Thebrownblob
Well-Known Member
Thanks, Dave
Is the UPS Teamsters Pension like Gold?
- Thread starter Over70irregs
- Start date
I think it's about time for me to start reporting your posts buddy
Thebrownblob
Well-Known Member
Thank God
Wally
BrownCafe Innovator & King of Puns
It's the law.
All excess SS funds must be invested in interest-bearing special-issue bonds. In other words, if Social Security brings in X amount of revenue, and the amount it pays out for benefits and administrative expenses in a given year is lower than X, there's going to be a surplus of money that's collected. This extra money, known as Social Security's "asset reserves," is required by law to be invested in special-issue bonds.
I'm talking about the current FICA which combined with Medicare in 15.30% split equally (7.65%) between employer and employee and has been in place for around 40 years. You're talking about the inflation adjusted maximum income subjected to FICA.
You can't raise a tax because it's going to be counterproductive
They need to maybe slightly trim benefits and start raising a age limit a little bit just like many other foreign countries have done
What'dyabringmetoday???
Well-Known Member
Some can. And not necessarily milking out a UPS route!
Wally
BrownCafe Innovator & King of Puns
Don’t Bust the Cap
Social Security’s deepening funding shortfalls are driving the system’s trust fund to within a decade from insolvency, which would mean an immediate 23% reduction in benefits. Social Security’s program deficits—which budget experts have warned for decades would occur as the 74 million baby...
manhattan.institute
Don’t Bust the Cap
Social Security’s deepening funding shortfalls are driving the system’s trust fund to within a decade from insolvency, which would mean an immediate 23% reduction in benefits. Social Security’s program deficits—which budget experts have warned for decades would occur as the 74 million baby...
manhattan.institute
Conclusion
Social Security’s growing shortfalls and looming trust-fund insolvency require the consideration of a broad range of savings policies. No single policy—including lifting the Social Security tax cap—can fix the entire shortfall without the need for other savings proposals. And while fully eliminating the cap could close half the long-term shortfall, advocates should note that such a policy would dramatically raise taxes not just on the rich but also the upper middle class. It would also rob nearly all other progressive priorities (and the larger Medicare shortfalls) of their largest potential tax-the-rich funding mechanism—all to ensure that (mostly) wealthy baby boomers receive benefits vastly exceeding their lifetime contributions to Social Security. Generational equity requires scaling back the unaffordable promises made to current and future retirees, rather than maxing out the taxes on working families.
Red Devil
The Power of Connected
I know…I see them every night having dinner while I am bringing their packages…
newfie
Well-Known Member
The tax will likely be raised. When you think about how companies are striving to eliminate the human factor from it's operations as much as possible a gradual increase in the tax should not have a significant overall impact.
A good example that came out just the other day was when Walmart announced plans to build 6 fresh food distribution facilities that will use only a fraction of the labor older facilities use.
What they never say is in 2035 the oldest Baby Boomers will be 89. The youngest will be 71. A large percentage of that population will be dead.
Don’t Bust the Cap
Social Security’s deepening funding shortfalls are driving the system’s trust fund to within a decade from insolvency, which would mean an immediate 23% reduction in benefits. Social Security’s program deficits—which budget experts have warned for decades would occur as the 74 million baby...Conclusion
Social Security’s growing shortfalls and looming trust-fund insolvency require the consideration of a broad range of savings policies. No single policy—including lifting the Social Security tax cap—can fix the entire shortfall without the need for other savings proposals. And while fully eliminating the cap could close half the long-term shortfall, advocates should note that such a policy would dramatically raise taxes not just on the rich but also the upper middle class. It would also rob nearly all other progressive priorities (and the larger Medicare shortfalls) of their largest potential tax-the-rich funding mechanism—all to ensure that (mostly) wealthy baby boomers receive benefits vastly exceeding their lifetime contributions to Social Security. Generational equity requires scaling back the unaffordable promises made to current and future retirees, rather than maxing out the taxes on working families.
Thebrownblob
Well-Known Member
Over70irregs
Well-Known Member
Let them figure it out. Do your thing for you.
Don’t Bust the Cap
Social Security’s deepening funding shortfalls are driving the system’s trust fund to within a decade from insolvency, which would mean an immediate 23% reduction in benefits. Social Security’s program deficits—which budget experts have warned for decades would occur as the 74 million baby...Conclusion
Social Security’s growing shortfalls and looming trust-fund insolvency require the consideration of a broad range of savings policies. No single policy—including lifting the Social Security tax cap—can fix the entire shortfall without the need for other savings proposals. And while fully eliminating the cap could close half the long-term shortfall, advocates should note that such a policy would dramatically raise taxes not just on the rich but also the upper middle class. It would also rob nearly all other progressive priorities (and the larger Medicare shortfalls) of their largest potential tax-the-rich funding mechanism—all to ensure that (mostly) wealthy baby boomers receive benefits vastly exceeding their lifetime contributions to Social Security. Generational equity requires scaling back the unaffordable promises made to current and future retirees, rather than maxing out the taxes on working families.
Wally
BrownCafe Innovator & King of Puns
That age group will kill the Medicare budget.
Over70irregs
Well-Known Member
Socialize medicine
newfie
Well-Known Member
the best medicine is to keep working out. Retired is no good if your quality of life sucks.
I'm working till I'm 85 then...
Great advice.
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