,138 times
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Quote:
Originally Posted by mathjak107 View Post
many did , but that still has nothing to do with cutting the benefits . i can tell you if they screw with my benefits i will vote against everyone responsible and you can bet 80 million others would do the same . <snip>
No, 80 million others would not do the same. The Millennials already surpass the Boomers not only in population, but in the number of eligible voters as well. It's official: The Baby Boomer generation will continue to diminish in size and the ratio of Millennial voters to Boomer voters will continue to increase. You also cannot assume that Boomers like me will vote against their children's best interests. The top two issues for Millennials are climate change and student debt. I'm thinking we need to take care of their student debt problem before expecting Millennials to fully support our generation's retirement. Oh, I have no doubt that they will support Social Security but not to the extent the higher earners would like.

Just my 2 cents worth.
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Old 03-08-2016, 10:40 AM
 
71,974 posts, read 72,020,102 times
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there are many ways congress can pass bills to fill the gap for ss . ss is tiny compared to the medicare issues .

i believe ss benefits themselves will remain sacred

Last edited by mathjak107; 03-08-2016 at 11:03 AM..
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Old 03-08-2016, 11:07 AM
 
Location: Paranoid State
13,047 posts, read 10,476,607 times
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Quote:
Originally Posted by freemkt View Post
I can easily see Congress cutting benefits across the board.
Quote:
Originally Posted by mathjak107 View Post
80 million voting baby boomers who are retiring makes that unlikely i think . any political party responsible for a cut across the board better have new jobs lined up
I think benefits *will* be cut, but the action *will not be called* a benefits cut.

It will be called "means testing." The income thresholds will continue to be adjusted so the net effect for someone like me (high income/high assets) is a cut. Politicians can then claim they fought to protect entitlements for seniors.

But then again, I'm a bit of a cynic.
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