Anonymous
Post 05/15/2024 21:08     Subject: What is the maximum possible future SS payment?
Anonymous wrote:All you have to do is raise retirement age and/or cap on SS taxes while working.

I could care less once retired if they made SS 72 to get it and income up to 500k taxed


That's horrible for people who work labor-intensive blue-collar jobs. Most people don't have desk jobs.
Anonymous
Post 05/15/2024 13:06     Subject: What is the maximum possible future SS payment?
I’m 55. I believe that I will receive 100%, but assuming for budgeting purposes that I’ll only receive 85%. I think this is a pretty sane approach.
Anonymous
Post 05/15/2024 12:25     Subject: What is the maximum possible future SS payment?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I am assuming I will never see a penny of social security. If it happens, then great.

I am 56.


I'm 52. We assume we will see at most 50%, but are not factoring that into our retirement plans. The way things are going, it will likely be 0%. We may take it at 62, figuring sooner is better to get anything back. And if we live to over 75, we get more overall anyhow.



You never know. But in all likelihood anyone 55 or older at the time of the changes will not be impacted. SS is not going anywhere. There will have to be changes though - massive increase on the tax that people pay. Cuts to benefits -- likely eliminating the payments before 65 but more likely I think 67. And the payment at 67 will be greatly reduced --the idea is to force people to 70 to take. There may even be some incentives to push to 72-73. Also I think there will likely be a hybrid means test ----- at some point high income seniors will have reduced or no payments but the question is how that will work. It will be very different but anyone 55 and over should not have any impact.


Don’t think we will ever see “high income payers” getting a reduced payout. Simply goes against the cobcept


Agreed. And how would means testing seniors work? Is is based on their last reported salary? Or their savings? If savings, that's pretty frustrating for those of us who have lived simply in order to plan for the future.
Anonymous
Post 05/14/2024 17:32     Subject: What is the maximum possible future SS payment?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I am assuming I will never see a penny of social security. If it happens, then great.

I am 56.


I'm 52. We assume we will see at most 50%, but are not factoring that into our retirement plans. The way things are going, it will likely be 0%. We may take it at 62, figuring sooner is better to get anything back. And if we live to over 75, we get more overall anyhow.



You never know. But in all likelihood anyone 55 or older at the time of the changes will not be impacted. SS is not going anywhere. There will have to be changes though - massive increase on the tax that people pay. Cuts to benefits -- likely eliminating the payments before 65 but more likely I think 67. And the payment at 67 will be greatly reduced --the idea is to force people to 70 to take. There may even be some incentives to push to 72-73. Also I think there will likely be a hybrid means test ----- at some point high income seniors will have reduced or no payments but the question is how that will work. It will be very different but anyone 55 and over should not have any impact.


Don’t think we will ever see “high income payers” getting a reduced payout. Simply goes against the cobcept
Anonymous
Post 05/14/2024 12:32     Subject: What is the maximum possible future SS payment?
Anonymous wrote:
Anonymous wrote:I am assuming I will never see a penny of social security. If it happens, then great.

I am 56.


I'm 52. We assume we will see at most 50%, but are not factoring that into our retirement plans. The way things are going, it will likely be 0%. We may take it at 62, figuring sooner is better to get anything back. And if we live to over 75, we get more overall anyhow.



You never know. But in all likelihood anyone 55 or older at the time of the changes will not be impacted. SS is not going anywhere. There will have to be changes though - massive increase on the tax that people pay. Cuts to benefits -- likely eliminating the payments before 65 but more likely I think 67. And the payment at 67 will be greatly reduced --the idea is to force people to 70 to take. There may even be some incentives to push to 72-73. Also I think there will likely be a hybrid means test ----- at some point high income seniors will have reduced or no payments but the question is how that will work. It will be very different but anyone 55 and over should not have any impact.