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There's no cap on how much they pay out in benefits either.
[quote=PCALMike;47888446]Someone making millions pay the same rate on their income as everyone else. Same should apply to SS.
So what?
Quote:
Originally Posted by PCALMike
It is time to strengthen SS, SSI and SSDI. Disabled people live on $700 a month and many elderly live in desperate poverty. Meanwhile, taxes are going to be massively cut for the richest 0.001% of the population. Whats so great about this?
Then stop pretending it's a retirement program and call it what you really want it to be: a welfare program.
Might as well ask my question here. Suppose I get bitten by a vampire and turn into one. Then I start collecting my SS when I turn 70. Does that mean that it's basic income for me forever? Or is there a limit to how many years I can collect?
Then it becomes blood money which would go to the blood bank at the Red Cross.
To answer your sensible question. You collect until a hospital, police department or mortuary informs SS of your death.
Take a look at post 62. How young are you that you don't remember the 50% DJI plunge in 2008?
I was wondering why gold was slowly rising during the entire Bush administration. Those people who knew what was coming slowly bought gold.
Again, if you are close to retirement, and have so much money in equities that something like 2008 wiped you out and made you not able to retire, it is because you made the easily avoidable mistake of having your retirement savings improperly allocated. Many people fell into that bucket because they didn't save enough and wanted to roll the dice on cranking out higher returns and being way over bought on equities instead of more safely invested in bonds or other safer assets.
There's no cap on how much they pay out in benefits either.
Someone paying millions in Medicare taxes does not get back the equivalent in Medicare benefits. The people paying the same Medicare tax rates as everyone else, while making millions, pay far more into the system than they get back, unlike SS. There is no reason why SS taxes should not be the same as Medicare taxes.
Again, if you are close to retirement, and have so much money in equities that something like 2008 wiped you out and made you not able to retire, it is because you made the easily avoidable mistake of having your retirement savings improperly allocated. Many people fell into that bucket because they didn't save enough and wanted to roll the dice on cranking out higher returns and being way over bought on equities instead of more safely invested in bonds or other safer assets.
Would they then be winners or losers that that they still could rely on SS?
There is no cap on Medicare taxes. Someone making millions pay the same rate on their income as everyone else. Same should apply to SS.
It is time to strengthen SS, SSI and SSDI. Disabled people live on $700 a month and many elderly live in desperate poverty. Meanwhile, taxes are going to be massively cut for the richest 0.001% of the population. Whats so great about this?
There is a cap on medicare taxes. Only the first 118K of earnings are hit with the medicare tax. after you earn that much, no more funds are taken from your paycheck for Medicare.
If that were to be changed, medicare funding would increase significantly.
There is a cap on medicare taxes. Only the first 118K of earnings are hit with the medicare tax. after you earn that much, no more funds are taken from your paycheck for Medicare.
If that were to be changed, medicare funding would increase significantly.
No, there is no wage base limit for Medicare tax. All wages are subject to the Medicare tax. You are referring to the $127k social security wage cap.
Again, if you are close to retirement, and have so much money in equities that something like 2008 wiped you out and made you not able to retire, it is because you made the easily avoidable mistake of having your retirement savings improperly allocated. Many people fell into that bucket because they didn't save enough and wanted to roll the dice on cranking out higher returns and being way over bought on equities instead of more safely invested in bonds or other safer assets.
Hypothetically you make a good argument, but most people need to have others manage their funds for them because they just don't have the time or knowledge to invest. Even a well diversified portfolio of what money managers recommend would have taken quite a hit in 2008.
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