Not even close. Buying treasuries that earn below inflation returns is a terrible preparation method for 12% of your income.
So, retirees have no control over that. You are saying they didn't "prepare" for retirement but all working Americas have prepared, to some degree. Getting what the social security system said they would pay you, after paying in yourself of decades, isn't asking other people to take of you. Not even close. And I'd be fine with finding a better way to invest the SS funds, BTW.
When I started working as a teen in the 70s I don't remember the box to check to opt out of SS and opt into a self-directed investment plan. If I had, I would be far better off. Without that option I am immune to criticisms of taking money from my children and grandchildren.
No, involuntarily having someone else take your money and manage it poorly is not preparation. Preparation involves purposefullyband actively planning for a future event, for example saving and investing what you can for retirement. Now, had the people who rely on SS taken an active role in enduring their investment was well managed I'd count that as preparation. But they didn't, they just coasted.
I am absolutely willing to fix the system by means testing where many of us get nothing. And in the process lower the payroll tax burden over time. Are you willing to?
I already posted about the Social Security 2100 bill ... you're version of a "fix" is turn it into welfare. No thanks. Do better.
No, why should we get nothing for 12% of our lifetime earnings? Increase the tax cutoff from 125k, which to be honest isn't a ton of money in 2022. I'm fine with paying more for a permanent fix.
Unfortunately neither party has the backbone to do it. So we get things that do not fix the problem like WDG and his 2100 thing that he admits is not a fix.
Unfortunate reality of the program. And not everyone should get nothing. And the idea should be to lower the payroll tax burden to create a revenue neutral program to help those that cannot help themselves.
I disagree. When I think about retirement, I'm absolutely factoring in a SS check along with some passive income and rental properties. I paid into it under the terms that it acted like a pension plan, and I want it back. But it's ridiculous to say people who rely on solely SS "didn't prepare" ... they worked, they paid into the system, it may have been all they could afford. There are so many people in this country who are paycheck to paycheck and can't afford to be the Warren Buffets you think they should be. This is why I oppose Qgator's Ideas. Turning SS into a straight up welfare program like he wants will just give people like you more Ammo to shit on those people who get their "welfare" and say they "didn't prepare, they should have prepared, why do I have to pay for them?".
Who doesn't feel like they are getting a pay increase once you pass that $125k threshold? I don't know what the answer is, but with young couples these days either putting off having kids, or deciding altogether to not have any at all, they won't have anyone paying in for them to collect.
Thinking like this is why it won't be fixed. I'm not willing to create another welfare program so even more than the already staggering 50% of earners don't pay income taxes. I'd rather the program go broke so every single politician is out on their butt come election time. If you want it fixed you'll need concessions from both sides. I'd be willing to vote for someone who wants to raise the cap, raise the age of SS a couple years to account for higher life expectancy, and even slightly cut benefits for those who have, let's say 2M in retirement assets. Anything else and I'll vote against them. I'm tired of solutions based on either forcefully giving away my money or making life harder for lower income people. How about a solution based both on asking for a bit more of my money and making sure the truly needy get help?
