tag:blogger.com,1999:blog-626594980028435818.post1227980764556155939..comments2024-03-28T18:11:40.841-04:00Comments on Sightings Over Sixty: The Big 3 Problems with Social SecurityTomhttp://www.blogger.com/profile/08611148987085476580noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-626594980028435818.post-81418820886684020082011-09-27T18:04:44.766-04:002011-09-27T18:04:44.766-04:00"The system is paying out more than it's ..."The system is paying out more than it's taking in." Some of us older people are also spending more than we are taking in; but, that does not signal a problem for us - if we have put away enough reserves to see us through the xx years in the future.<br /><br />I am one who would gladly let someone else draw my SS check - someone who needed it much worse than I need it. I do not, however, have a problem with doing away with the cap on earnings on which SS is taxed. Cab CompAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-73848892693615600672011-09-26T14:35:57.985-04:002011-09-26T14:35:57.985-04:00Medicare? Oh no, that one's too hard for me --...Medicare? Oh no, that one's too hard for me -- although I do recall that when my son cracked his head on his desk in college and needed a couple of stitches, the dorm resident called an ambulance (school policy because of the lawyers), and then the ambulance charged $947.00 for a two mile ride to the hospital. So, fear of lawsuits, and then just the prices that medical providers charge -- that's where we could start.<br /><br />Another thing on raising the SS age limit. As Nance pointed out, it may theoretically make sense to raise the age ... but in real life you cannot get a real job when you're 60. They say it's not age discrimination. But it is. So there'd have to be a BIG change in employer attitudes before the age of eligibility is raised.Tomhttps://www.blogger.com/profile/08611148987085476580noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-48450949346007257972011-09-26T13:20:03.011-04:002011-09-26T13:20:03.011-04:00Thanks Tom, for venturing into these turbulent wat...Thanks Tom, for venturing into these turbulent waters and giving your opinion. <br /><br />WE all need to get brave (espec. Congress!!!) and get serious about problem solving. I share an exercise class with those over 65, and believe me, they understand fully how fortunate they were to be born at the right time to benefit fully from this system and Medicare. <br /><br />Let's face it, most members of Congress are millionaires, so it isn't really their problem.<br />The rest of us need to get smart and can any members of Congress who refuse to seriously work on fixing this system. Our futures depend on it!<br /><br />Laura Lee Carter, the Midlife Crisis Queen!Laura Lee Carter aka the Midlife Crisis Queenhttp://www.midlifecrisisqueen.com/noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-25718511422011532932011-09-26T13:00:48.100-04:002011-09-26T13:00:48.100-04:00Great shot across the bow to all those in denial. ...Great shot across the bow to all those in denial. The Ryan plan would not touch anyone now on SS or those nearing retirement. People under 50 would be affected. The idea is to increase the age to 70 to receive the full benefit and retain the age 62 for early retirement. Disabled would be able to go for DI. <br /><br />Also cap should be raised as you suggest. Other ideas such as taxing "all income" are intersting and important.<br /><br />When Bismark set up the German pension plan which has survived two world wars, he set the retirement age at 70. <br /><br />Another thought: As this is an insurance plan, we could raise premiums when life expectancy increased. <br /><br />Excellent piece and a good opening discussion. Now tackle the big problem.....Medicare. I dare you. Dianneschmidleysscribblins.wordpress.comhttp://schmidleysscribblins.wordpress.comnoreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-64585144040257166932011-09-26T11:46:02.510-04:002011-09-26T11:46:02.510-04:00Thoughtful post. I agree on the idea of a flat ta...Thoughtful post. I agree on the idea of a flat tax. I also think it's reasonable to have SSA benefits tied to income. If a person has a $100k income after retirement, does he need Social Security?<br /><br />On the other hand, if that person has the good income because they saved and spent carefully through the years, is it fair to limit their SS while still paying out full amounts to folks who earned good money but spent it all on leisure stuff?<br /><br />At the margin, there's controversy. But in general, the ideas you bring up are very sensible. Are we?Linda Myershttps://www.blogger.com/profile/05706455533282204519noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-35963847157728653412011-09-26T08:43:01.147-04:002011-09-26T08:43:01.147-04:00Replacing the regressive tax with a flat tax that ...Replacing the regressive tax with a flat tax that covers all (currently, income above $106,800 is not taxed) would cover 99 percent of the shortfall.<br /><br />Adjusting the cost-of-living formula to the "chained" formula that President Obama once recommended, and now opposes, would cover the other one percent plus a bit more.<br /><br />Eventually, when the Boomers pass from retirement to whatever awaits them at the end, the demographics will change back to a better worker-retiree ratio. So the problem is temporary in the very long run.