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Posted on 8/13/24 at 12:47 pm to John Madden SuperFan
udtiger's plan to save Social Security*
1) Anyone 55 or older are "stuck" with SS; however, their SS benefits will not be considered taxable income. The first $20,000.00 of any income from a personal retirement will also be non-taxable. The remainder will be taxed at a flat 15%
2) Anyone 40 to 54 and 364 days can stick with SS or can have the option of a hybrid where they will be eligible for 45% of the SS benefit (non-taxable) and where the first $50,000.00 of income from their own retirement accounts will be non-taxable (with the remainder taxed at 15% flat). They will be required to begin drawing form their personal retirement when they start collecting SS. They will continue to pay SS taxes (and employer share if self-employed) through retirement.
3) Anyone under age 40 will have the option of either of the above OR a complete opt out of SS under the following conditions:
a) they must invest 6.25% of their income into an investment vehicle that is at least 50% US securities
b) the "employer's tax" will continue to be paid into the SS system
c) the first $100,000.00 of their income upon retirement will be non-taxable, with the remainder being taxed at a flat 15%
This should: a) save it for the near and mid term, and b) ultimately kill it long term because most people under 40 would opt out.
*udtiger believes SS is completely unconstitutional; however, it's not going away
1) Anyone 55 or older are "stuck" with SS; however, their SS benefits will not be considered taxable income. The first $20,000.00 of any income from a personal retirement will also be non-taxable. The remainder will be taxed at a flat 15%
2) Anyone 40 to 54 and 364 days can stick with SS or can have the option of a hybrid where they will be eligible for 45% of the SS benefit (non-taxable) and where the first $50,000.00 of income from their own retirement accounts will be non-taxable (with the remainder taxed at 15% flat). They will be required to begin drawing form their personal retirement when they start collecting SS. They will continue to pay SS taxes (and employer share if self-employed) through retirement.
3) Anyone under age 40 will have the option of either of the above OR a complete opt out of SS under the following conditions:
a) they must invest 6.25% of their income into an investment vehicle that is at least 50% US securities
b) the "employer's tax" will continue to be paid into the SS system
c) the first $100,000.00 of their income upon retirement will be non-taxable, with the remainder being taxed at a flat 15%
This should: a) save it for the near and mid term, and b) ultimately kill it long term because most people under 40 would opt out.
*udtiger believes SS is completely unconstitutional; however, it's not going away
This post was edited on 8/13/24 at 12:50 pm
Posted on 8/13/24 at 12:47 pm to aTmTexas Dillo
quote:
But all excess funds in the past were spent on other things. In essence surpluses were part of a budget spend.
Yes, SS funds are used for Government spending it is not a drain on the budget that some uneducated posters think it is.
Posted on 8/13/24 at 12:49 pm to YouKnowImRight
quote:
You're straining the gnat and swallowing the camel.
They continually do this and no amount of explaining the facts to them has any effect whatsoever.
Again, populism, which is predicated on jealousy and envy.
They will not ever see any money spent on Ukraine, so the paltry percentage of the budget spent on that is an outrageous crime against humanity.
They do expect to draw SS and personally benefit from Medicare, though.
So suddenly they aren't concerned about government spending when that topic comes up.
It's either that, or they are so unintelligent that they really don't understand the numbers.
Posted on 8/13/24 at 12:50 pm to udtiger
quote:
they must invest 6.25% of their income into an investment vehicle that is at least 50% US securities
The current law states that that is where Social Security funds be invested in Treasuries so you are advocating for the same thing. Forced taxation under a different guise.
Posted on 8/13/24 at 12:53 pm to John Madden SuperFan
Before we do that how about we cut all benefits for everyone that never contributed anything?
How about we remove restrictions on govt contracting to being solely merit and cost based?
How about we require all govt agencies go back to 2019 budgets, abolish DHS and the DOE?
How about we go to zero based budgets rather than last year+ budgets?
Then we can talk about Medicare and SS.
How about we remove restrictions on govt contracting to being solely merit and cost based?
How about we require all govt agencies go back to 2019 budgets, abolish DHS and the DOE?
How about we go to zero based budgets rather than last year+ budgets?
Then we can talk about Medicare and SS.
Posted on 8/13/24 at 12:53 pm to La Place Mike
quote:Not if the result is folks caught in the "safety net" are actually getting ripped off.
That's a moot point.
Posted on 8/13/24 at 12:56 pm to udtiger
I personally think you give everyone SS age the option to waive their SS benefits in exchange for not having to pay income taxes on qualified retirement accounts and you’d see a ton of people take it.
