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How much do you make?

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How much do you make?

  • Less than $30,000

    Votes: 18 17.1%

  • $30,000-$50,000

    Votes: 29 27.6%

  • $50,000-$75,000

    Votes: 32 30.5%

  • $75,000-$100,000

    Votes: 10 9.5%

  • $100,000-$250,000

    Votes: 12 11.4%

  • $250,000 +

    Votes: 4 3.8%
  • Total voters
    105
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NewYorkBuck said:
Are you kidding? Only thing that is going to happen w SS tax is that is it going to go up. Only a matter of time.
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I worked briefly with a tax attorney years ago that firmly believed taxes would go down once the Boomers retired and started to die. He felt once we were past the crush of their retirements and drawing of SS and Medicare there would be less of a demand and lower taxes would be in order. I'm a bit more pessimistic that the cost will just be shifted to a future generation.
 
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Brewtus said:
Um, no. :yow1: How about they give me the option to opt out of SS in exchange for some type of cash settlement. I’m willing to take something less than I’ve paid into it so far since I don’t expect to get that all back anyway.
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That was not a serious suggestion. Thus the appearance by this fellow --->:smash:

Hell, the cap for SS-exempt wages ($90,000+) is too high right now, anyways.

I wouldn't be terribly upset to get 2/3 of what I've paid out in SS tax back so that I could invest it on my own.
 
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If you look at the results at the top of the page you will know why this will never happen. A sizable majority will rely only on SS for retirement.

I have read many projections as to what will happen as the baby boomers retire. There are all sorts of unknowns. Will some continue to work, how many of our out shape will die, how many will linger in extended stay health care?

I get those quarterly? SS statements and have tried to figure out how much I have invested and how much I will get out. It is not a pretty picture. SS will have to be fixed but it will be hard and I do not think the politicians have the guts to do the job. We will pay more in the future, I am just not sure how far into the future and how much more we will pay.
 
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I worked briefly with a tax attorney years ago that firmly believed taxes would go down once the Boomers retired and started to die. He felt once we were past the crush of their retirements and drawing of SS and Medicare there would be less of a demand and lower taxes would be in order
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I agree with this, but thats kinda like saying the water level in New Orleans should be fine a few weeks after Katrina. This is what I know -

1) When SS was instituted, there were greater than 10 workers per recipient. Today there are 3. Soon there will be 2.

2) Old people vote. Politicians know this, and they will do whatever it takes to buy those votes. The boomers graying is the most significant voting block that this nation has ever seen. No way politicians cut their benefits, especially if they want it. Since the one constant with the boomers is that they have consumed like locusts their whole lives, Im sure they will want it.

3) With 2) in mind, take a guess where they are going to get the money from? Yep - once again, the productive working people. I can see the cap coming off SS first, effectively raising taxes 6.2% on the most productive people in the economy, in addition to business. Then I can see the tax rate going up. I can really see this thing bankrupting the nation. We should be taking care of this now by slowing raising the retirement age and means testing for aid, but we are not. Instead, we are just running up larger and larger deficits at a time when we should be saving more than ever.
 
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NewYorkBuck said:
I agree with this, but thats kinda like saying the water level in New Orleans should be fine a few weeks after Katrina. This is what I know -

1) When SS was instituted, there were greater than 10 workers per recipient. Today there are 3. Soon there will be 2.

2) Old people vote. Politicians know this, and they will do whatever it takes to buy those votes. The boomers graying is the most significant voting block that this nation has ever seen. No way politicians cut their benefits, especially if they want it. Since the one constant with the boomers is that they have consumed like locusts their whole lives, Im sure they will want it.

3) With 2) in mind, take a guess where they are going to get the money from? Yep - once again, the productive working people. I can see the cap coming off SS first, effectively raising taxes 6.2% on the most productive people in the economy, in addition to business. Then I can see the tax rate going up. I can really see this thing bankrupting the nation. We should be taking care of this now by slowing raising the retirement age and means testing for aid, but we are not. Instead, we are just running up larger and larger deficits at a time when we should be saving more than ever.
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1. Additionally, the median age has increased dramatically. Most people never saw SS when it was created because the life expectancy was so much lower than today. They are increasing the age, but not to the point where it is comparable to when SS was established.

2. Not only will the biggest voting block now be a bunch of blue hairs (like NJ-Buckeye), but they will look like the majority of the elected officials. The age difference between Congress and Boomers is reducing every day. Imagine how much more powerful AARP will be and they had always been the strongest lobbying group out there. It will no longer be an "us against them" mentality. It will be "us versus us."

3. No comment on number three as I'm sure you are right. It is the easiest solution. No reason for Congress to show some vision and true leadership by looking at options other than the easiest way to put a finger in the dam.
 
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