SS is in the black

[Remodeling Maidiac]

Social Security will go broke if Congress doesn't fix it. Fortunately, it's totally fixable. Whether the clown posse in DC can get their collective heads out of their collective asses is questionable!

Here is my suggestion for a "package" of reforms that could pass.

1) Gradually raise the full retirement age to 70 (early to 65) , then index to life expectancy. This is a no-brainer. When SS was started the average life span was 65. People are living a lot longer.
2) Raise the cap on earning so that the program collects on 90% of income (that is about $275K today) , then index to inflation
3) Reform the "disability" program. Investigate and get the fraud out.
4) Increase the eligibility requirements from 40 quarters to 60 at a minimum of $2500 per quarter.

None of these requires a tax increase.

Raise the age to 70? I am 56 years old and my retirement age is already 67! When I was younger, it was 65. They just keep moving the goal posts hoping I will kick off before then!

I am having a hard enough time getting a job at this age, what is it going to be in another few years.

I already lose part of my SS benefit because I participate in a state retirement fund. The huge amount I contribute to my retirement from my paycheck also eats away at my SS benefits, yet other people do not have this problem.

Leave the retirement dates alone unless you are talking about kids born today. Anything else is a broken contract IMHO.

Well, you should have chosen a different life path. I am 73, still working full time, and getting job offers every week. And my earnings still have SS deducted from them, and my SS benefit increases every year above the regular increase because of that.

Simply make the 6.2% that we pay payable on all income. That would fix SS for good. And give the working man a better retirement.

A super thumbs up to you old timer. I only hope I can be that lucky. I LOVE my job.

 

[Rocko]

Social Security will go broke if Congress doesn't fix it. Fortunately, it's totally fixable. Whether the clown posse in DC can get their collective heads out of their collective asses is questionable!

Here is my suggestion for a "package" of reforms that could pass.

1) Gradually raise the full retirement age to 70 (early to 65) , then index to life expectancy. This is a no-brainer. When SS was started the average life span was 65. People are living a lot longer.
2) Raise the cap on earning so that the program collects on 90% of income (that is about $275K today) , then index to inflation
3) Reform the "disability" program. Investigate and get the fraud out.
4) Increase the eligibility requirements from 40 quarters to 60 at a minimum of $2500 per quarter.

None of these requires a tax increase.

Number 2 is not an increase in taxes? Along with 1?

Number 3 and 4, are you not just eliminating people from the program?

As for 1, SS employs actuaries who look into this stuff. I know my retirement age was raised a number of years ago. I don't hear them talk too much about doing that again. Right now my full retirement age is 66. The maximum I can get is at 70 which is an eight percent rise each year. So yeah it is kinda like already at 70.

What I think I fear worse is that they are selling us a bill of goods concerning SS. They want to raid the trust fund and make it seem like they are saving the system. When in reality for at least 5 years SS income is in the black and for quite some time will be no where near running out of money even if running in a deficient.

#1 - not a tax increase.
#2 - It's not a tax increase to raise the ceiling. The tax rate is exactly the same. it just captures more earnings (the goal is 90%) and raises revenue

#3- fraud is rife in the disability program. It needs to be rooted out and vigorously prosecuted
$4- requiring 15 years (60 quarters) of earnings before eligibility is not an unfair burden. It's still a ridiculously low bar of entry.

In reference to number 3 - how do you propose we specifically root out the fraud?

 

[Remodeling Maidiac]

Social Security will go broke if Congress doesn't fix it. Fortunately, it's totally fixable. Whether the clown posse in DC can get their collective heads out of their collective asses is questionable!

Here is my suggestion for a "package" of reforms that could pass.

1) Gradually raise the full retirement age to 70 (early to 65) , then index to life expectancy. This is a no-brainer. When SS was started the average life span was 65. People are living a lot longer.
2) Raise the cap on earning so that the program collects on 90% of income (that is about $275K today) , then index to inflation
3) Reform the "disability" program. Investigate and get the fraud out.
4) Increase the eligibility requirements from 40 quarters to 60 at a minimum of $2500 per quarter.

None of these requires a tax increase.

Number 2 is not an increase in taxes? Along with 1?

Number 3 and 4, are you not just eliminating people from the program?

As for 1, SS employs actuaries who look into this stuff. I know my retirement age was raised a number of years ago. I don't hear them talk too much about doing that again. Right now my full retirement age is 66. The maximum I can get is at 70 which is an eight percent rise each year. So yeah it is kinda like already at 70.

What I think I fear worse is that they are selling us a bill of goods concerning SS. They want to raid the trust fund and make it seem like they are saving the system. When in reality for at least 5 years SS income is in the black and for quite some time will be no where near running out of money even if running in a deficient.

#1 - not a tax increase.
#2 - It's not a tax increase to raise the ceiling. The tax rate is exactly the same. it just captures more earnings (the goal is 90%) and raises revenue

#3- fraud is rife in the disability program. It needs to be rooted out and vigorously prosecuted
$4- requiring 15 years (60 quarters) of earnings before eligibility is not an unfair burden. It's still a ridiculously low bar of entry.

In reference to number 3 - how do you propose we specifically root out the fraud?

You can't. The program is too bloated and the population too high. The ONLY way to bring accountability to any of these types of programs is to delegate them to the states & then the local municipalities

 

[Rocko]

Social Security will go broke if Congress doesn't fix it. Fortunately, it's totally fixable. Whether the clown posse in DC can get their collective heads out of their collective asses is questionable!

Here is my suggestion for a "package" of reforms that could pass.

1) Gradually raise the full retirement age to 70 (early to 65) , then index to life expectancy. This is a no-brainer. When SS was started the average life span was 65. People are living a lot longer.
2) Raise the cap on earning so that the program collects on 90% of income (that is about $275K today) , then index to inflation
3) Reform the "disability" program. Investigate and get the fraud out.
4) Increase the eligibility requirements from 40 quarters to 60 at a minimum of $2500 per quarter.

None of these requires a tax increase.

Number 2 is not an increase in taxes? Along with 1?

Number 3 and 4, are you not just eliminating people from the program?

As for 1, SS employs actuaries who look into this stuff. I know my retirement age was raised a number of years ago. I don't hear them talk too much about doing that again. Right now my full retirement age is 66. The maximum I can get is at 70 which is an eight percent rise each year. So yeah it is kinda like already at 70.

What I think I fear worse is that they are selling us a bill of goods concerning SS. They want to raid the trust fund and make it seem like they are saving the system. When in reality for at least 5 years SS income is in the black and for quite some time will be no where near running out of money even if running in a deficient.

#1 - not a tax increase.
#2 - It's not a tax increase to raise the ceiling. The tax rate is exactly the same. it just captures more earnings (the goal is 90%) and raises revenue

#3- fraud is rife in the disability program. It needs to be rooted out and vigorously prosecuted
$4- requiring 15 years (60 quarters) of earnings before eligibility is not an unfair burden. It's still a ridiculously low bar of entry.

In reference to number 3 - how do you propose we specifically root out the fraud?

You can't. The program is too bloated and the population too high. The ONLY way to bring accountability to any of these types of programs is to delegate them to the states & then the local municipalities

There would still be people gaming the system. It's not enough to just say stop the fraud. The government is actively trying to stop the fraud right now. The problem is they suck at it. The government sucks at most things lol