re: HR 82 - Social Security Fairness Act

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In addition to your contribution, your employer matched it. That's north of 12% of yout annual salary handed over to feds to "manage"


Just imagine how large your 401k would be if you got to control that 12% of income vs what u get from SS…….

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10% of 20 to 40 year olds might look into the future. They are burning every penny on credit card debt, buying houses that they cant afford and driving those $70,000 GMC Sierras.

There are some that think Biden will not sign this legislation….or possibly veto it.

Pocket veto maybe?

I doubt he signs it then it becomes law.

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Why should a person get this benefit?? We must find a way to keep SS solvent and I don’t understand why SS pays money to people who never put into the system.

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You are not understandig this. Mary is a retired public school teacher and Sue is a retired private school teacher. Both are married to retired plant workers. Mary is receiving her teacher retirement but no social security. Sue is receiving social security but no teacher pension. Both husbands die the same year. By current law Sue gets half of her husband's social security. Mary gets none of her husband's simply because she is receiving a government pension, despite the fact her husband paid into the SS fund just like Sue's husband.

She will be able to collect Widows benefits if she is eligible. But she if she never paid into SS she would not just get SS.

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I just want my money back.

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Same, or at the very least the ability to withdraw from participating, and no longer have that money stolen from my paycheck. Let me decide what to do with my money.

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I just want my money back.


Same, or at the very least the ability to withdraw from participating, and no longer have that money stolen from my paycheck. Let me decide what to do with my money.

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udtiger's plan

1) 55 and older - in system. Benefits not subject to income tax.

2) 45-54 - can stay in system like 55+, or can do hybrid 50% SS and 50% self directed mandatory account. They have to forego 50% of what they have contributed to SS. All of employer's share goes to SS as well as 3.75% (half of employees share). Can put 3.75% in their own account, that they own. Account had to be at least 50% US Treasury instruments. Pre-tax (so reduces taxable income). SS benefits not subject to tax. Self directed account subject to 10% flat tax from dollar one once withdrawals start.

3) under 45 - can stay in system or can opt out completely. Must forego all.contributed to that point. Same as #2 except the entire "employee's" 6.25% goes into the self-directed account. 15% flat tax.on withdrawal.

4) self-directed accounts owned by the account holder and are heritable. There is no requirement for withdrawal. On death, the applicable tax would apply (either 10 or 15% depending on which choice).

This would fund the system going forward, would greatly extend its life, and would likely result in the system dying on its own as more and more under 45 would opt out.

Over time, as the number of potential beneficiaries go down, the taxes going into SS could be reduced (or the percentages shifted)

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She will be able to collect Widows benefits if she is eligible. But she if she never paid into SS she would not just get SS.

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Do you realize that a spouse that has never worked at an income paying job is eligible to collect 1/2 of the working spouses SS?? Yes, people who never directly contributed do receive SS benefits and always have. SS was initially setup to account for that.

[embed]You may qualify for spousal benefits if:3

You don’t have enough work credits for your own Social Security retirement benefit.
You have a Social Security retirement benefit based on your own work history, but the spousal benefit is higher.[/embed]

[embed]Surviving spouses12345are entitled to Social Security benefits based on their late spouse’s record. Here are some key points:
Widows and widowers can receive 100% of their late spouse’s benefit if they claim survivor benefits at their own full retirement age1.
The amount depends on the survivor’s age, their own benefits, and whether they have dependent children2.
Survivor benefits can be claimed from age 60 (50 if disabled)4.
The full retirement age for survivors is 66 (gradually increasing to 67 for those born in 1962 or later)5[/embed]


There is no SS fund to go bankrupt. The only reason SS is "in trouble" is because 1. the government spends the SS taxes instead of investing them into a fund, and 2. the elected politicians use the threat of SS going bankrupt to maintain control of voters. It like global warming, climate change and all the other scare tactics.

Not the case at all You JackA$$! What a fing Moron you are.

NOW, people that collect a public retirement/pension but have also worked in the private sector and have earned enough credits will be eligible to collect Social Security. Example my wife thought public for 20+ years and took early retirement. As it was, even though she went directly to work in the private sector, she would not able to collect SS even though she put in and earned enough to qualify. Now, she will be able to collect on what she has put in which will be 20+ years worth by the time she reaches retirement age.

Also 1/2024 = Elizabeth Warren's Native American DNA.