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The New Coffee Room

  1. TNCR
  2. General Discussion
  3. That’s the year I turn 65…

That’s the year I turn 65…

Scheduled Pinned Locked Moved General Discussion
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  • CopperC Offline
    CopperC Offline
    Copper
    wrote on last edited by
    #8

    Raise the retirement age

    1 Reply Last reply
    • JollyJ Offline
      JollyJ Offline
      Jolly
      wrote on last edited by
      #9

      May have to do that, too.

      “Cry havoc and let slip the DOGE of war!”

      Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

      1 Reply Last reply
      • LuFins DadL Offline
        LuFins DadL Offline
        LuFins Dad
        wrote on last edited by LuFins Dad
        #10

        Raise the ceiling, raise the retirement age in stages, add in a slight increase (.2%, taking it up to 15.5%) that most people won’t notice coming from their taxes.

        And fix Medicaid rather than beating it.

        The Brad

        1 Reply Last reply
        • X Offline
          X Offline
          xenon
          wrote on last edited by xenon
          #11

          How about decreasing benefits? The obvious part of the equation is declining birth rates.

          Why should the current working generation have to pay a higher tax burden to support a larger elder generation?

          At least the elder generation had some sort of agency to have more children or increase the immigration rate.

          Current workers came in at the bottom of the Ponzi scheme.

          1 Reply Last reply
          • jon-nycJ Online
            jon-nycJ Online
            jon-nyc
            wrote on last edited by
            #12

            Raising eligibility age is the most politically palatable way of reducing benefits.

            Nobody is going to vote to lower current checks and get reelected.

            "You never know what worse luck your bad luck has saved you from."
            -Cormac McCarthy

            X 1 Reply Last reply
            • jon-nycJ jon-nyc

              Raising eligibility age is the most politically palatable way of reducing benefits.

              Nobody is going to vote to lower current checks and get reelected.

              X Offline
              X Offline
              xenon
              wrote on last edited by
              #13

              @jon-nyc said in That’s the year I turn 65…:

              Raising eligibility age is the most politically palatable way of reducing benefits.

              Nobody is going to vote to lower current checks and get reelected.

              Well you’re right. There’s what’s theoretically fair (decreasing benefits), what might have a chance to be done politically (raising age limit) and what will probably happen (nobody does anything and it gets rolled into the debt until shit blows up).

              JollyJ 1 Reply Last reply
              • X xenon

                @jon-nyc said in That’s the year I turn 65…:

                Raising eligibility age is the most politically palatable way of reducing benefits.

                Nobody is going to vote to lower current checks and get reelected.

                Well you’re right. There’s what’s theoretically fair (decreasing benefits), what might have a chance to be done politically (raising age limit) and what will probably happen (nobody does anything and it gets rolled into the debt until shit blows up).

                JollyJ Offline
                JollyJ Offline
                Jolly
                wrote on last edited by
                #14

                @xenon said in That’s the year I turn 65…:

                @jon-nyc said in That’s the year I turn 65…:

                Raising eligibility age is the most politically palatable way of reducing benefits.

                Nobody is going to vote to lower current checks and get reelected.

                Well you’re right. There’s what’s theoretically fair (decreasing benefits), what might have a chance to be done politically (raising age limit) and what will probably happen (nobody does anything and it gets rolled into the debt until shit blows up).

                I think we've got three avenues which will work:

                1. Raise the FICA wage base limit to infinity.
                2. Cap Social Security benefits at a certain level, just as is done now.
                3. Raise the age level slightly. You can't go too far, because while people are living longer, I think you're seeing people in ill health longer than we used to. Or, as a doc told me one time, when I was a young doctor, people got old, died and rotted. Now, people get old, rot and then die.

                I think these are politcally do-able.

                One which LuFin proposed, raising the tax rate, might or might not be politically palatable.

                “Cry havoc and let slip the DOGE of war!”

                Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                1 Reply Last reply
                • kluursK Offline
                  kluursK Offline
                  kluurs
                  wrote on last edited by kluurs
                  #15

                  Raising FICA would mean asking the people most able to afford to pay - to pay for a program they don't really need. The country and tax code are operated for their benefit. Why would they permit such a thing to happen? Can we find some way to further reduce their taxes so as to offset this onerous burden?

                  JollyJ 89th8 2 Replies Last reply
                  • kluursK kluurs

                    Raising FICA would mean asking the people most able to afford to pay - to pay for a program they don't really need. The country and tax code are operated for their benefit. Why would they permit such a thing to happen? Can we find some way to further reduce their taxes so as to offset this onerous burden?

                    JollyJ Offline
                    JollyJ Offline
                    Jolly
                    wrote on last edited by
                    #16

                    @kluurs said in That’s the year I turn 65…:

                    The country and tax code are operated for their benefit. Why would they permit such a thing to happen?

                    Pitchforks and shotguns?

                    “Cry havoc and let slip the DOGE of war!”

                    Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                    1 Reply Last reply
                    • kluursK kluurs

                      Raising FICA would mean asking the people most able to afford to pay - to pay for a program they don't really need. The country and tax code are operated for their benefit. Why would they permit such a thing to happen? Can we find some way to further reduce their taxes so as to offset this onerous burden?

                      89th8 Offline
                      89th8 Offline
                      89th
                      wrote on last edited by
                      #17

                      @kluurs said in That’s the year I turn 65…:

                      Raising FICA would mean asking the people most able to afford to pay - to pay for a program they don't really need. The country and tax code are operated for their benefit. Why would they permit such a thing to happen? Can we find some way to further reduce their taxes so as to offset this onerous burden?

                      Sarcasm or not, that's how it works today.

