- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
The Rich Are Living Longer and Taking More From Taxpayers
Posted on 4/24/17 at 7:13 pm
Posted on 4/24/17 at 7:13 pm
quote:Oh . . . . and newsflash! If you make $75K/yr (aka top 20%), you're "The Rich".
The Rich Are Living Longer and Taking More From Taxpayers
Social Security is becoming a much better deal for the wealthy.by Ben Steverman
April 24, 2017, 4:00 AM EDT
We’re living longer and longer. Well, some of us.
Age 100 is now an imaginable goal for young people around the world with good health care. The average woman in Japan is already living to 87. Yet many Americans are dying younger and younger. Based on the latest year of data, the Society of Actuaries last fall dropped its life expectancy estimates for 65-year-olds in the U.S. by six months. The health of middle-aged non-Hispanic white Americans is deteriorating fastest.
The result of these trends, according to a new study, is a widening gap between wealthier and poorer Americans. The richest people in the U.S. aren’t just getting several years of extra life, they’re also reaping a financial reward for their longevity – courtesy of the U.S. taxpayer. These trends will be crucial as the new administration and Congress consider any changes to Social Security, Medicare, and other programs. Even tweaks to these programs, from the retirement age to benefit formulas, could affect the rich and poor very differently.
The researchers, a group of 13 prominent economists and health policy experts 1 , tried to figure out how long Americans can expect to live based on their income, focusing on earnings in midcareer, from 41 to 51, and using Social Security data.
The results are stark. In 1980, a 50-year-old man in the wealthiest fifth of the income distribution could expect to live five years longer than a 50-year-old man in the lowest-income group. By 2010, the gap between them had jumped to 12.7 years. . . . .
LINK
15
Posted on 4/24/17 at 7:15 pm to NC_Tigah
quote:
LINK
Oh . . . . and newsflash! If you make $75K/yr (aka top 20%), you're "The Rich".
All i had to do was read the headline and i knew i was goimg to see an expansive definition of rich
Posted on 4/24/17 at 7:17 pm to NC_Tigah
"The rich" provide tax monies far beyond the % of national income they collect.
Also, maybe poor people should stop engaging in unhealthy behavior like doing drugs, smoking cigarettes and drinking what is essentially poison (soda)
Posted on 4/24/17 at 7:19 pm to HailHailtoMichigan!
The world is going to be such shite sooner than ppl think, so much so that they will rue they day they live a day over 50
Posted on 4/24/17 at 7:54 pm to NC_Tigah
I would gladly stop paying into social security today to "miss out" on the "benefits" I'll get from social security when I retire. I'm 26 and will never see a dime of the money I've already wasted in that scam. I'd be much better off adding it to my Roth IRA or making other investments on my own.
ETA: the first politician that figures out a way to let people opt out will gain a ton of votes for people my age
ETA: the first politician that figures out a way to let people opt out will gain a ton of votes for people my age
This post was edited on 4/24/17 at 7:58 pm
Posted on 4/24/17 at 7:58 pm to olemissfan26
quote:
I would gladly stop paying into social security today to "miss out" on the "benefits" I'll get from social security when I retire. I'm 26 and will never see a dime of the money I've already wasted in that scam. I'd be much better off adding it to my Roth IRA or making other investments on my own.
One thing the W Bush did right was working to make this possible, at least for a portion of your SS taxes
Of course, "pro choice" retards had a meltdown & were unfortunately able to stop it
This post was edited on 4/24/17 at 7:59 pm
Posted on 4/24/17 at 8:01 pm to NC_Tigah
quote:
they’re also reaping a financial reward for their longevity – courtesy of the U.S. taxpayer
=
Your money is our money. Socialism can fail every time it is implemented but there is always a genius liberal around to continue to promote it.
Posted on 4/24/17 at 8:04 pm to NC_Tigah
quote:
Steverman
Goldennugget on aisle 3, goldennugget on aisle 3
Posted on 4/24/17 at 8:15 pm to AjaxFury
quote:
The world is going to be such shite sooner than ppl think, so much so that they will rue they day they live a day over 50
You can feel it your guts and soul, something is not right with the world. We've dodged comets, meteors, mass coronal ejections, survived World Wars etc. Now we have rouge regimes with nuclear weapons. Some unaccounted for WMD's may be staged and ready to go, just waiting for some radical Imam to give the go ahead for armageddon.
Those of us who live another few years may be witness to the "great tribulation"...., it truly feels like dangerous and uncertain times.
Posted on 4/24/17 at 8:16 pm to NC_Tigah
i've said this forever, my father is 86 my maternal grandfather lived to be 99, with my high level of income and the fact that i still fit into the jeans i wore in college 32/34 it would be crazy not to think i might not live to be 120!
