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|Subject: Re: Proposal to end public pensions||Date: 7/11/2013 12:59 PM|
|Author: rharmelink||Number: 428497 of 463586|
In my opinion, Social Security ought to be a life raft upon which hard working people should be able to depend.
What it will depend upon is OTHER people working, so it can get its funding. As soon as congress decided they could make it part of the general budget, it was going, going, and not quite gone.
When I started my retirement planning in the early 80's, it was based on the assumption that SS would NOT exist when I would turn 65, in 2022. At least not without significant changes in how it was collected and distributed. But if it existed in any form, it would be icing on the cake for what I planned.
Note that the FICA tax rate went up 50% shortly after I did that planning. And it's up about 700% from when it was first established (but also had a more benefits and programs added). How much higher will the "young people" need to be taxed to pay for us "old people" so that SS can continue to be paid?
Not to mention how Medicare complicates it even more.
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