General Discussion

SickOfTheOnePct

(8,710 posts)

20. It's completely different

Fri Aug 17, 2012, 07:06 PM

Aug 2012

Someone with a $2 million house and no kids has no expectation that he will be utilizing the school system. High earners, on the other hand, have been told forever that they will receive SS benefits.

My older brother and his wife both have military retirements, pensions from jobs they worked after the military and income from 401(k) and IRAs. Should they be denied the SS that they paid into for years just because they don't have to have the money to survive?

If you want to see SS disappear for everyone, start means testing it so that it can be called a welfare program. Support will disappear overnight.

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Social Security--still the best retirement deal around [View all] eridani Aug 2012 OP

Forget that! I'll take Mitt Romney's IRA any day - $100mil and counting. nt DCKit Aug 2012 #1

I meant for normal people n/t eridani Aug 2012 #2

I'm glad it was there for me. LuvNewcastle Aug 2012 #3

Me too. I was working full-time until 2010 and was laid off. RebelOne Aug 2012 #35

I've heard numerous Genxers boomerbust Aug 2012 #4

You may want to remind your gen x'ers Not Me Aug 2012 #6

Ever since the 80's we GenXers have been conditioned to believe it won't be there for us. myrna minx Aug 2012 #8

I've heard the same. hughee99 Aug 2012 #19

SS is an inflation-adjusted annuity, and that is an excellent annuity for retirees Kolesar Aug 2012 #5

Yes, and things were going really well for Bernie Madoff's investors customerserviceguy Aug 2012 #7

The FICA tax increase in 1983 was intended to prepay boomer retirement eridani Aug 2012 #12

Yes, I remember that intention customerserviceguy Aug 2012 #14

Given the redistribution of income upward, Scrap the Cap is a big part of the solution n/t eridani Aug 2012 #15

I've yet to see how the numbers work on that customerserviceguy Aug 2012 #24

High earners now get less out than they put in eridani Aug 2012 #26

The contributions of the earners between approx. $50K-$115K exboyfil Aug 2012 #27

There was a trust fund surplus to prepay boomer retirement because of the demographic lump eridani Aug 2012 #28

The Trust Fund without fiscal restraint in the federal government exboyfil Aug 2012 #31

Fiscal restraint has jackshit to do with SocSec eridani Aug 2012 #34

Sorry if I feel that's just an accounting fiction customerserviceguy Aug 2012 #37

Not so. Social Security is separate BY LAW, period eridani Aug 2012 #38

Then why were they able to borrow from it, at will customerserviceguy Aug 2012 #39

That the trust fund buys T-bills does not constitute "borrowing" eridani Aug 2012 #41

Those are not ordinary T-bills customerserviceguy Aug 2012 #43

So? So much the better n/t eridani Aug 2012 #45

How do laws get changed? exboyfil Aug 2012 #40

Especially when it is the only one. Downwinder Aug 2012 #9

So glad Bush & his cronies never got SS in the market. raouldukelives Aug 2012 #10

Problem is, it is NOT a retirement program joeglow3 Aug 2012 #11

No, it does NOT need to be means tested any more than it already is eridani Aug 2012 #13

Why can't you tell high earners that? joeglow3 Aug 2012 #18

It's completely different SickOfTheOnePct Aug 2012 #20

The school is likely one of the reasons why the guy's house is worth $2 million. hughee99 Aug 2012 #21

I am someone who would likely not get it and I am fine with that joeglow3 Aug 2012 #22

Do you think most people will feel the same. hughee99 Aug 2012 #23

"as long as our financial plan continues" eridani Aug 2012 #25

That is my point. joeglow3 Aug 2012 #32

I think it should be means tested more than it already is Major Nikon Aug 2012 #30

The benefit formula for the "high" earners is exboyfil Aug 2012 #33

it's *not* thought of as a replacement for retirement planning. but before SS, old people HiPointDem Aug 2012 #17

k/r HiPointDem Aug 2012 #16

Yes, it is great. longship Aug 2012 #29

I've been happy to pay into it for almost 40 years, LWolf Aug 2012 #36

Honestly, if I want to invest in a personal account... TruthAnalyzed Aug 2012 #42

Personally, for me... meaculpa2011 Aug 2012 #44

Bingo. Safety and certainty eridani Aug 2012 #46