Reply to Working well into your 70s because you can’t afford to retire.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Oh yes, proof of what happened from SENATOR MIKE LEE.

http://dailysignal.com/2017/04/04/we-cant-bail-out-social-security-disability-insurance-forever-heres-a-reform-proposal/[/quote]

Yeah, Mike Lee, Mr. end-all-spending...  And this posted on the Daily Signal, which is an official mouthpiece of the Heritage Foundation which also wants to gut all spending.

Here's what can and should be done:   Raise the contribution cap for SS and set up means testing for folks who already have significant income and don't need SS, like Warren Buffett.

Analyses have already shown this would extend SS for generations.[/quote]
I agree with this. The problem is there will be arguing about what constitutes significant income. Someone here already said that people earning more than $500k could afford to give up half. That was probably from a wealthy person with a HHI of $300k who is fine with OTHER people losing benefits.

Let's do the figures. A m not sure what the max benefit is for SS, but let's say $40,000. A retiree with an income of $150,000 can afford to give up half - or $20,000. Plis, at that level, it's almost fully taxed, so it's really like giving up $15,000. There is NO reason why a retired couple needs more than $150,000 a year.

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Then stop maintaining Social Security as a separate system. Wind it all into welfare and just eliminate the concept of a lifetime limit after age 65/66/67/whatever the full retirement age is.

If you don't make enough money, you apply for welfare. If you're too old or feeble to work, there is no lifetime cap on number of years.[/quote]
That wouldn't work because welfare is a charity program and social security is a program in which participants contribute. Needs to be two separate piles of money, so that laws concerning support of elderly retirees who worked all their lives aren't tied to laws impacting welfare recipients.
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+1 Exactly. Can't believe the number of DCUM posters who don't see the difference in forced contributions for 25 - 40 years that so many have made and welfare recipients. [/quote]

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