Posted on 8/13/24 at 1:02 pm to aTmTexas Dillo
quote:I ran some numbers earlier in the thread for an individual maxed out in the program over a 43 yr career. Contributions would be ~$230K. Payout from retirement (66yr) to death (86yr) ran $925K or roughly 4x. I'd imagine something akin to that ratio would apply to your question.
And that is how much money has SS taken in during the life of the program?
quote:Every penny is eventually spent on something else. That was the design from inception. It is why the program was created. When the government takes on a debt obligation, it spends the money.
But all excess funds in the past were spent on other things.
Posted on 8/13/24 at 1:08 pm to NC_Tigah
quote:
Not if the result is folks caught in the "safety net" are actually getting ripped off.
People are going to feel ripped off anyway and that will not change so very much a moot point.
Posted on 8/13/24 at 1:11 pm to SquatchDawg
quote:
I personally think you give everyone SS age the option to waive their SS benefits in exchange for not having to pay income taxes on qualified retirement accounts and you’d see a ton of people take it.
i'd take that deal in a millisecond. Hell, I'd take it for knocking 25% off taxes on qualified retirement accounts. Wouldn't happen though. It would simply swap revenue loss with cost for government and would get spun as a tax break for the rich.
Posted on 8/13/24 at 1:12 pm to NC_Tigah
quote:
would get spun as a tax break for the rich.
AKA the only people left paying income taxes.
Posted on 8/13/24 at 1:13 pm to La Place Mike
quote:My comments are not about "feels." They are about facts. Another unfortunate fact is, most folks think of SS as a benefit, not the ripoff it actually is.
People are going to feel ripped off
Posted on 8/13/24 at 1:14 pm to NC_Tigah
Am really looking for how much of SS inflow taxes were spent on other things. Inflow and outflow do not balance. And we would be pissed if we knew those numbers. I am sure those numbers are available in some form. But the search engines don't take me there.
Posted on 8/13/24 at 1:16 pm to LatinTiger30
quote:
The problem is Social Security Disability. The government has made it to easy for people to get on SSDI and they give the funds away to undeserving people and immigrants.
Pookie do have back problems and can’t work and Mbungu is here seeking asylum from political prosecution you racist bigot.
Posted on 8/13/24 at 1:17 pm to wackatimesthree
quote:
They do expect to draw SS and personally benefit from Medicare, though.
I don't think there is a choice relative to Medicare. And for me it works well. Yes, there is no choice relative to SS either.
Posted on 8/13/24 at 1:20 pm to John Madden SuperFan
Social Security was always a vote buying ponzi scheme for FDR.
It was used as a reason for businesses to no longer provide pensions and to get the average Joe vested in big companies in the stock market. You can’t let XYZ company fail! All of these soon to be retirees have their life savings invested in them! Oh yeah you can’t pay employees a salary that matches inflation because that takes too much off the bottom line and Silent Generation Sam and Boomer Bob need their SS checks!
SS needs to be wiped out and let retirement go back into the hands of individuals and not the hands of unelected government bureaucrats and asshats on Wall Street and the empty-suited nutsacks that “lead” the Fortune 500.
It was used as a reason for businesses to no longer provide pensions and to get the average Joe vested in big companies in the stock market. You can’t let XYZ company fail! All of these soon to be retirees have their life savings invested in them! Oh yeah you can’t pay employees a salary that matches inflation because that takes too much off the bottom line and Silent Generation Sam and Boomer Bob need their SS checks!
SS needs to be wiped out and let retirement go back into the hands of individuals and not the hands of unelected government bureaucrats and asshats on Wall Street and the empty-suited nutsacks that “lead” the Fortune 500.
Posted on 8/13/24 at 1:22 pm to RCDfan1950
quote:
Boomers aren’t the problem that is going to enslave you, rather they are the demographic that fights to uphold what’s left of our Freedoms via the Constitutional Republic.
Boomers ARE the second greatest generation. We give a shite.
This post was edited on 8/13/24 at 1:23 pm
Posted on 8/13/24 at 1:23 pm to udtiger
quote:
a) they must invest 6.25% of their income into an investment vehicle that is at least 50% US securities
This is necessary, I agree. Who administers this? What if an incompetent investment advisor destroys this value? What is the recourse? Should there then be an approved collection of ETFs/Mutual Funds to be "legal" to invest into? There should be no investment into individual stocks?
Posted on 8/13/24 at 1:36 pm to Dairy Sanders
quote:
SS needs to be wiped out and let retirement go back into the hands of individuals and not the hands of unelected government bureaucrats and asshats on Wall Street and the empty-suited nutsacks that “lead” the Fortune 500.
True, but the longer we put it off, the more painful the process will be.
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