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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We are high income and I think we should pay a social security tax on ALL of our earnings, plus have a cap.

Why? I'm from a lower middle class background and have many elderly relatives who only have social security to support them on old age.[/quote]

So why don't you help them personally if you feel the need?

I came from LMC/MC background and somehow my parents managed to save for retirement.  They lived frugally and kept a budget and got a 2nd job if needed.  But they now have a decent retirement.

Just don't get how you can expect to only live on SS in retirement.  It was never intended for that.  It's SUPPLEMENTAL, not "your only retirement plan"[/quote]

It's not always that simple.  DP - for my MIL she always worked minimum wage jobs, and at one point for a husband/ex husband who never paid into the system for her.  She simply didn't know better.  She had my husband young, barely got a high school diploma and struggled with good choices (she was a lovely person who I loved deeply).  She got early onset dementia (as in her 60's) and we helped what we could but we didn't have a high income, special needs child and other issues.  We were struggling ourselves.  We eventually figured it out, moved her to us, I couldn't work to care for her and the kids (my income wasn't high enough) and eventually it got bad enough the only option was long-term care medicaid.

Many people live paycheck to paycheck and cannot save.  My MIL had almost nothing materially and didn't eat well/proper nutrition to save money.  I had to go out and buy her all the basics when she came to us.  She never had more than a few outfits.[/quote]

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