Quote:
Originally Posted by Riot
None of that has to be done. No retirement age raises, no change in benefits.
If the cap is simply raised from the current $106,800 to about $200,000, SS is flush and readily funded for about 70 more years. If the cap is simply eliminated, SS has a surplus.
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And you really think that just raising the cap to $200K will solve the problem?
Look at how the full retirement age has risen 2 years and % amounts of SS paid out prior to 67 have diminished -
http://www.ssa.gov/retire2/retirechart.htm
You really think that in 30 or 40 years, the full SS benefit retirement age will not have risen to 70, 72, maybe even 75 years of age? It's the only way SS will survive - gotta make sure some of those old timers die off before they can collect.
One of the most unfair benefits in the SS program is allowing a spouse who never worked a day in her life to collect 50% of her husband's social security when both he and she reach maximum retirement age. I have a friend whose husband was a bank executive making a huge salary. She is collecting half of his SS and it amounts to more than what I collect - my having worked 40 years putting into the system. That's one of the entitlements in the SS program that can be done away with or drastically reduced.