Posted on 06/01/2015 2:49:39 PM PDT by BradtotheBone
Stop it, just stop it.
In many cases this would penalize success, discipline and hard work. If you choose to save for your future instead of spending every dime, the social security benefits you earned would be cut. Reward consumers while punishing savers. What kind of economic logic is that?
Jeb the Fed. He loves big government.
The feds in D.C. have economically gang banged middle America boomers, now they want to completely f*** over the rest. Just make it 78 years old before people can collect the money these corrupt assh*les in D.C. confiscated. Most will be dead before they get a dime back. A win win for fat pension government class.
66 is full retirement age, not 65. Has he paid for his own grocery’s lately?
Which includes (but is not limited to) setting the stage for both Bill Clinton and Barack Obama......
Thank you for posting that. Enough of the damn Bushes.
“not means tested....but the age should begin to escalate - with reasonable exemptions for those 55 or over, etc....”
right now for anyone born after 1943 age for full benefits is 66
and increases in monthly increments until it is 67 if born ater 1960
so Jeb needs to learn the rules before he says stupid stuff
55 and older: Offer a one-time, lump-sum payment of $100,000 to the beneficiary in exchange for forgoing future payments
30 - 54: Roll what the beneficiary put into the system into their own private IRA or 401(k)
18 - 29: Abolish the payroll tax, offer a $2,500 tax credit to open an IRA or 401(k)
Shut the system down.
So all my life I’ve been putting the max into 401k/IRA funds. My neighbor, who earns the very same salary as me has instead spent his money on new ski boats, fishing boats, RV’s and camping stuff every year (absolutely true situation). When we both hit retirement, I will have a nest egg and he will have put nothing away, so I won’t get social security but the government will pay him. Am I getting this right? Maybe I should cash out my 401k now and go by that boat I’ve always wanted.
This guy is a moron!
************
Yes, but he’s a wealthy moron. That makes him even more dangerous and unfit.
So there has been a very gradual uptick in the eligibility age? I didn’t realize that (t’s gonna have to be done at some point).
The age will probably go up again before get there and given life expectancy, that makes a little sense. In the end, they will probably raise withholding by 1% which will make it solvent till 2060, iirc. Any other ideas I’ve heard will never get off the ground in this political climate.
Agree about raising the age for SS eligibiity. Actually, years ago, they should have adopted a system to review life expectancies every ten to twenty years, and adjust the elibility age for persons then around 40.
Could have made it automatic like a COLA and removed it from being a political issue to kick around periodically.
Yes, and anything short of what you describe would be income redistribution.
http://www.nasi.org/learn/socialsecurity/retirement-age
“Social Security’s full-benefit retirement age is increasing gradually because of legislation passed by Congress in 1983. Traditionally, the full benefit age was 65, and early retirement benefits were first available at age 62, with a permanent reduction to 80 percent of the full benefit amount. Currently, the full benefit age is 66 for people born in 1943-1954, and it will gradually rise to 67 for those born in 1960 or later. Early retirement benefits will continue to be available at age 62, but they will be reduced more. When the full-benefit age reaches 67, benefits taken at age 62 will be reduced to 70 percent of the full benefit and benefits first taken at age 65 will be reduced to 86.7 percent of the full benefit.”
I approve of raising the age to 67, which is already on the books. I also approve of continuing that increase, for those who are more than 10 years from eligibility. Raise it to 70, at least, adding one month of age for every three months thatt pass or some such schedule.
It will inevitably be means tested as it inches closer to bankruptcy. Thanks to BO, that inching has turned to galloping.
no offense intended ... but that would not work out so well for me ... if I live more than 5 years beyond retirement.
So no ... I don’t want a lump sum unless it’s a heckuva lot more. Add to that ... between my % contribution as well as my employer % contribution ... I have way more than $100k into the SS coffers.
I would like to, at the very least, pull out the money I have put in by myself and put in by my employers.
Welcome to the new United Socialist States of America where deviancy is normal, normalcy is deviant and responsibility is for suckers.
But these new SS restrictions will apply only to us racist nativists.
You got it.
And I too saved all my life while my dopey neighbor spent his money like a drunken sailor. He'd get SS and I won't.
Maybe my neighbor is not so dopey. But Jeb Bush is.
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