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]I have been assuming that SS will be means tested or otherwise not available by the time I retire.[/quote]

There's an easy fix:  Eliminate or raise the $127,200 cap on SS contributions, and implement means testing, since folks like Warren Buffett do not need SS.  Those two things alone would make SS solvent for the next couple of generations.

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[b]They should definitely raise the SS contribution cap.[/b] We are done with that by March. It's ridiculous. I wouldn't want to means test. These programs work best when there is skin in the game for everyone.[/quote]

Agree with this (and it would mean a substantial tax increase for our family). I don't like the means testing, either. I think everyone should have skin in the game and yeah, if you've paid into the system, you deserve to get something back, whether or not you "need" it. [/quote]

A large proportion of what we make above the cap is contributed to our retirement savings.   Thanks to the "Trump bump" in the market over the last year, our planner told us last week we can retire 2 years sooner than we expected.   We were elated.  I would rather manager my own money for retirement rather than giving it to the government.[/quote]

pft. I retired at 50 because the Clinton economy made me rich at 30.  It got boring and I started a new business. Only so much traveling , sailing and partying a person can take.[/quote]

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