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[Sekhmets Daughter]

25. There are numerous

inequities built into the Social Security system, but the cap on contributions is not really one of them. Allow me to explain.

Years ago your benefit was calculated based on 'lifetime" earnings...They changed that to "earnings for the last 40 quarters (10 years) of employment. The theory being that income is maximized during a worker's 50s. Of course those of us who have been paying attention, know that is no longer true, particularly since this recession but even before, older workers were /are being laid off and forced into lower paying jobs....Thus their SS benefits have been drastically reduced.

People who have healthy 401Ks or stated benefits retirement plans have a tendency to retire at age 62 taking a lower SS benefit. Why? Because their accountants have pointed out to them that the increase to "full" benefits does not equal what they stand to gain by retiring 4 years early at a reduced benefit.

The best way to fix SS is to increase the minimum wage which will result in all wages going up and ending the drain on the system of people retiring at age 62.