The Motley Fool Discussion Boards
Retirement Discussions / Retire Well on Less
|Subject: Re: SS conclusion||Date: 11/8/2003 8:03 PM|
|Author: SeattlePioneer||Number: 208 of 1481|
<<Grrrrrrrrrr. If you are right and this happens, there will be an uprising from the SS payers like you will not believe. There are few things that get me fired up politicalkly, but this would be one of them. Clean air and water is another.
Why are people ready top get upset at the prospect of cuts in Social Security? People take increases in benefits that are funded by other people for granted but don't think cuts should be permitted? This is like my dog, who wags her tail if I offer her a bone but gowls at me if I try to take it back.
<<It darn well better not be means tested!!!! What the heck have I been paying all this money all these years for if not to get it back when I am 62 or 67 or whatever? >>
Paying early retirement benefits is the first thing that should be eliminated altogether. That was an add on to the program that inflates costs.
Here's another reform that should be made: at present, Social Security benefits are computed based on the income from the 35 highest years of earned income. If you work additional years you pay more taxes but collect no more in the way of benefits. Instead, Social Security should be figured on years of income from 18 through 67 at present. If you don't work some years or retire early, you get goose eggs for computing benefits for those years.
And you've been paying taxes all those years. You have no contractual right to any benefit from Social Security. The Congress is free to change or abolish the program at any time.
And the problem is that in order to keep paying all those benefits, including skyrocketing medical care costs under Medicare, taxes would have to increase enormously on Gen X, Y and Z. I'd rather take it easy on young people raising families and cut benefits to the well off middle class who don't need them anyway. Social Security just subsidizes the cruise ship industry as it is now.
Age 53 and one of the well off middle class who wouldn't be eligible for Social Security benefits.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|