General Discussion

eridani

(51,907 posts)

26. High earners now get less out than they put in

Mon Aug 20, 2012, 07:55 AM

Aug 2012

And there is an upper limit on benefits. That will continue even with the highest earners contributing more. Limiting what they get is acceptable--telling them they get nothing is not. For number crunching, see below.

http://www.ncpssm.org/socialsecurity/

http://www.cepr.net/

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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