Would you v**e for a political party that had this platform?
Jul 13, 2020 17:02:10 #
JFlorio
Loc: Seminole Florida
debeda wrote:
Yep. Simple. Dunno why it hasn't been done.
The amount you can receive from S.S. is capped also. I believe the income is capped at around $2,860/month.
Jul 13, 2020 18:24:31 #
JFlorio wrote:
The amount you can receive from S.S. is capped also. I believe the income is capped at around $2,860/month.
Yes. You also used to be able to opt out, until they made it a tax. So...most taxes get HIGHER the more you make. This one caps. In order to make it solvent, higher earners should not cap. BUT....it should also not be available to politicians to raid. We're coming off of the biggest work force ever contributing to this fund. The baby boomers. Only about a third of Boomers are retired. So the fund SHOULD be flush right now. Except it was "borrowed from" for other things.
Jul 13, 2020 18:30:28 #
JFlorio
Loc: Seminole Florida
Not exactly. It’s complicated. Percentage of takers to putting in is now much higher. There are 10,000 people a day retiring, (before C***D)probably higher now. When S.S. was first started the average life span was 62, so people live longer and retire earlier now.
debeda wrote:
Yes. You also used to be able to opt out, until they made it a tax. So...most taxes get HIGHER the more you make. This one caps. In order to make it solvent, higher earners should not cap. BUT....it should also not be available to politicians to raid. We're coming off of the biggest work force ever contributing to this fund. The baby boomers. Only about a third of Boomers are retired. So the fund SHOULD be flush right now. Except it was "borrowed from" for other things.
Jul 13, 2020 18:40:46 #
JFlorio wrote:
Not exactly. It’s complicated. Percentage of takers to putting in is now much higher. There are 10,000 people a day retiring, (before C***D)probably higher now. When S.S. was first started the average life span was 62, so people live longer and retire earlier now.
Yes. But the generation before the boomers got a much higher payout, per dollar invested. They invested a smaller percentage of their wages, from a far smaller wage base, and got very generous cost of living raises, until the early 90s. (Which were needed, inflation was insane 1972-2002) they also did not contribute to Medicare payments, and Medicare did not require supplemental coverage, because it was a decent policy. Also, most families in that generation only had one wage earner, but two benefit recipients. To save Medicare for younger boomers, gen Xers, and beyond, the pot needs to be refilled, and guarded from being raided.
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