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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSocial Security question in the time of Covid...
So not to be a debbie downer......... but if SS is paid for by payroll tax..... and b/c lots of people are not working and there for not paying payroll tax.....
Do you think the Gub'ment might decrease the amount of money we get???
Just thinking out loud...
m
rampartc
(5,435 posts)but we won't see until after the election.
doc03
(35,364 posts)already receive SS. But I think Trump said something about eliminating the payroll tax he probably doesn't know what it is for.
If he gets reelected all bets are of on SS.
moonscape
(4,673 posts)and he got on board with the plan
ooky
(8,929 posts)but not before the election. They are very evil.
Hoyt
(54,770 posts)But, it would have to be so severe Depression like with deflation, that a cut might not make much difference.
I do think this moves us closer to the point where the automatic cut projected for early 2030s may occur sooner than thought.
I wouldnt worry at this point, other than to make sure Democrats get elected.
Kaleva
(36,342 posts)Amishman
(5,559 posts)Pensions are going to be crushed by this.
Very little contributions going in from those working
Losses on fund investments in stocks
Still full payments going out
Most funds assume a high rate of return on investments and the likely imminent recession will hurt that too.
Response to mitch96 (Original post)
elocs This message was self-deleted by its author.
wishstar
(5,271 posts)"Social Security benefits are calculated based on the 35 years of your career in which you earn the most. If you haven't worked for at least 35 years, zeros are averaged into the calculation, which will lower your payout"
Therefore people who retire with with less than 35 high years of earnings could face computation of lower SS benefit if they end up with a zero or lower year of earnings as part of their 35.
Captain Zero
(6,823 posts)think about that. bad year this year? It gets averaged in with your 36 if you get in it the next 36 years.
stopbush
(24,396 posts)the end of 2021.
former9thward
(32,077 posts)The payroll tax has been eliminated in the past. Most recently by President Obama in 2011-12. Nothing happened to SS or will happen to it.
Captain Zero
(6,823 posts)cutting it in other crises. Until after a thousand cuts. ...
Still The easiest way to fund SS in perpetuity is to lift the cap currently around $125k.
Once someone earns 125k in a year they stop paying the payroll tax.
I've always said put a hole in it.
Once a person reaches $125 k they don't have to pay in for the rest of that year.
But if they reach 250k or 300k they start paying in again.and on all income after that.
That would fund it FOREVER. And make increases in benefits and expansions of it possible.
mitch96
(13,924 posts)Death by one thousand cuts...
I like your idea about the $125k limits... 1% ers can afford it...
m
Lucid Dreamer
(584 posts)mitch96
(13,924 posts)Lucid Dreamer
(584 posts)It was a facetious remark. Retirement at 85 will not be policy.
Note to self : Do not make attempts at humor after 1am.