You'll see SS. I said the same thing 25 years ago (and was flamed like hell then just as people are now for saying it). Rinse and repeats every generation.
Maybe, it will be interesting (and scary) to watch.
What you pay into SS is not yours. It goes to support the current retirees and people that are disabled. The disabled will likely get more than they ever paid in. Others contributing to SS pick up the cost. Our children and the rest of the next generation will be paying for us.
I know exactly who is for so called FREE trade...both sides. Reagan dreamed up NAFTA, Bush I pushed it through (and was kicked out before finishing) and dumbass Clinton signed it. Obama is pushing for fast track 'so called' free trade. Free trade sends our jobs overseas for their cheap shit. I hope you didn't mean the scream "conservatives" toward me as I know full and well that ALL side screw the US population in favor of big business, especially when it comes to shitty trade. Ross Perot still hears the giant sucking sound.
More true words have ever been spoken in American politics...
https://youtu.be/Rkgx1C_S6ls?t=16
30 years ago, GM employed the largest number of people in the US, 500,000, making cars IN the US. Today, Walmart, who has helped push jobs out of the country, now is the largest employer in the US at 1,400,000 selling cheap stuff made in China and other countries. Ironically, Walmart started as a "Made in the USA" store. Sam Walton is rolling over in his grave.
I keep hearing about how outsourcing "increases our quality of life." So I can buy a TV cheaper now than in the 80s - so freaking what. I remember when consumer goods were (relatively) more expensive back in the 70s and 80s. You know what? I felt my quality of life was just fine and to be honest, those things may have been more expensive but in many cases, the quality was so much higher.
We're all going to be scientists and engineers. Didn't you know?
Somehow we need 300 million engineers to create the iPhone and Samsung Galaxy most people use...
Do you know how your benefits are calculated? You're merely stating something every single person already knows.
doesn`t work that way...As I understand it, you have a choice when you sign up for SS. You can either:
- Get 100% of your benefits while alive; then give your spouse nothing when you die.
- Get (at a guess) ~90% of your benefits while alive; then give your spouse 50% of those benefits when you die.
- Get (at a guess) ~80% of your benefits while alive; then give your spouse 100% of those benefits when you die.
My parents opted for #3.
Yeah, I still laugh (in a sad sort of way) that the whole "more education!" and "Americans are the inventors and creators!" arguments gained an unfortunate amount of traction. It seems the only people getting rich are the talentless paper pushers at the top. When they say "America has a shortage of scientists and engineers!," what they REALLY mean is "America has a shortage of scientists and engineers willing to work for third world wages!"
My preference would be around:
The bottom: 10% minimum. The effective rate paid cannot go below this regardless of deductions or credits.
The middle stays the same.
The upper: 40% above $250k household income.
The wealthy: 60% above $500k, 80% above $1m, 90% above 2m.
Not as much as you might think.Look at income tax rates in Canada, Europe, and Japan. In comparison to most of the rest of the developed world we pay less.
However, if you make less than $82,000 and do not own a home, you will most likely pay less tax north of the border.
I already pay 39.1% above 75k.
Not as much as you might think.
http://www.investopedia.com/financi...ans-really-pay-more-taxes-than-americans.aspx
My preference would be around:
The bottom: 10% minimum. The effective rate paid cannot go below this regardless of deductions or credits.
The middle stays the same.
The upper: 40% above $250k household income.
The wealthy: 60% above $500k, 80% above $1m, 90% above 2m.
Plus the 6.2% that the employer pays.Yes, because I clearly don't pay enough taxes already and I am so eager to pay more into SS, a program that will pay a small pittance to me when I retire, that is, unless they begin using means testing to determine if someone makes "too much" and then I'll get no retirement benefits at all.
Who wouldn't want to pay in 6.2% of the entire income for the entire span of their life only to have that money never given back, as originally promised, because they were "too responsible" or "fortunate" and saved their own money for their retirement?
Interesting article.
You must be combining other items into the federal tax rate. The top bracket reached for $75k is 25%.
I already pay 39.1% above 75k.
Not as much as you might think.
http://www.investopedia.com/financi...ans-really-pay-more-taxes-than-americans.aspx
45% of Americans pay no federal income taxes...I guess somebody has to work to subsidize them.
I've also met a few young men in their 20s who don't work. They all collect some form of SSI. How are they going to survive when they get old? Just doesn't make sense to me.
Jack Lalanne was 94 and still in great health when he passed away. Who says that we have to grow old and frail? It's bullsh*t and a myth that many people buy into, because we let ourselves go. I'm not saying that we don't have health issues as we grow older. We do. That's inevitable. What I am saying is that we can still be active and independent even in our 80s and beyond.My dad received a one-time payment of $250 after my stepmom passed last year, and then a $50 increase once sending a copy of the death certificate to the SSA.
Can someone live on $1k a month? Absolutely, but as much as it is important to save for retirement, I believe it's critical to have one's home paid off, which can reduce a huge burden and be valuable should retirees have sudden or impending liquidity crunch.
You guys are talking about only one nightmare scenario tho. At that age, many people have very limiting or debilitating health issues and can't live by themselves, or sometimes, even with their spouse, without assistance. Walmart isn't even an option for these people. You may save up for retirement, but most aren't planning on paying for the high costs assisted living for one or both. My dad paid $7,500+/mo in CA. And living in an assisted living residence, needing to depend on the services of others (who are usually paid very low wages), can have it's own nightmares, even at what was considered one of the top facilities around. (and that's not even considering those who need 'memory care', for people with issues such as alzheimers, which is a much greater nightmare for compounded reasons.)
Bottom line, don't grow old.
They are getting SSI because they have some bullshit excuse why they can't function in the real world. This is a lot more common than you think. People expect the government to give them freebies. It's sad and pathetic. I can't wait for the day when the government ends a lot of this abuse. Probably have riots.They're on disability? They're going to have miserable lives, scrape by for a couple decades, and probably off themselves when they hit middle age.