Thread: Social Security,now or later?

Originally Posted by Tsunami

I highly recommend reading some of the many excellent articles and analysis by Daniel Amerman regarding when to start collecting social security.

Two examples:

Making Optimal Social Security Claiming Decisions by Daniel Amerman

Using Personal Math Instead Of Abstract Theory To Make Better Retirement Decisions (Social Security Debate) by Daniel Amerman

Originally Posted by James48843

Two points:

#1. The $160k wasn’t the Biden number. That was the compromise agreed to after republicans refused to allow the Biden number. Remember, republicans wanted ZERO stimulus this last time around.

#2. $160k is a huge number for the vast majority of the remaining “middle class” in this county. While some in big cities like NEW YORK and LA don’t find $160k to be wealthy, a lot of America subsists on more like $45-50k a year for a family. To the majority of America, $160k isn’t middle class, it’s downright wealthy.

Social Security will always be here- it’s just a matter if how it is funded, and where the break points are. If ALL income was equally subject to the social security tax, SS would be solvent for another 75 years, with no rate hike, and no benefit cut.


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We might have Social Security, but I would not trust in it being funded and provided to me at the levels currently represented/calculated. I fully expect that at some point in the next 10 years or so, things will dramatically change...and not for the better. Politicians continually lie to us and cannot be trusted, as they have been building a house of cards fir decades. The articles that Tsunami posted are very good!

I don't believe All income should be subject to Social Security tax. Tax should be on "wage" income (I,e. applied to those who are to receive Social Security). Otherwise your simply taking from one to give to another, but employers are already putting that in for each employee as a fringe benefit for their employees. So what other (non-wage) income do you think should be taxed?

Originally Posted by DreamboatAnnie

I don't believe All income should be subject to Social Security tax. Tax should be on "wage" income (I,e. applied to those who are to receive Social Security). Otherwise your simply taking from one to give to another, but employers are already putting that in for each employee as a fringe benefit for their employees. So what other (non-wage) income do you think should be taxed?

SS has an income tax cutoff right now I think is around 135kish. I think the proposals to raise SS taxes is to raise that limit higher which would still be wage taxes. I think that would be a more palatable tax but there will always be resistance to raising taxes at all for many people.

Originally Posted by DreamboatAnnie

We might have Social Security, but I would not trust in it being funded and provided to me at the levels currently represented/calculated. I fully expect that at some point in the next 10 years or so, things will dramatically change...and not for the better. Politicians continually lie to us and cannot be trusted, as they have been building a house of cards fir decades. The articles that Tsunami posted are very good!

I don't believe All income should be subject to Social Security tax. Tax should be on "wage" income (I,e. applied to those who are to receive Social Security). Otherwise your simply taking from one to give to another, but employers are already putting that in for each employee as a fringe benefit for their employees. So what other (non-wage) income do you think should be taxed?

Originally Posted by ALRetiree

SS has an income tax cutoff right now I think is around 135kish. I think the proposals to raise SS taxes is to raise that limit higher which would still be wage taxes. I think that would be a more palatable tax but there will always be resistance to raising taxes at all for many people.

DBA, The current tax system already takes from one to give to others.

I agree that raising the limit or taxing all wages would solve part of the problem. We should raise it at least to the amount that congress critters get paid and get rid of the ones that fall under the old CSRS system as they have been there way too long.