Reply to High earners/savers: How do you feel about social security?

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Reply to "High earners/savers: How do you feel about social security?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If you means test social security, I'm going to stop saving and start spending. I'm not going to continue to sacrifice now to save so I can lose part of my retirement income while others live it up.[/quote]

You wouldn't lose part of your retirement income. You would just get a lower return on investment than people who make less money. You'd still get 100k per year (assuming you're part of a couple) which is honestly a lot of money for a retiree with no dependents. But not enough for a lavish retirement with travel and nice housing and eating out all the time, so obviously to do that you'd have to save.

Social security contributions are already capped so the system already avoids taxing most of high earners income for SS. If they got rid of the cap AND limited payouts to 100k, I could see the argument for what you are talking about. But since all your income above the cap is already untaxed for SS, I don't see how limiting total payouts to a perfectly reasonable amount (but not lavish amount) would deter you from continuing to save money in your individual non-SS accounts.[/quote]

Max each person can get now is only ~$63K/year.  So for a couple that's $126K, being cut to $100K.  I'd much rather that happen than pay more taxes.but it still sucks

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