2023 Social security increase highest in 42 years

People are living longer ... but from what I'm seeing the SS 2100 Act I mentioned above doesn't raise the retirement age ... which is currently 67, or 62 for early retirement.

 

But they take it of your check each week, even if you work till your dead.

 

I did not say create another welfare program. I actually proposed what you did. Only with the necessary teeth to fix it. But too many are not willing to like you said.

SS needs to be turned into an actual safety net for the needy. Like you said. But your solution is part of the problem. It fixes nothing and keeps redistributing from the younger generations to the older generations. With the neediest getting the least.

Why should a poor person have to work longer so you with 1 million dollars in assets can get something?

I say actually means test the thing. But with that work to lower the payroll tax burden. No reason employee/employer should be paying 6.2% each if we turn this into an actual safety net with real means testing. I don’t think we need to go back to where it started at 1%. But somewhere in the 3% range is probably about right. Now it will take a couple decades to transition.

That said I agree with you that my solution will not get passed and instead we will make our kids work longer to receive less. As your solution and all the solutions have done since the inception of SS. It really stinks for my peers and my kids peers who will live pay check to pay check so others can have an extra vacation when they get older while they have to work longer just to make ends meet and get an age we let them start getting some of their kids and grandkids money.

 

From 1935 to 1950…the max taxable was $3000. And the taxable amount was 1%.

Now we force the younger generations to pay 6.2% on $147,000.

You are spot on. It is a raw deal for the younger generations. That said. Many generations before have banked and made out like bandits.

 

I was always told that a good retirement plan was to get 1/3 of your income from SS, 1/3 from your pension plan and 1/3 from your savings. It is a good thing I inherited money because I would have never been able to live off that plan.

 

Too bad inflation is costing the average family $500 more per month.
Since the overspending Dems aren't real good at math, that means
folks are losing $354 monthly on average.

 

They are going to have to take the cap off of social security wages, even doing that may not be enough. I knew it wouldn't last because it's truly the definition of a ponzi scheme. I started planning on my 20's to not have to rely on any government "retirement.". So I am good to go when it implodes. Like someone mentioned earlier if I get any it will just be extra income, granted probably taxes at 90% hahahaha.

 

You will see it. Don’t worry about that. Your main worry will be that your monthly SS will buy you a gallon of milk, a carton of eggs, a loaf of bread every week. If you save your change, you will be able to buy a jar of Peanut butter and a jar of jelly overly third week.

 

Not all families are supported by a single retiree on social security.

https://www.ssa.gov/news/press/factsheets/colafacts2023.pdf

 

yep, but you can't find good peanut butter nowadays