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Social Security threshold (Socialist view?)
Posted on 1/19/21 at 9:21 pm
Posted on 1/19/21 at 9:21 pm
When I started working my 1st real job in 2000, the Social Security threshold was about 73k. Now it’s 143k. After you earn that amount, Social Security tax is no longer deducted from your paycheck. I know many of you OT ballers love that ‘holiday bonus’ for the last few paychecks each year.
While I’m in favor for only allowing legal citizens to receive benefits now and in future (keep pool as small as possible), I’m starting to think we should eliminate cap to strengthen the program for future generations. Anyone agree or is this too Socialist of a view for most?
Higher cost for businesses and any individual making over 143k/year.
While I’m in favor for only allowing legal citizens to receive benefits now and in future (keep pool as small as possible), I’m starting to think we should eliminate cap to strengthen the program for future generations. Anyone agree or is this too Socialist of a view for most?
Higher cost for businesses and any individual making over 143k/year.
18
Posted on 1/19/21 at 9:23 pm to litenin
Need to let the program die. Also need to scale back other handouts. I come from a poor family so I understand how shitty those programs are run. Just a waste of money. Also stop giving or money to other countries.
Posted on 1/19/21 at 9:24 pm to litenin
Thanks Bernie.
Posted on 1/19/21 at 9:24 pm to litenin
quote:
Higher cost for businesses and any individual making over 143k/year.
I am guessing you don’t own a business or make more than 143k/yr.
Take from those that worked hard to earn more and give to those that didn’t plan for retirement.
If you started working in 2000 and expected to receive anything from Social Security it’s your own fault. Many have predicted it would not be around or be able to provide meaningful income in retirement for a while.
This post was edited on 1/19/21 at 9:27 pm
Posted on 1/19/21 at 9:26 pm to litenin
quote:
Higher cost for businesses and any individual making over 143k/year.
frick off, Bernie
Posted on 1/19/21 at 9:26 pm to LSUSUPERSTAR
We are about to waste so much more money the next few years on programs and other countries. Your tax dollars at work
Posted on 1/19/21 at 9:27 pm to litenin
There's always a balance to be struck. A liberal society, as we are, and as we were founded, should take care of all of its citizens.
Posted on 1/19/21 at 9:27 pm to litenin
frick you. I love hitting the FICA cap
Posted on 1/19/21 at 9:28 pm to litenin
quote:
I’m starting to think we should eliminate cap to strengthen the program for future generations. Anyone agree or is this too Socialist of a view for most?
Posted on 1/19/21 at 9:28 pm to litenin
You really think you’ll receive SS when you retire?
Posted on 1/19/21 at 9:28 pm to go ta hell ole miss
quote:With great power comes great responsibility.
Take from those that worked hard to earn more and give to those that didn’t plan for retirement.
Posted on 1/19/21 at 9:30 pm to go ta hell ole miss
quote:
If you started working in 2000 and expected to receive anything from Social Security it’s your own fault.
, they issue reports ikon this every so often. They can pay 75% of benefits post 2035 without any policy changes. Planning for no social security is noble and gives you room for error, but it’s not factual.
Posted on 1/19/21 at 9:33 pm to litenin
I'm 43 and I'd opt out of SS tomorrow if I could. Let my employer pay me that extra 6.5% or whatever it is now.
It's just a Ponzi scheme by definition.
It's just a Ponzi scheme by definition.
This post was edited on 1/19/21 at 9:36 pm
Posted on 1/19/21 at 9:33 pm to litenin
I'd opt out of receiving SS if I could opt out of paying the tax. Keep what I've already paid in.
Posted on 1/19/21 at 9:37 pm to slackster
Of course it won’t run out as it will still collect tax revenue and pay benefits, but 75% of current benefits adjusted for inflation is not going to allow for a retirement income. The surplus ran out, people are living longer and more retirees/boomers coming online in the next 20 years.
Posted on 1/19/21 at 9:37 pm to litenin
I am currently being forced to pay into a system in which I will never get the money input back in out. Basically you are taking from me and giving it to someone else for not working. What could possibly go wrong with this system. Punish success and reward laziness.
Posted on 1/19/21 at 9:44 pm to go ta hell ole miss
quote:
Of course it won’t run out as it will still collect tax revenue and pay benefits, but 75% of current benefits adjusted for inflation is not going to allow for a retirement income
It won’t by itself, but SS benefits for two solid earners can be upwards of $5k per month in today’s dollars. That’s enough to cover the spending of 90%+ of this country.
I understand that’s nothing on the OT, but it’s a big deal for the majority of people.
Posted on 1/19/21 at 9:45 pm to CheEngineer
quote:
I am currently being forced to pay into a system in which I will never get the money input back in out.
You almost certainly will if you strictly count money in and money out, but it will likely be a negative real return.
Posted on 1/19/21 at 9:46 pm to litenin
And what really sucks is making over $250k and having them start taking a portion back out again for Medicare.
quote:
The threshold annual compensation amounts that trigger the additional Medicare tax are:
$250,000 for married taxpayers who file jointly.
$125,000 for married taxpayers who file separately.
$200,000 for single and all other taxpayers.
Additional Medicare tax withholding applies to wages and self-employment income in excess of the thresholds in a calendar year. These threshold amounts are not indexed for inflation.
This added tax raises the wage earner's Medicare portion of FICA on compensation above the threshold amounts to 2.35 percent; the employer-paid portion of the Medicare tax on these amounts remains at 1.45 percent.
Posted on 1/19/21 at 9:47 pm to slackster
I’m 25 years from retirement and will most definitely not be counting on SS money
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