see this is where the liberals lose it..
they post about a Band-Aid on a sunken chest wound... ending the cap on SS will not solve anything..it will make the payouts even higher
by uncapping the payroll tax, you also uncap the payout, by lifting the cap,
will cause it to go under sooner
SS payout is based on your contributions
https://www.ssa.gov/oact/quickcalc/index.html
I entered 1966 as a date, with 2028 (62) as retirement... 50k earnings get you 1100, while 127k (current cap) earnings get you 1900
I entered 1966 as a date, with 2033 (67) as retirement... 50k earnings get you 1660, while 127k (current cap) earnings get you 2798
getting rid of the cap(contribution cap) also negates the payout cap(by law all the way from FDR)...will cause
SS to go under even faster
they don't realize they CAN'T, the system was set up that the cap is for both ends
they don't realize that currently the guy who makes exactly 127k pays 6+% (plus the employers 6+%) into
SS, and the guy who makes 1 million pays exactly the same 6+% of 127K....and at retirement the millionaire AND the 127k guy will get exactly the same (the max payout)................if they take the cap out......the guy who make a million will get a BIGGER payout at retirement, because he would have CONTRIBUTED 6+% of a million, not 127k
I don't understand the idiots who say "take the cap off"....guess what..the payroll deduction cap is CONNECTED to the PAYOUT cap...you take one the other comes with it....removing the cap will increase the payout to a rich guy..making
ss even LESS SOLVENT
people supporting raising/eliminating the cap are about giving the
benefit to the rich, not the poor
=========================================
just raise the
age...just like when the re-adjusted it in 1983
In 1983, the last time there was federal action to address
Social Security’s financial problems, it included gradually increasing the retirement
age from 65 to 67–emphasis on g-r-a-d-u-a-l-l-y.
The first increase didn’t kick in until 20 years later, in 2003 when the full retirement
age jumped from 65 to 65 and two months. It’s been rising slowly since then, and won’t get to 67 until 2027.
do it again raising it 70/75 taking effect for those that would retire in 2055ish
the program WAS DESIGNED to kick in at 62 when the AVERAGE
LIFE SPAN was 60
raising the full amount
age to 70 or 72 would not be a big deal for the individuals (as we can still get partial at 62) but it would be a huge savings
the average
life expectancy for ALL americans (not gender specific) is 79.2, with females crossing the 80 mark and males being at 78.6
the average
life expectancy when
SS came into effect was less than 60
to KEEP UP with its original intent they should raise the
age of FULL qualification to about 80.....again you can start collecting at 62 still
something has to be done...
raise the age to 70-74 (for those just entering the workforce ..ie. people born after 1995-99)..makes the most sense
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