And then 20 million people will receive a large check and go buy an expensive new home or a couple new cars, and then be broke with no way to support themselves when they can no longer physically work. And then we pass a new law to start sending them tax money again so that they don’t have to lose their homes and live on the streets, lol. It’s a lose-lose situation.
You may have to start a new charity called “Cozy Coats For People Who Cashed Out Their Social Security And Now Don’t Have A Pot To Piss In.”
You might be able to find a way to shorten the name a bit though, lol.
But it’s not the government’s money. They didn’t earn it. It’s ours. Return it.
But then they should also return everyone’s Medicare money and make retirees pay for their own medical care out of pocket or buy their own health insurance on the open market, no?
Can you imagine the outrage when a retiree with no social security income, and no means to pay for health insurance, starts getting hit with $10k-$20k medical bills?
I’m all for reigning in our government so they cannot abuse the pot of money we pay towards our social security and health care benefits when we retire. But nonetheless, ending these programs will do much more harm than good. People are not responsible enough to set aside money for later. If they are not forced to, we will end up supporting them with our tax dollars anyway.
My grandfather was a mathematician and a fitness enthusiast. He calculated how much money he contributed to Social Security over his career and on the day that he broke even he taught us grandkids a little about interest rates and compounding interest and stuff that kids care little about.
He lived a long healthy life to 98 years old and often reminded us kids that we likely would not see a good return on our SS contributions but people of his generations would make out pretty well if they lived long enough. Because of those early lessons I have never had the delusion that SS would ever play a meaningful role in my retirement wealth. Though I doubt I’ll be able to do 8 real chin-ups on my 80th birthday like grandpa did. I’ll never be that cool.
I treat SS as another tax. I don’t get mad about it, because long ago I accepted that it is not something I or my generation can rely on in old age.
As usual, it was a scam from the start in how it was sold as “retirement savings.” The biggest lie of the past century IMO as they never intended to hold anything but IOU’s in the supposed trust fund. I consider it yet another government boondoggle. At some point the government is going to have to admit it was all a big fat FDR lie (because we are going broke) and treat it like a senior welfare system tax that it should have been sold as from the beginning. I am glad that folks that truly need it are getting benefits, but if I get any money from the system in retirement I’ll consider that a small miracle.
Those must be some pretty good stogies there Joe.
You can earn more but it, old age premiums, is clawed back when you do your taxes.
As a result of changes to Social Security enacted in 1983, benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted.
President Ronald Reagan, Reganomics, survived an assassination attempt and Congress quickly passed a series of tax and domestic spending cuts, deregulated certain industries, and added defense spending during the first session of the 97th Congress
Run to be a congressmen on that slogan.(But it’s not the government’s money. Elect me, Nick Gromicko for congressmen, and I will return it)
The Social Security earnings limit is $1,770 per month or $21,240 per year in 2023 for someone who has not reached full retirement age . If you earn more than this amount, you can expect to have $1 withheld from your Social Security benefit for every $2 earned above the limit.
Your full retirement age is somewhere before your 70th birthday, for me it was at age 66… After reaching your full retirement age you can make as much money as you want and it will be taxed as regular income. The penalty was to prevent people retiring before their full retirement age.
Why is your payment at 62 so low?
My projected payment at 62 is what your is at 66.
And I’m sure I didn’t earn nearly as much as you did.
I don’t know. Their “earnings taxed for social security” column is far less than I earned.
There is a cap on how much of your earnings are taxed for SS.
Ah. That’s it then.
“For the first time in a 10-year window by the Congressional Budget Office, all three trust funds go insolvent. The Highway Trust Fund, Medicare and Social Security. And he has no answer. And why is it going insolvent? Because they raided it when they did Obamacare, they raided it when they passed their last big, all-Democrat bill, their American Rescue [Plan]. They continue to have the worst policies for this country. It’s to take more and make government bigger,” he remarked, Friday.
It’s much more likely that The Trump Tax break for the rich deprived the government the funds necessary to meet its obligations to the public…
Decades from now, many Americans will have to consult history books to gain an appreciation of the lowest point of Donald Trump’s presidency: his impeachment. But they will be able to feel the effects of his highest point: the 2017 tax bill, which he signed into law two years ago Sunday. That’s because they will still be paying for it.
Social Security wouldn’t need additional tax funding from the public if it was simply a well-invested public annuity. It’s not. It’s a Ponzi scheme.