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Are you fifty something? Sixty Something? If you don't move fast you may be out of luck along with all of the rest of us. Because of the Recession of 2008 Social Security is in worse shape than you thought. Predictions from the Congressional Accounting Office have predicted that the trust fund will be used up by 2029.
How did this happen? The Recession reduced the size of the work force. You no longer had ten to twenty million Americans paying into Social Security with the required corporate match.
What will happen? Starting in 2029 everyone's benefits will be cut by 25%
What can be done? The cap on earnings subject to SS tax is currently about 118,000 a year. Remove the cap. Now your CEO and all of his/her Vice Presidents will pay into SS what 100 average employees do and by law the company matches. Removing the cap on taxed earnings will put the funds in now that we will need later.
Call your Congressman now because the trust fund needs to be replenished.
Nonsense. SS is out of whack because of a very strange demographic blip called the Baby Boom. Sure the recession hurt but right now, and for the next 10-15 years, we have many more taking out then paying in. As the boomers die off the contributors to recipients ratio will level off and things will begin to balance out.
Now I do think things need to change: rise the ages for receipt, possibly increase the SS tax (a tiny increase will have a huge effect) but to think that we will never get our money is something I'll never believe.
Nonsense. SS is out of whack because of a very strange demographic blip called the Baby Boom. Sure the recession hurt but right now, and for the next 10-15 years, we have many more taking out then paying in. As the boomers die off the contributors to recipients ratio will level off and things will begin to balance out.
Now I do think things need to change: rise the ages for receipt, possibly increase the SS tax (a tiny increase will have a huge effect) but to think that we will never get our money is something I'll never believe.
By saying "nonsense" you deny my entire premise. Then you go on to say that something needs to be done. I think that we are in agreement that help is needed. You just don't agree that we should tax those who have profited the most from the labor of several million workers.
While I agree that the tax should be raised, the age to qualify is high enough. If you don't believe that, walk around the lunch room of the last place you've worked/work. If this is a rank and file lunch room, let me know how many people you see with grey hair.
I strongly support raising or removing the cap and I would be affected (I would pay more in). Yes, plenty of threads about this and nothing really new here. I am not sure why it makes sense to resurrect an old one that may have some outdated info versus starting a new one though. I do agree there should not be multiple active ones. Maybe there should be a sticky about SS; it probably comes up as often or maybe more often than the "relocating alone" thread that is a sticky.
I strongly support raising or removing the cap and I would be affected (I would pay more in). Yes, plenty of threads about this and nothing really new here. I am not sure why it makes sense to resurrect an old one that may have some outdated info versus starting a new one though. I do agree there should not be multiple active ones. Maybe there should be a sticky about SS; it probably comes up as often or maybe more often than the "relocating alone" thread that is a sticky.
The thread linked to in the post before yours is not an "old one", and it is currently active. There was lots of discussion about raising or abolishing the cap. Why repeat it all here? Also, the present OP posted in that other thread not that many days ago (post #101). He is being disingenuous (to put it politely) in claiming not to know about previous discussions.
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