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Old 11-16-2018, 01:15 PM
 
8,860 posts, read 5,139,069 times
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Quote:
Originally Posted by djplourd View Post
https://www.fedsmith.com/2018/09/09/...cial-security/

Saving Social Security comes down to two choices. We can cut the benefits of those who have already paid an enormous price to fix Social Security once, or we can ask workers who donít believe that they will ever get paid to contribute more.

Authorís note: Readers are going to ask about increasing the cap on taxable wages. I suspect that some change in the tax base is unavoidable, but (1) Eliminating the cap doesnít fix the problem. It does not even officially kick the can anymore. (2) The policy introduces structural changes to the program which will over time crash the program. This solution appeals to the people who wish to throw other peopleís money at the problem. I am happy to take questions in the comments.
According to this (fun!) interactive tool, eliminating the cap would close 72% of the gap.

The Reformer: An Interactive Tool to Fix Social Security

That would leave us with a shortfall of less than 6%. (28% of 21% still unfunded).
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Old 11-16-2018, 03:04 PM
 
71,643 posts, read 71,777,271 times
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just move ssdi over to welfare , all fixed
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Old 11-16-2018, 03:38 PM
 
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Quote:
Originally Posted by mathjak107 View Post
just move ssdi over to welfare , all fixed
I agree
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Old 11-16-2018, 03:56 PM
 
Location: Honolulu, HI
6,105 posts, read 1,833,046 times
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Quote:
Originally Posted by djplourd View Post
Will Millennials Get Social Security?.
Short answer, yes.
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Old 11-16-2018, 03:59 PM
 
10,062 posts, read 4,668,516 times
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Quote:
Originally Posted by Petunia 100 View Post
According to this (fun!) interactive tool, eliminating the cap would close 72% of the gap.

The Reformer: An Interactive Tool to Fix Social Security

That would leave us with a shortfall of less than 6%. (28% of 21% still unfunded).
which cap? The one that people pay into? Or the cap that limits how much SS pays out? Because they go together, if you take away the cap on one end, the other end when they are drawing it goes away too
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Old 11-16-2018, 04:06 PM
 
1,137 posts, read 570,641 times
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Quote:
Originally Posted by Petunia 100 View Post
People have the option to invest now; most pass.
Yea, right. I had the option for many years; problem is, living paycheck to paycheck, I had zero dollars to invest. Between two of us, one salary, and huge expenses moving around from job to job, it was impossible. How many companies offered me a 401K during my working time? As a consultant, Zero. As a full time employee, three. Two companies had 5-year plans you had to be there before becoming eligible. One company was bought by a competitor 4 years in, and was shut down. The second company 'eliminated' my position at 4.5 years because I was one of the higher earners. I would have saved with that one, except job was hundreds of miles from home, and I had to rent an expensive apt to work there, which cost 2/3 of my 'discretionary' income. The last company paid well, and had a 401K from year two, and I maxed it out once we had a financial cushion built up. It was only for 6 years before I had enough, and retired.
Life is not always as simple as it seems.
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Old 11-16-2018, 04:22 PM
 
Location: Ohio
19,924 posts, read 14,242,533 times
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Quote:
Originally Posted by djplourd View Post
Saving Social Security comes down to two choices. We can cut the benefits of those who have already paid an enormous price to fix Social Security once, or we can ask workers who donít believe that they will ever get paid to contribute more.
Yes, Millennials will get Social Security.

The Silent Generation was slammed with a 520% FICA tax increase to make sure Social Security would be there for them.

The Boomers suffered a 71% FICA tax increase to make sure Social Security would be there for them.

If Generation X-Box and Generation Whine can't handle a measly 44.6% increase to make sure Social Security still exists for them, then they can opt-out of life in a manner of their choosing.

It all comes down to how badly do you want it?

Given that Generation X-Box and Generation Whine spend incessantly to satisfy every infantile urge, rather than save money, I would think they would want it.
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Old 11-16-2018, 04:34 PM
 
13,921 posts, read 7,416,674 times
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Quote:
Originally Posted by MLSFan View Post
which cap? The one that people pay into? Or the cap that limits how much SS pays out? Because they go together, if you take away the cap on one end, the other end when they are drawing it goes away too

The payout is already massively graduated. The person paying in the max ever year ($128K in 2018 dollars) only gets 15% more than the person who paid in with inflation-adjusted income of $60K. It wouldn't change the payout to rich people very much if you kept the 15% scaling up to, say, 2x today's cap and then add another graduated tier at 7 1/2% for payout above that.
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Old 11-16-2018, 05:06 PM
 
8,860 posts, read 5,139,069 times
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Quote:
Originally Posted by mathjak107 View Post
just move ssdi over to welfare , all fixed
And eliminate the 5 year lifetime limit?
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Old 11-16-2018, 05:09 PM
 
8,860 posts, read 5,139,069 times
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Quote:
Originally Posted by MLSFan View Post
which cap? The one that people pay into? Or the cap that limits how much SS pays out? Because they go together, if you take away the cap on one end, the other end when they are drawing it goes away too
The wage cap. Sure, add on a formula to pay benefits on those wages, too.
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