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Featured Should FICA Income Limit be Raised/Removed?

Discussion in 'Political Debate & Discussion' started by InTheLight, Mar 24, 2014.

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  1. TCassidy

    TCassidy Late-Administator Emeritus
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    Unfortunately, the stupider the idea the more likely Washington is to do it!:BangHead:
     
    #21 TCassidy, Mar 28, 2014
  2. thisnumbersdisconnected

    thisnumbersdisconnected New Member

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    For that accurate assessment of what Social Security really is, you get a

    [​IMG]

    That was a popular saying in this part of the Midwest when I was growing up. And what, you say, is the significance of a Whizzo button?
    Well, it was shorter than now for sure, but it wasn't really less than age 62. Depended on race. Life Expectancy at Birth by Race and Sex, 1930–2010
     
    #22 thisnumbersdisconnected, Mar 28, 2014
    Last edited by a moderator: Mar 28, 2014
  3. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    My point is, it was never meant to be returned. People would be dead before the benefits gave back, at age 65, I believe.
     
    #23 Bro. Curtis, Mar 28, 2014
  4. Salty

    Salty 20,000 Posts Club
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    Exactly, but here is an interesting story:
     
    #24 Salty, Mar 28, 2014
  5. North Carolina Tentmaker

    North Carolina Tentmaker New Member

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    So the logical fix would then be to raise the eligibility age. Why is that so hard?
     
    #25 North Carolina Tentmaker, Mar 29, 2014
  6. thisnumbersdisconnected

    thisnumbersdisconnected New Member

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    No, "logical" is turning the system into a semi-private investment program, not letting the government have 100% of the money and 100% control.
     
    #26 thisnumbersdisconnected, Mar 29, 2014
  7. TCassidy

    TCassidy Late-Administator Emeritus
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    Uh, already been done. H.R. 1900, Public Law 98-21 passed in 1983 raises the age at which you can receive full SS benefits. It used to be 65. Now it goes up starting with those born in 1938 and maxing out at 67 for those born after 1960.
     
    #27 TCassidy, Mar 29, 2014
  8. North Carolina Tentmaker

    North Carolina Tentmaker New Member

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    Yes it has been raised to 67 (for me, I was born after 1960), but if the average livespan has increased more than two years since the program started then why has not the retirment age been adjusted accordingly?

    Well I guess the answer is simple, Lots of people who want to collect.

    TND, a private investment strategy is of course a much better idea, but that was never what SS was set up to be. It was never your money you put in that you were going to get back. Your money went to pay retires who were drawing when you were working.

    Adding disability and others who draw early and don't contribute has certainly made the situation worse. Shrinking population of workers vs retires is the biggest problem. One thing that seems obvious, it can't continue like it is going.
     
    #28 North Carolina Tentmaker, Mar 31, 2014
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