Posted on 4/24/17 at 8:25 pm to NC_Tigah
in unrelated news, rich people are typically not fat fricks, work out in some form or another, and generally eat healthier than little debbies for breakfast.
This post was edited on 4/24/17 at 8:27 pm
Posted on 4/24/17 at 8:31 pm to dcbl
quote:
One thing the W Bush did right was working to make this possible, at least for a portion of your SS taxes
Of course, "pro choice" retards had a meltdown & were unfortunately able to stop it
Everybody knows SS is doomed unless there are severe reforms implemented. One change will be a means test of total net worth at retirement and you'll either get reduced benefits or potentially nothing if you're deemed rich.
Yeah I know the multi millionaire/billionaire pays into the system but is a $4-5K a month SS check going to matter to someone who has more than $20-30 million of net worth? Probably not much.
With that much money one should be able to make at least $1 million a year in a low risk income retirement investment.Posted on 4/24/17 at 8:38 pm to Bass Tiger
I hate this logic.
So what if $4000 is chump change, your money is your money.
Because I earned it, and someone else didn't, means that they should just take it from me?
PS - your wrong about millionaires not caring about money. They will drop those 4gs on a fancy dog bowl, but frick you if you try to take it through taxation or worse.....
So what if $4000 is chump change, your money is your money.
Because I earned it, and someone else didn't, means that they should just take it from me?
PS - your wrong about millionaires not caring about money. They will drop those 4gs on a fancy dog bowl, but frick you if you try to take it through taxation or worse.....
Posted on 4/24/17 at 9:32 pm to Balloon Huffer
quote:
I hate this logic.
So what if $4000 is chump change, your money is your money.
Because I earned it, and someone else didn't, means that they should just take it from me?
PS - your wrong about millionaires not caring about money. They will drop those 4gs on a fancy dog bowl, but frick you if you try to take it through taxation or worse.....
Not saying it's right but at some point the government will have no choice but to use all means necessary to keep those monthly SS checks rolling.
If they don't there will be civil unrest from a bunch of pissed off gray hairs not to mention the folks who are not yet retired who are told they get reduced benefits and need to work until they're 72.
As of 2012 there were 160K households with at least $20 million net worth, it's probably increased 5-10% the past 5 yrs. The maximum SS one can draw in 2017 at age 70 is $3538, that is the amount if you paid SS at maximum taxable earnings for 35 yrs.
So if you took approx $3k/month, multiplied by 175K (number of people/households with a net worth over $20 million)X 12 months that's over $6 billion a year, that's a chunk of change, if they dropped it down to $10 million you jump to over 1 million households, we're talking over $60 billion in SS benefits to households over $10 million in net worth.
This post was edited on 4/24/17 at 9:34 pm
Posted on 4/24/17 at 9:49 pm to Balloon Huffer
quote:
and generally eat healthier than little debbies for breakfast.
NIcky Satan
Posted on 4/24/17 at 9:49 pm to Bass Tiger
I got down voted by a 1%'r 
Posted on 4/24/17 at 9:55 pm to Bass Tiger
quote:
Everybody knows SS is doomed unless there are severe reforms implemented. One change will be a means test of total net worth at retirement and you'll either get reduced benefits or potentially nothing if you're deemed rich. Yeah I know the multi millionaire/billionaire pays into the system but is a $4-5K a month SS check going to matter to someone who has more than $20-30 million of net worth? Probably not much. With that much money one should be able to make at least $1 million a year in a low risk income retirement investment.
What does this have to do with my comment about George Bush's attempt to allow working Americans to divert a percentage of their SS witholdings into private equities?
Posted on 4/24/17 at 9:57 pm to HailHailtoMichigan!
quote:
drinking what is essentially poison (soda)
NY Mayor Bloomberg was excoriated for doing something about that.
Posted on 4/24/17 at 10:00 pm to CelticDog
quote:
quote: drinking what is essentially poison (soda)
NY Mayor Bloomberg was excoriated for doing something about that.
Another "pro choice" politician working to empower Americans to make decisions for their own lives
Posted on 4/24/17 at 10:09 pm to dcbl
quote:
What does this have to do with my comment about George Bush's attempt to allow working Americans to divert a percentage of their SS witholdings into private equities?
Bush considered investing a portion of the SS tax into equities because they felt it may save SS from collapse due to the higher rate of return. They did not do it and now SS is probably doomed unless there are severe reforms implemented, I followed up with one of the possible solutions to reduce SS payouts with a net worth means test.
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News