That’s the year I turn 65…

[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 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.

[Jolly]

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

[LuFins Dad]

@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?

[Horace]

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

[Jolly]

[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?

[Horace]

@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.

[Copper]

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

[Axtremus]

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

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

[jon-nyc]

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

[Copper]

I don't think that 9.1% Remainder is enough to cover college tuition loan cancellation.

[Jolly]

Note: See any debt payment?

[jon-nyc]

They seem to be excluding interest on the national debt.

[Jolly]

Bingo!

[taiwan_girl]

@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?

Not only that, but I think the reason they do not invest in stocks also is if there is a long term decline in the stock market.

[Horace]

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

@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?

Not only that, but I think the reason they do not invest in stocks also is if there is a long term decline in the stock market.

I guess the majority of state pensions are invested in the stock market.

[Jolly]

CalPERS carries a lot of weight in the market.