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Retirement Discussions / Retired Fools
|Subject: Re: Obama on payroll tax||Date: 6/17/2008 12:25 PM|
|Author: CycleGirl||Number: 13469 of 19741|
Seattle Pioneer wrote:
In a means tested system, once you spend your assets down to a suitably low level, you will start collecting benefits again.
Better yet, don't save for your own retirement! Let the government take care of you! This is a lot like people who believe that they shouldn't save for their children's college educations because then they won't qualify for financial aid.
Denying benefits on the basis of means testing is unfair. You reward those who were the least responsible - those who saved the least. People like AngelMay, cliff and myself are counting on the combination of our savings and Social Security for income in retirement.
The EBRI shows that the top 25% of the Elderly (by income) receive 21% of their income from Social Security.