<br /><br />This would have been an easy fix in Obama's first year when Democrats controlled Congress. However, the administration chose to push health care reform instead. With the ideological struggle and attendant paralysis we now have in Congress, even an easy fix to a societal problem is unlikely.<br /><br />The September/October issue of AARP The Magazine has a concise explanation of the problem and the effect of various reform measures.Dick Kladehttps://www.blogger.com/profile/11793395712483278104noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-3432266957261690142011-09-25T19:32:54.584-04:002011-09-25T19:32:54.584-04:00Re Problem 1: I would add that companies began lay...Re Problem 1: I would add that companies began laying off workers over 55 back in the nineties in huge numbers due to medical insurance costs and to cut down on pensions (which, of course, in the long run also contributed to the burden on Social Security). Today it is very difficult to get a real job at sixty. <br /><br />And it isn't just the physical labor jobs that are problematic over sixty. AT 63, I can neither stand for very long at a time nor sit for more than thirty minutes at a time due to arthritis. I had to leave a private psychotherapy practice because I couldn't sit...a job I thought I'd be able to do into my eighties! A desk job is not the answer for people like me; I need to be able to change positions frequently and at will. So raising the age requirement to 70 will put a number of people in a financial black hole.<br /><br />To your spine, sixty is not the new forty. Sixty is sixty to a hip joint or a facet joint or a lumbar disk.<br /><br />Lifting the ceiling is excellent, necessary. And Dr. McCoy's question? I'd like an answer to that one, too.<br /><br />Glad you've posted on this!Nancehttps://www.blogger.com/profile/15166865250789996825noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-90584205353747555052011-09-25T19:12:47.224-04:002011-09-25T19:12:47.224-04:00I think lifting the ceiling is a great way to solv...I think lifting the ceiling is a great way to solve the problem, "tax the rich" without making a distinction of who is rich. Everyone gets treated the same way--a flat tax as you say. Plus you are paying this increased tax while you are still earning an income and have the time to react in your own retirement planning (rather than having your benefits reduced when it's too late to do anything about it.) Plus you could probably even lower the rate from 6.2% to something lower and achieve more solvency simply by increasing the base. <br /><br />I am not opposed to raising the retirement age a year or two, for people for whom retirement is a long way off--so they have time to plan. Working longer is not the only solution, putting more into savings, both retirement and non-retirement accounts is another way to bridge the gap until you can draw on social security (you can generally tap into retirement accounts at 59 1/2 and non-retirement accounts any time you need them.)<br /><br />Great thought-provoking post.Retired Sydhttp://retiredsyd.typepad.comnoreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-27010519794468467022011-09-25T18:40:40.135-04:002011-09-25T18:40:40.135-04:00I think the whole thing about there not being enou...I think the whole thing about there not being enough money is a farce, created to make those right wingers who have a substantial income feel like their congress reps are actually doing something to help them save more money. It causes people to focus on seniors and the poor as areas to save money in and keeps people from looking closely at the real problems and where real money is being wasted such as on non-tax paying corporations, bail-outs, money given to corporations for nefarious reasons, low taxes on the wealthy, shall I go on. How about cutting subsidies to the agricultural industry? So much more money is spent on these things and many others that politicians don't what you to look at closely, and so they talk about social security and poor people on welfare. Give me a break!<br /><br />Some of us weren't able, for one reason or another, to have savings and so depend on social security for survival. Personally, my check pays the rent, utilities, and food and then I still have no money for one week at the end of every month. NO money. There are many many people in the same situation who paid into SS all their working life but had low incomes.<br /><br />Also, I've heard a lot of the more wealthy SS recipients say they don't need their checks and would not miss them. I'd say if you're making over $100,000 yearly, you don't need SS.Rubye Jackhttps://www.blogger.com/profile/02511953177053448513noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-87133355199409843282011-09-25T13:29:04.732-04:002011-09-25T13:29:04.732-04:00Excellent post with some great insights. I agree w...Excellent post with some great insights. I agree with you 100%, especially with regard to abolishing the wage ceiling. That's outrageous that a ceiling would even exist. And why is it none of the politicians mention the dramatic rise in payroll taxes to fund Baby Boomer retirements early in the Reagan years? What happened to that?Dr. Kathy McCoyhttps://www.blogger.com/profile/02903015507894951725noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-44340757507125111822011-09-25T10:26:28.698-04:002011-09-25T10:26:28.698-04:00Hello..coming by to visit your blogs.. nice one he...Hello..coming by to visit your blogs.. nice one here...Reanaclairehttps://www.blogger.com/profile/01716477622054835019noreply@blogger.com