7 thoughts on “Forbes post, “Will Trump’s Payroll Tax Cut End Social Security As We Know It? Let’s Hope So.””
no need for “tweaks here and there” simply eliminate the cap on SS taxes (of course should have been done a decade or two ago)…it will also have the happy result of slightly reducing income inequality in this country…
Ok Jane. Does this mean I should collect ss now rather than deferring to later? I was holding off with the 8% increase each year after full retirement age .
I am 69 years old and my wife is 70. We both worked hard for every penny we ever made and paid in to Social Security. I started working (with a work permit) at the age of 13 and started paying in to Social Security. I retired at 65. My wife got her first job and started paying Social Security taxes at 16 and she retired at 66. We planned our retirement income based on our annual statements from Social Security. Now, everyone wants to call our retirement payments “entitlement”. They sure are. We are “entitled” to the payments we were promised when we were “investing” in Social Security. We had NO choice where this money went or how it was invested. All we had was the promise that we would get a fixed benefit when we retired. Doing away with Social Security for people who have reached the age of 45 or later seems rather underhanded as we have no way to make investments when we can no longer work for enough years to make them worth anything. Privatizing our retirement investments (like a 401k) is also useless. We all know that even the best investment counselors cannot predict what will happen with those investments. Congress needs to stand up and fix Social Security instead of just cutting everyone off and letting them live on the street after they have worked hard for 40+ years.
Her article is misleading, u will get your SS as u were promised, its the elected congressman who have mis used the funds and the fraud associated with SS disability. They will fund it but its a great tool to mislead us by
News articles ,like this article,it gets u riled up ,that’s her intention
We have contributed for over 45 years,most of which exceeded the cap payment.
While your opinion makes the case of the lower rates in other countries,please round out your facts with their income tax rates vs the USA.
What would your opinion be if this was a primary source of your retirement income?
no need for “tweaks here and there” simply eliminate the cap on SS taxes (of course should have been done a decade or two ago)…it will also have the happy result of slightly reducing income inequality in this country…
Ok Jane. Does this mean I should collect ss now rather than deferring to later? I was holding off with the 8% increase each year after full retirement age .
I am 69 years old and my wife is 70. We both worked hard for every penny we ever made and paid in to Social Security. I started working (with a work permit) at the age of 13 and started paying in to Social Security. I retired at 65. My wife got her first job and started paying Social Security taxes at 16 and she retired at 66. We planned our retirement income based on our annual statements from Social Security. Now, everyone wants to call our retirement payments “entitlement”. They sure are. We are “entitled” to the payments we were promised when we were “investing” in Social Security. We had NO choice where this money went or how it was invested. All we had was the promise that we would get a fixed benefit when we retired. Doing away with Social Security for people who have reached the age of 45 or later seems rather underhanded as we have no way to make investments when we can no longer work for enough years to make them worth anything. Privatizing our retirement investments (like a 401k) is also useless. We all know that even the best investment counselors cannot predict what will happen with those investments. Congress needs to stand up and fix Social Security instead of just cutting everyone off and letting them live on the street after they have worked hard for 40+ years.
Her article is misleading, u will get your SS as u were promised, its the elected congressman who have mis used the funds and the fraud associated with SS disability. They will fund it but its a great tool to mislead us by
News articles ,like this article,it gets u riled up ,that’s her intention
It’s a fear opinion piece. Minuchin already stated they are not taking anyone’s SSI or disability. Liberal spin from Forbes as usual.
We have contributed for over 45 years,most of which exceeded the cap payment.
While your opinion makes the case of the lower rates in other countries,please round out your facts with their income tax rates vs the USA.
What would your opinion be if this was a primary source of your retirement income?
Yes, SS needs to be reformed. No, this is not the way to do it. Get the changes in place FIRST! and then implement them.