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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 20240|
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.
I daresay that a few of the posters on this board are typical of this group. As I stated in an earlier post, when I turn 62, 20% of my income will come from Social Security.
Seattle Pioneer, I think that it is well-understood that in a few decades that Social Security will run into insolvency. Something has to change, but means testing is not the right change.
In a means-tested system, we all go to the government and ask for a handout due to our poverty.
In the current system, we get a benefit based on our work history. It is something we've earned.
The two couldn't be more different.
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