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.
The more that is paid out, the sooner the fund is exhausted. Pay out less, it will last longer. Cap it lower.
True but the point again, there is no "Fund", there are IOU's but no accounts waiting to be paid out. A lower payout will help to reduce the cost on the current and futures wage earners.
The point is whose responsibility is it? Should I be forced to make sure every senior lives the exact same lifestyle they are accustomed to? Even if it means I can't afford to live a low level lifestyle? If someone lived an expensive life, in an expensive area, saved no money and pulled out all their home equity. Why should I be forced to see to it that they will stay in that lifestyle?
I never claimed it was anyone else's responsibility. Only that people find it difficult to change their living conditions. In my opinion, people shouldn't retire; they should work until the day they die.
Once again, they are not derived from what we pay in. They are paid by current workers based on a formula, THERE IS NO ACCOUNT IN YOUR NAME, sorry.
It's called an SSN and it has your name. Sorry, you keep trying to mislead. The benefits formula is based on the number of years worked and the average salary during that period. The shortfall in SS would be completely fixed if benefits were reduced for the taxfilers receiving rebates of their FICA taxes using the Earned Income Credit.
It's called an SSN and it has your name. Sorry, you keep trying to mislead. The benefits formula is based on the number of years worked and the average salary during that period. The shortfall in SS would be completely fixed if benefits were reduced for the taxfilers receiving rebates of their FICA taxes using the Earned Income Credit.
So I can go to the SS website and see an account with my name and SSN and see the total account set aside in my name? Read your annual statement, you won't find that.
Here is what it does say. "*Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2037, the payroll taxes collected will be enough to pay only about 76 percent of scheduled benefits."
EIC cost is nothing compared to SS cost.
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.
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.
