OT: Big Time OT - Social Security

[Guest guest]

Hi Mary,

 

> Hey Butch and other interested folk,

>

> I wanted to send in my 2 cents worth about the Social Security issue.

>

> This was a big issue a few years ago. Bush wanted to allow folks to

> invest some of their own money, thereby reducing the burden on the

> social security fund. He didn't get very far with that, I'm happy to

> say. Most folks who would rely on social security wouldn't have the

> wherewithall to invest and would find themselves destitute in their

> old age.

 

Probably .. but I betcha that in time .. we will see a similar program

come along. Its sorta an IRA with a twist.

 

> There was another solution bandied about, which the politicians

> didn't give much consideration to. Currently, there is a threshhold

> at which income is not taxed for social security purposes. I'm not

> sure what that threshhold is, but let's say for discussion that it's

> $90,000. For those folks making less than that, they pay social

> security taxes on all of it. For those folks making more than that,

> the amount over is not taxed. If everyone paid social security taxes

> on all of their income, the fund would be solvent in a few years, and

> remain that way, if not accumulating an excess. The big argument

> against this is that social security benefits are capped, and the

> wealthy would be paying in more than they get out. So how about a

> compromise? Maybe say move the threshhold up to $200,000. But

> again, money talks in this country, and the politicians aren't going

> to risk alienating their contributors.

 

I remember that .. and you are right on that a compromise is needed.

The present max upon which SS is paid is $94,200 .. but it could be

raised .. as could the max amount of monthly benefits a worker could

draw in time .. cause its a bit like life insurance in that the insurer

is betting you will live and you are betting you will die .. it would

just be a reverse procedure with SS. ;-)

 

> I'm wondering whether this issue will be on the table in 2008.

 

Let us hope so .. I think that domestic issues will be in the forefront

then because they are about the only ones that a politician can make

promises on with any hope of fulfilling them.

 

But .. its sorta up to the folks in America to make it an issue .. we

need to write our representatives and tell'em its damn important to us.

 

> Mary

 

Thankee ma'am .. y'all have a gud'un .. and keep smiling. :-) Butch

 

>>This subject is totally out of the area this list is concerned with ..

>>but probably not totally out of the area the members are concerned with

>>and I am wondering (also Big Time) just how concerned the average

>>American citizen is about this problem. Living overseas as I do now, I

>>rarely get to discuss this with Americans. And as I am planning to

>>return to the USA early next year .. and planning to draw my SS shortly

>>after that .. and planning to depend on that SS to ensure I will be

>>able to continue mortgage payments on a home.