- 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
re: Social Security - Help me understand better
Posted on 2/8/23 at 10:43 am to Tantal
Posted on 2/8/23 at 10:43 am to Tantal
quote:
It's a Ponzi scheme. The money that the boomers put in has already been spent. They're now using Gen X's money to pay the boomers. Then they'll use millenial/Gen-Z money to pay Gen-X, etc.
And the number of people paying in keeps getting smaller while cost of living continues to increase and number of beneficiaries increases.
You would think that if any taxes needed to be increased it would be Social Security and Medicare while expendatures keep increasing.
Government is thinking about removing the windfall elimination penalty that some retirees face when they retire with both eligible benefits from their state retirement plans and Social Security. While I agree the penalty is hurtful to the retiree, there should be a better system to calculate the decrease in payments based off Retirement benefits and Social Security benefits.
Instead of allowing these retirement systems be exempt from social security withholdings, they should give the workers the option to still pay into social security and retirement so they can collect both when they retire.
3
Posted on 2/8/23 at 10:52 am to Tarps99
thanks
So really they need to look at he future generation's contributions and change inflow amounts to compensate for the retirement pool in the future.
breif calculations looking at W2, i guess if we do live longer, we do take out more than we put in.
So really they need to look at he future generation's contributions and change inflow amounts to compensate for the retirement pool in the future.
breif calculations looking at W2, i guess if we do live longer, we do take out more than we put in.
Posted on 2/8/23 at 10:54 am to Tarps99
quote:
Instead of allowing these retirement systems be exempt from social security withholdings, they should give the workers the option to still pay into social security and retirement so they can collect both when they retire.
IMO the exemption isn't the issue. My full time is exempt from SS and pays into a state pension system. My second job that I've had for over ten years pays SS and I work there 25-30 hours a week. I also worked 7 years paying into SS before being on a state pension system.
With the WEP in place my estimated SS benefit is something like $103 a month.
Posted on 2/8/23 at 10:59 am to Tarps99
quote:
Instead of allowing these retirement systems be exempt from social security withholdings, they should give the workers the option to still pay into social security and retirement so they can collect both when they retire.
I doubt that employers are going to do this. I pay 7% and my employer matches me 2:1, but I'm exempt from Social Security. I doubt that they would continue to match at 2:1 if they were also having to match in SS. Besides, I trust the private sector to manage my money much better than the government.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News