No guarantee that either of you will be able to understand this, but here goes:
Why SS cannot go bankrupt
what - nobody gets paid on the 1st & 15th? What's with this Friday is payday crap?
Your expectations, of course, are spot on.My check is up $100 from a raise but down $80 from the FICA change. Net up $20.
I'm just glad that I get so much for my tax dollar. After having $27K withheld in 2012 between fed, state, and all the other assorted ways they've invented to stake claim to my blood, sweat and tears, it makes me feel good to know that the roads are in perfect condition, there's no more crime, no more hunger, no disease, and we've achieved world peace.
Oops, double checked my yearly withholdings. $27K
what - nobody gets paid on the 1st & 15th? What's with this Friday is payday crap?
Technically it is start paying them later. As people are living longer this only makes sense. If we don't adjust the retirement age to match life expectancy, we are in effect paying more. So instead of paying more, raising the retirement age actyally means paying them the same as we always have.So your fix is - "Just don't pay people as much"?
Yes, in a way, or as I explained above, keep paying the same instead of continually paying more to each person as our life expectancy goes up.So what you done is cut spend on it
15th and last day of month here, still waiting to see the changes.what - nobody gets paid on the 1st & 15th? What's with this Friday is payday crap?
I know, right, he forgot hookers and blow for everyone.Your expectations, of course, are spot on.
what - nobody gets paid on the 1st & 15th? What's with this Friday is payday crap?
I get paid on the 1st and 16th.
My check is up $100 from a raise but down $80 from the FICA change. Net up $20.
I'm just glad that I get so much for my tax dollar. After having $27K withheld in 2012 between fed, state, and all the other assorted ways they've invented to stake claim to my blood, sweat and tears, it makes me feel good to know that the roads are in perfect condition, there's no more crime, no more hunger, no disease, and we've achieved world peace.
Oops, double checked my yearly withholdings. $27K
Damn combined with the wife we are down like $400/mo
You could always move to somewhere that doesn't try as hard as the US. I hear it's pretty easy to move to Thailand or the Philippines. Why are you still here if the government is doing such a shitty job of providing essentials/infrastructure?
SS is easy to fix and will eventually be fixed to where it can be kicked out indefinately.
What fix is that?
I figured it out!
If just 1/2 of ATOTers make even 1/2 of what they claim to make, by my estimate, these ATOTers alone will pay in enough to Social Security in the next 10 years to fund it fully for the next 200+ years.
Technically it is start paying them later. As people are living longer this only makes sense. If we don't adjust the retirement age to match life expectancy, we are in effect paying more. So instead of paying more, raising the retirement age actyally means paying them the same as we always have.
Yes, in a way, or as I explained above, keep paying the same instead of continually paying more to each person as our life expectancy goes up.
It would be nice if it worked that way. But it doesn't.
It's already a minimum of 62, 67 for full benefits, and a forced withdrawal at 70. What do you propose raising it to?
Life expectancy is 75-80 for women and 70-75 for men. As of now, the average person is only on it 8 - 18 years.
No guarantee that either of you will be able to understand this, but here goes:
Why SS cannot go bankrupt
http://hosted.ap.org/interactives/2012/household-income/?SITE=There is another trust fund issue and it is the one related to the expected increase in the ratio of retirees to workers over the next couple of decades. This would presumably cause a net drain on the fund since payments to retirees might increase relative to tax revenues.
This is actually the specific phenomenon to which many people are referring when they say that Social Security is going to go bankrupt. However, a) there is no guarantee this will occur since rising productivity could drive up wages sufficiently to compensate (although our trend of stagnating wages relative to profits is frustrating this) and b) even if that did occur, this hardly means that Social Security is kaput. Any shortfall can always be addressed in a very straightforward and supremely logical fashion: raise taxes or lower benefits (and it is exceedingly like that even if this occurs, we arent talking about anything drastic).
It bears emphasizing, however, that such changes would still be a function of productivity and have absolutely, positively nothing to do with how much money we have or havent saved up. Funding, finances, money, taxes, etc. are part of the coordination mechanism, not the feasibility.
The lesson from this is that if we want Social Security to be there when we retire, our efforts must be focused on increasing productivity and making sure in particular that these increases get passed on to workers in the form of higher wages.:biggrin::biggrin:
Say my wife and I make $102k between us with two children. Did my taxes just go up $2040 each year? That simple?