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Did you miss the part about SS and Medicare are paid for on an ongoing basis? You really should keep those separate as they pay for themselves plus a (decreasin

Did you miss the part about SS and Medicare are paid for on an ongoing basis? You really should keep those separate as they pay for themselves plus a (decreasing) surplus. The remaining items are paid for with other taxes, mostly individuals. With including income expenses are pointless. I have paid and am paying into SS and Medicare my whole life, call it an old dole is pretty inconsiderate.

catawbasam 9y ago
Nope. Boomers are taking out $1 million more per head than they put in. See e.g. https://www.ssa.gov/policy/trust-funds-summary.html https://www.ssa.gov/policy/trust-funds-summary.html: "The projected actuarial deficit for the combined trust funds over the next 75 years is 2.66 percent of taxable payroll, which is slightly less than last year's projected deficit of 2.68 percent. As a share of the economy or gross domestic product (GDP), the actuarial deficit over the next 75 years is projected to be 1.0 percent."
- coldcode 9y ago
  Currently the max payout is 2,639 per month. In order to get $1M you would have to live to age 97. That assumes you never put anything in. The average lifespan is only 13 years past 65. I don't know what kind of math that is but its misleading.
valuearb 9y ago
You haven't paid enough.
- pishpash 9y ago
  Nobody pays enough. SS is pretty darn generous. Get ready for 50% SS tax when more people retire and the workforce shrinks, or substantial means testing. One or the other will happen.
- catawbasam 9y ago
  People are going to have to work longer, including people like me.
rm_-rf_slash 9y ago
I reserve my right to be bitter about social security until I see politicians raise the income tax cap and ensure the system is properly paid in for generations to come. Otherwise, as far as it looks right now, the system is going to crash under its own weight. Not today, not in 10 years, but perhaps in the 40 years between now and my supposed retirement. Senior voters never seem to raise a stink about this. As long as politicians from both parties promise never to cut SS/Medicare, that seems to be enough to get their votes and send them home.

catawbasam 9y ago

Nope. Boomers are taking out $1 million more per head than they put in. See e.g. https://www.ssa.gov/policy/trust-funds-summary.html https://www.ssa.gov/policy/trust-funds-summary.html: "The projected actuarial deficit for the combined trust funds over the next 75 years is 2.66 percent of taxable payroll, which is slightly less than last year's projected deficit of 2.68 percent. As a share of the economy or gross domestic product (GDP), the actuarial deficit over the next 75 years is projected to be 1.0 percent."

coldcode 9y ago
Currently the max payout is 2,639 per month. In order to get $1M you would have to live to age 97. That assumes you never put anything in. The average lifespan is only 13 years past 65. I don't know what kind of math that is but its misleading.

valuearb 9y ago

You haven't paid enough.

pishpash 9y ago
Nobody pays enough. SS is pretty darn generous. Get ready for 50% SS tax when more people retire and the workforce shrinks, or substantial means testing. One or the other will happen.
catawbasam 9y ago
People are going to have to work longer, including people like me.

rm_-rf_slash 9y ago

I reserve my right to be bitter about social security until I see politicians raise the income tax cap and ensure the system is properly paid in for generations to come. Otherwise, as far as it looks right now, the system is going to crash under its own weight. Not today, not in 10 years, but perhaps in the 40 years between now and my supposed retirement. Senior voters never seem to raise a stink about this. As long as politicians from both parties promise never to cut SS/Medicare, that seems to be enough to get their votes and send them home.