Taxes will be raised across the board (specially middle class) and the age may be slightly elevated. Lowering the benefits will just be a disaster.You don't think they will lower benefits?
Unsure what will happen
Don't know but I'm not counting on it being there. Planning for my retirement assuming I won't see a dime.
Get rid of the moronic cap on contributions and you'll buy more time to fix it. No reason income earned above $168,600 isn't taxed except that it benefits the rich.Is this really true, 168? Why is that though?
Copy how Japan handles their old people I guess?How, do they though?
Don't be surprised if Social Security will be removed but there is a chance if Republicans get full control again, they'll criminalize being disabled for any reason or being unable to work. So a good chance people like me will be thrown in jail for simply being disabled.
they'll criminalize being disabled for any reason
As Baby Boomers start to die off, there should be less money going out of Social Security, which would balance the books.Projections are that we're only about a decade away from Social Security becoming insolvent. If it's going to be saved we're going to need to do something like eliminate the cap on Social Security taxes, which won't permanently fix Social Security but would buy time.
Is this really true, 168? Why is that though?Yes, there's a cap, it was a "compromise" to get the conservatives on board. The problem is it's way too low to keep the fund solvent and really doesn't need to exist at all, the US is already far more friendly to high income earners than any other major country.
I think eventually the income cap on contributions will be removed in a few years, but that's too little too late and then the mandatory cuts will kick in.What is that really, cap on contributions? Have only vaguely heard of it
What is that really, cap on contributions? Have only vaguely heard of itThere's a cap on how much of your income can be taxed for Social Security. For 2024 it's $168,600. So if you make less than that then you pay Social Security tax on all of your income. If you make more than that then you only pay Social Security tax on the first $168,600 of your income and none on the rest.
There's a cap on how much of your income can be taxed for Social Security. For 2024 it's $168,600. So if you make less than that then you pay Social Security tax on all of your income. If you make more than that then you only pay Social Security tax on the first $168,600 of your income and none on the rest.Oh, when did that start, and like was there any rationale or fair argument for that?
Oh, when did that start, and like was there any rationale or fair argument for that?It's been there for awhile, if not from the very beginning.
Oh, when did that start, and like was there any rationale or fair argument for that?There's always been a cap. Like another poster said, it was basically a compromise to get conservatives on board when it was passed. The cap gets bumped up a little by the federal government every year but really it just needs to be removed entirely.
Old people are the most constant voters, social security is going nowhere in the near future. Medium to long term may be different if the US doesn't actually have the resources to fund it.
You forgot most old people are right wing voters and they love to self sabotage themselves if it means they make other people miserable.It's not even self sabotage. The increased age requirement that Republicans like Nikki Haley want wouldn't affect them. It would affect the people that are in their 20's and 30's right now.
It's not even self sabotage. The increased age requirement that Republicans like Nikki Haley want wouldn't affect them. It would affect the people that are in their 20's and 30's right now.Were you kinda angered by Haley's comment
She said:
It is unrealistic to say youre not going to touch entitlements. The thing is you dont have to touch it for seniors and anybody near retirement. Youre talking about the new generation, like my kids coming up.
Were you kinda angered by Haley's commentNot angered, but I definitely want to vote to keep anyone that thinks like her, out of office.
How, do they though?"Is healthcare free in Japan? Healthcare isn't free but it's relatively inexpensive. In addition to having to pay monthly premiums into the public health insurance system, Japanese citizens pay 30% of their medical bills themselves - bills that are closely regulated by the state, so that they never become unaffordable."
Theyll raise the age requirement to receive it by another fives years higher than the average human lifespanSo basically what they originally meant it to be.