No. of Recommendations: 22
Sure. As long as the following criteria could be met:
1) Means test all SS distributions based on recipients net worth. No sense in taking tax money from the kid working at Wal*Mart to fund the retirement of somebody with $1 Million in assets.


Really? Sounds like a communist country to me - Confiscate the 'wealth' and distribute it to the 'poor'. Punish those who are frugal and save, and reward those who made the same income, but spent it all along the way? Doesn't make sense to me. So someone who saved $1 million, now gets to have $40,000 at 4% withdrawal rate, collects nothing, while spendthrift who saved nothing out of a lifetime earnings of millions, now gets to sit back and collect $20,000/yr? Hardly seems 'fair' to me. Then again, I"m sure it looks 'fair' for the spendthrifts. How about more like EVERYONE gets back their fair share based upon what they paid in. Otherwise, suddenly, lots of 'assets' are going to be 'missing' when it comes time to account for 'net worth'.....or people will hire accountants to 'hide' the net worth, or it will be in uscrutable forms (ie, private stock, offshore investements, charitable remainder trusts, whatever).



3) Immediately adjust the retirement age to reflect the increased life-span of tax payers since SS was conceived.


Let's see....that would raise it up to about 70 for men, and about 75 for womem. Do you think you could really sell that? And in 10-15 years, when boomers retire, it might be 73 for men, 78 for women. Do you want to tell the boomers that?

And how about people 1,2,3,4 years from retirement? They have been planning for 10 or 15 years to retire at 62 or 65, now you tell them they have to work another 5 years (if their employer will let them!).

And do you let them retire at 62 with reduced benefits? Or what are you going to change that to?

And Medicare? That starts at 65 today, no matter when you retire...and that is what is gobbling up all the money.



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