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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
i think retirement should be at 80. listen, hear me out, you should retire at 65 on your own dime, save enough till you hit 80, and the social security start paying a generous amount, more, maybe triple or quad than today. so instead of everybody having to save millions to retire, then maybe 500 k would do. but 65-80 on your own dime.
Does anyone see the absurdity of a program designed for retirement that has become so dysfunctional that you now need to delay or keep people from retiring so that it may survive?
It doesnt have to be that way, but we keep giving massive tax breaks to the ruling donor class and ramping up military spending. Deficits are increasing and many people refuse to support higher taxes on Wall Street and the ruling elite that crashed the economy. So increasing SS age to 75 seems like a reasonable idea in order to reduce the debt.
Lower it to age 60. It gets harder for 50+ years olds to find work. You have paid into it your entire life. Why collect it with just a few years left on your life? Collect it NOW.. if you fall in the age criteria.
Its nonsense. There is no cap on income subject to Medicare tax. But there is a cap on SS tax. Make SS the same as Medicare tax. Its not like people who have paid millions in Medicare taxes get far better Medicare benefits than someone who has paid thousands. SS should be the same.
75 retirement age..... With the job market already shrinking for good jobs with benefits, more age discrimination, you would see a large group of impoverished seniors not yet eligible for SS, unable to get a decent job with benefits, with health and endurance limitations making ther job options even smaller, and unable to afford their health care...
Also, there would still a large chunk of seniors that would never live long enough to enjoy retirement, and certainly not a healthy retirement. My mother recently died from cancer at 68 (pancreatic cancer, lived a healthy lifestyle) and father was severely disabled by 65. We'll never cure cancer, so some of us with genetic bad luck will lose out even more. But of course, that's the plan, right? Hope for more people to die before collecting benefits. Great way to save money.
75 retirement age..... With the job market already shrinking for good jobs with benefits, more age discrimination, you would see a large group of impoverished seniors not yet eligible for SS, unable to get a decent job with benefits, with health and endurance limitations making ther job options even smaller, and unable to afford their health care...
Also, there would still a large chunk of seniors that would never live long enough to enjoy retirement, and certainly not a healthy retirement. My mother recently died from cancer at 68 and father was severely disabled by 65. We'll never cure cancer, so some of us with genetic bad luck will lose up even more. But of course,that's the plan, right? Hope for more people to die before collecting benefits. Great way to save money.
I hear you, but how else are we going to pay for the 1 trillion deficits that we are ramping up now. These big increases to the military and tax cuts must be paid for.
Overview. The Trust Fund represents a legal obligation of the federal government to program beneficiaries. The government has borrowed nearly $2.8 trillion as of 2014 from the Trust Fund and used the money for other purposes.
I don't care one way or the other. I may be 81 in July.
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