You must also hate paying for auto insurance and home insurance. Many people pay 5 to 6 figures over a lifetime and never collect a dime. SS is social insurance.
Retirement Targets
- Thread starter yowza
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You must also hate paying for auto insurance and home insurance. Many people pay 5 to 6 figures over a lifetime and never collect a dime. SS is social insurance.
No need to raise minimum age to start drawing. 8% per year less. Raise age to 70 and wish to take your benefit at 62 will take 64% reduction in benefit. That leaves you with 36% of your full benefit. Who can do that?
Had this discussion with a friend once.
What if we changed SS to instead be a 30 year term life insurance policy?
At age 18 or maybe 25 everyone gets a $1M term life insurance policy. That covers them for most of their life, through kids, home ownership, etc.
Premiums would be much less than SS, probably something like $1000 per year or less for most people.
How does this keep you from starving when you're 75 and can't work?
You could keep it at 62 and lower the 8% down to maybe 5/6% for those that retire earlier to get their numbers up. If it was up to me, I would keep the age the same and then just take the cap off the top earners, but keep the business side the same, raise the maximum amount to say 10K a month and be done with it. Throw in some type of wealth tax for those that take payment in some other form and that would go a long way to fixing the current system.
That’s exactly right. I think people need to get away from counting dollars they’ve put in and whether they got out the same or more. If it was there in case you needed it, but you didn’t…it did its job. Money is a tool. Insurance is a tool.
It's not like the money is there anyhow. Just a bunch of IOU's that the Fed Govt has borrowed against the "trust fund" over the last 50 years.
If SS "goes broke" there will just be an income tax increase to pay benefits and increase in withholding tax from 6.2%. Could also see tax increase or benefit reduction for wealthy. Just a scare tactic that SS benefits won't be there at current levels for 90% of population.
Not cutting benefits makes the government pay back the money borrowed. Reduces debt. Those Treasury Notes you hold are just IOU’s. I’ll take those worthless pieces of paper off your hands.
People who loaded up Roth IRAs would get hammered with the govt going back on the no tax promise with that idea.
Don't start tax collection till they reach a high number like $5/10 million would solve that problem.
Would you consider the pacific Nw warm enough? Oregon coast is not Midwest cold in the winter but definitely chilly sometimes visited it once in a February a few yrs ago.
Are you going to hammer trusts also? That is where the large money is. 5MM is not much nowadays for business owners. That level will create a bigger hurdle for small businesses growing.
I would go after any person or business that is finding a way to avoid paying the tax on what they earn but not taking it as salary. Stock options should be counted just like a paycheck for the purpose of collecting SS tax, would say the same thing about a trust, LLC or any other method used to avoid paying the tax should be looked at.
Agriculture world would love you. Own a 160 acres, have some reserves built up for bad years, plus your machinery paid off and you get to pay a percentage of that to the government although you would make around 50k/year when you retire and rent it out.
Had a pool. It's a nice goal to have.
Swimsuit 100% optional in the KnappShack pool area, but that pool was a lot of work too.
However I'd probably have legal issues if I was nude that often in the public pool.
That has a value of $3 million or so? No wealth tax IMO on that amount. And I think a wealth tax is a bad idea. Tax stock compensation the same as wage compensation. No reason for tax advantages for that. CEO giveaways.
Not how it is usually sold to the masses by politicians. Why can't I buy my old age insurance somewhere else then? Let me opt out of the government's old age insurance and let me buy my own.
And why is it just for the genetically lucky?
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Greed has been around since the start of life and will be around until the end of it.
I find it interesting when people talk about greed. Isn't it greedy for me to ask someone else that makes more than me pay a higher percentage of their income in taxes? I'm middle class, but I'm sure there are people who make less and consider me to be rich and think I should pay more. Is it greedy for a parent to leave their middle income children money when there are poor living on the street? I think everyone is greedy.
