![]() No dollar of earnings above the cap is taxed. What did the trustees fail to anticipate? How much income would be going to the top.Ī big part of the American working population today is earning less than the Social Security trustees anticipated years ago - reducing revenue flowing into the program.Īt the same time, a much larger chunk of the nation’s total income is now going to the top compared to decades ago.īut income subject to the Social Security payroll tax is capped. That change is helping finance the boomers’ retirement. This is why Social Security was amended back in 1983, to gradually increase the age for collecting full retirement benefits from age 65 to 67. The Social Security trustees anticipated the boom in boomer retirements. ![]() Why? It’s not the reason that many seem to think.īoomer retirees like me might be soaking up some sun, but we’re not soaking up all of the program’s funds. After that, Social Security will only be able to dole out roughly 77 percent of benefits. The trustees of Social Security - of which yours truly was once a member back when I had thicker hair - say the program will only be able to pay full benefits until 2033. It’s going run out of money before you can ever receive it if the rich don’t start paying their fair share. Social Security is one of the most popular and successful government programs ever created, not only helping retirees - but it’s also keeping 26 million people out of poverty. Social Security is still helping us oldies enjoy our golden years - but only for so long. It’s not just because too many boomers like me are retiring. Here’s the real reason Social Security is in danger that nobody’s talking about. How the Super Rich Are Killing Social Security
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