                      75% of the IRS "tax revenue" comes from the top 10% of earners. On the flip side, literally HALF the country pays about 2% of total IRS "tax revenue" and I would argue that bottom 50% also uses most of the tax money (health care, food, etc).

                      As long as the money you contribute to SS gets paid back to you, all is well. If not, I'd imagine we'll have some very interesting lawsuits against the federal government on our hands.

                      George KG 1 Reply Last reply
                      • 89th8 89th

                        @kluurs said in That’s the year I turn 65…:

                        Raising FICA would mean asking the people most able to afford to pay - to pay for a program they don't really need. The country and tax code are operated for their benefit. Why would they permit such a thing to happen? Can we find some way to further reduce their taxes so as to offset this onerous burden?

                        Sarcasm or not, that's how it works today.

                        75% of the IRS "tax revenue" comes from the top 10% of earners. On the flip side, literally HALF the country pays about 2% of total IRS "tax revenue" and I would argue that bottom 50% also uses most of the tax money (health care, food, etc).

                        As long as the money you contribute to SS gets paid back to you, all is well. If not, I'd imagine we'll have some very interesting lawsuits against the federal government on our hands.

                        George KG Offline
                        George KG Offline
                        George K
                        wrote on last edited by
                        #18

                        @89th said in That’s the year I turn 65…:

                        As long as the money you contribute to SS gets paid back to you,

                        Don't have the numbers handy, but iirc, if you live to your projected age, you'll have received more in benefits than you put in.

                        Ponzi's gotta Ponzi.

                        "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                        The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                        LuFins DadL 1 Reply Last reply
                        • JollyJ Offline
                          JollyJ Offline
                          Jolly
                          wrote on last edited by
                          #19

                          And...you're probably going to get a 2.7% raise this year...

                          “Cry havoc and let slip the DOGE of war!”

                          Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                          1 Reply Last reply
                          • George KG George K

                            @89th said in That’s the year I turn 65…:

                            As long as the money you contribute to SS gets paid back to you,

                            Don't have the numbers handy, but iirc, if you live to your projected age, you'll have received more in benefits than you put in.

                            Ponzi's gotta Ponzi.

                            LuFins DadL Offline
                            LuFins DadL Offline
                            LuFins Dad
                            wrote on last edited by
                            #20

                            @George-K said in That’s the year I turn 65…:

                            @89th said in That’s the year I turn 65…:

                            As long as the money you contribute to SS gets paid back to you,

                            Don't have the numbers handy, but iirc, if you live to your projected age, you'll have received more in benefits than you put in.

                            Ponzi's gotta Ponzi.

                            I believe it’s somewhere around 2% annual return? At least, that’s what it was 20 years ago during the privatization debate.

                            Question, what does the Federal Deficit look like without SS and Medicare?

                            The Brad

                            1 Reply Last reply
                            • HoraceH Online
                              HoraceH Online
                              Horace
                              wrote on last edited by
                              #21

                              They shoulda invested the SS fund in the stock market. We'd all be rich.

                              Education is extremely important.

                              jon-nycJ 1 Reply Last reply
                              • JollyJ Offline
                                JollyJ Offline
                                Jolly
                                wrote on last edited by
                                #22

                                alt text

                                “Cry havoc and let slip the DOGE of war!”

                                Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                                AxtremusA 1 Reply Last reply
                                • HoraceH Horace

                                  They shoulda invested the SS fund in the stock market. We'd all be rich.

                                  jon-nycJ Online
                                  jon-nycJ Online
                                  jon-nyc
                                  wrote on last edited by
                                  #23

                                  @Horace said in That’s the year I turn 65…:

                                  They shoulda invested the SS fund in the stock market. We'd all be rich.

                                  I wouldn’t want the government to own trillions of dollars worth of stocks. How long would it take to be abused?

                                  "You never know what worse luck your bad luck has saved you from."
                                  -Cormac McCarthy

                                  HoraceH taiwan_girlT 2 Replies Last reply
                                  • jon-nycJ jon-nyc

                                    @Horace said in That’s the year I turn 65…:

                                    They shoulda invested the SS fund in the stock market. We'd all be rich.

                                    I wouldn’t want the government to own trillions of dollars worth of stocks. How long would it take to be abused?

                                    HoraceH Online
                                    HoraceH Online
                                    Horace
                                    wrote on last edited by
                                    #24

                                    @jon-nyc said in That’s the year I turn 65…:

                                    @Horace said in That’s the year I turn 65…:

                                    They shoulda invested the SS fund in the stock market. We'd all be rich.

                                    I wouldn’t want the government to own trillions of dollars worth of stocks. How long would it take to be abused?

                                    Imagine the crisis in state pension funds if they followed the same rule as the SS fund has.

                                    Education is extremely important.

                                    1 Reply Last reply
                                    • CopperC Offline
                                      CopperC Offline
                                      Copper
                                      wrote on last edited by
                                      #25

                                      We beat Medicare, why not do the same thing with SS?

                                      1 Reply Last reply
                                      • JollyJ Jolly

                                        alt text

                                        AxtremusA Offline
                                        AxtremusA Offline
                                        Axtremus
                                        wrote on last edited by Axtremus
                                        #26

                                        @Jolly said in That’s the year I turn 65…:

                                        alt text

                                        What do you not like about this?
                                        What do you want to change?

                                        1 Reply Last reply
                                        • jon-nycJ Online
                                          jon-nycJ Online
                                          jon-nyc
                                          wrote on last edited by jon-nyc
                                          #27

                                          I’d take out $1B for the Education Department and allocate it to myself.

                                          "You never know what worse luck your bad luck has saved you from."
                                          -Cormac McCarthy

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