another S.S. expiration date
- Thread starter IH8Rice
- Start date
Yea, my retirement plans do not include SS, and neither should anybody else.
anyone our age at least.
my parent are finally retiring and though SS isnt going to be their primary source of income, they are obviously counting on it.
Counting on it? No. Scream bloody murder when any teabagging dipsh!t tries to gut it? Oh hell yeah.
SS isn't going broke, even in another 26+ years. If nothing changes by then, there will still be enough money coming in from FICA taxes to pay out 75% of the promised benefits from there on out. If SS needs to, they can raise FICA taxes by a whopping 4% (12% to 16%) to cover the difference. So guess what, in another 26 years, you will face a 2% tax increase (paid by you, the other 2% would be by your employer). Even though all tax increases are "evil", this at least gives you 26 years to plan for it.
I've paid a greater % of my salary in SS taxes than personal income taxes just about every year since I had my first real job at 16. The VAST majority of Americans pay more in SS taxes than they do in personal income taxes, especially when you consider the 6% that their employer kicks in for them. Suddenly some Republicans are coming along saying that there's no money to pay back the SS Trust Fund due to them handing out income tax cuts for the past decade? It's no wonder any sensible Republican is backing away from Ryan's plan as fast as their stubby little legs can carry them.
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you think they would do the increase right around the time SS is said to go empty? or would they do it before that date?
Or they could get rid of cap-which would have the nice side benefit of finally making the Joker go Galt for good.
They'll do it as soon as possible. They've made changes before to ensure that SS is running in the black, so that they can use that money for income tax cuts. Go back and listen to the GOP's claim in 2001 that they needed income tax cuts to "give the people back their money", and then remember that we only had a surplus due to the SS taxes bringing in more than they paid out. If Al Gore had *actually* gotten his lockbox and separated the SS taxes from the general gov't funds, the "surplus" would have disappeared and we'd be in a better scenario right now.........
That's a good additional negative mark that directs me towards moving to Columbia and going ex-pat.
Sooner.
Doubtful. You're still not pulling down the $$$ that would make that anywhere near worthwhile. Even if you had to pay 6% on another $100k, that's what, $6k? You'd burn that in 1 trip a year to come back to see family/holidays/etc. Besides, you'd give up a job where you earn well into 6 figures just to avoid $6k in taxes?
10 years is sooner than 20
