If the politicians had any courage or love for this country they could come together and fix social security in an afternoon. It would gore everyone's ox a little but would do the job.
1. For all persons under 60 years old the date when social security payments can begin at whever lever would be increased by one month for every year a person is less than 60. As an example a 48 year old would have social security put off by one year and a 36 year old by two years.
2. For future generations the relationship between social security eligibility and life expectancy would be maintained so thet as life expextancy, defined at ones 16th birthday increases or decreases so would the date of social security eligibility.
3. A additional retirement fund would be created allowing for volentary contributions which would be invested in government bonds earning 80% of market rate. The earnings would grow and be withdrawn tax free and be guaranteed. The below market rate helps the government and the guarantee and tax free status benefit the worker.
4. The annual cost of living adjustments would be reduced to be only 2/3 of what they are currently indicated to be.
5. The annual tax would be increased by .25% but only levied on the worker and not the business.
6. The ceiling for social security taxation would be increased by 50% so that more of ones income is subject to the tax., This too would be only to the individual and not the business.
7. Disability income would not be paid from social security sources until normal retirement ages. It would be accounted for in a different manner. In addition disability would be redefined. Yesterday I saw a person with MS and having a difficult time walking wearing a uniform and working. If people can work in wheelchairs and with dibilitationg diseases then those with bad backs, knees and hips can do so too. Many of the "retired" people I meet made their retirement occur by becoming disabled. It's a shame and a sham.
8. Survivor benefits for minor children and surviving spouses should be paid from a different source than social security until normal retirement age would have been reached.
In short, the problem could be easily fixed if we used some common sense and increased revenue, reduced payouts, increased benefit eligibility age and stopped the improper give aways. If an insurance company ran social security there would be no crisis because you would get what the market provided based on your contribution. Why can't the politicians fix this? It isn't that complicated.
Thank you mysonchino, best of luck to you and all your endeavors, you are very intelligent and I enjoy your comments as well as all the posters here and always look forward to reading this board, I'm a more savvy investor because of the wealth of investing information on this board, thanks to all you guys.
Now I hope I will make mostly correct investing decisions, that's the hard part!
I hope you don't think I was picking on you, but before you posted about the Costa Ricans being social, happy, and poor, I read a few studies regarding HPV and Costa Ricans and thought that being on that "happy" island instead of the U.S. is no panacea with the high disease rate they have, and unfortunately, I think the U.S. is following suit, but the U.S. taxpayers will end of paying for it, like the money that will be spent on Obama's new AIDS strategy.
I'm trying to be pro-active in educating myself and others (politicians, children, teachers, etc) about the dangers of HPV and how easily it's being spread, there is so much ignorance out there regarding HPV, most people think I am talking about HIV (Aids) when I bring it up. The U.S. government is not protecting their citizens against HPV, the leading cause of cancer, they have an "obesity" platform instead.
I will admit that I am a glass half full person, but my feelings are a reflection of how our world has changed since I was in high school, and many of the freedoms we used to enjoy are a thing of the past. Today a couple can't even share a kiss safely without both of them being injected with a HPV vaccine that has side effects and is not 100% effective anyway! Even though I am 57, many people, men and women, mistake me for being in my 30's or 40's, so I am hit on a lot by guys, but I would never risk what's left of my good health after all my orthopedic problems just to go on a date, no way.
I usually don't complain about my social security disability benefit amount, but to have a S.S. freeze in payments for three years, when my property taxes are going up again, and having low yield CD's cut down my income to pay for people who purchased ARM's they couldn't afford, doesn't seem quite fair from my perspective. It's not my fault that a work injury forced me out of the work force too early, and now I am struggling to make ends meet, this was the catalyst for my investment in ADVDX, more monthly income. I understand you are criticizing the government scammers and not the truly injured or diseased people on disability who really deserve benefits. Did you realize that most of the time the hardest, most diligent workers are the ones who get injured?
That's the reward I got for being such a hard worker; chronic pain, permanent disability, and much less money to live on!
Before I retired I worked with Power Point, Excel, engineering software programs like Aperture, etc. I bet most of those jobs are gone now, even when I worked 10 years ago, my company was taking more and more of my job responsibilities away and allowing management to do it themselves, which resulted in the downsizing of my job title.
If I had to do it all over again, I would choose a field that directly helps people, like being a nutritionist, or work with children, something along those lines.
Since retiring, I've given as much time to the young children in my family and neighborhood (helping with homework, reading, computer literacy etc.) as my disability allows.
I am beginning to think you are a glass half full person. And, I am talking apples anmd you want to talk car tires. Of those in the US that have a wonderful life many yearn for the same thing. More.
When people begin to understand that enough is enough they will be able to be happy without STDs in their life. It's time for everyone to "buck up" and figure out what is important in their life. In many societies the government help provided Americans is not available in any way shape or form. Many Americans recieve this aid by scamming the government and many who recieve it are unhappy because it is not enough. That is my point everyone's expectations are out of whack. We have become a country of whiners who expect the government to even out the bad breaks in our life rather than look at the end of our own 2 arms for a solution.
A personal question and not intended to be negative: If you lost your disability income what would you do? Why don't you do some of it now? Almost everyone can do a little more or have a little less than they do today and small contributions by many can solve large problems.
Good luck to you and I hope all is and continues to be well.
Sorry about your disability davcot, I have some of those symptoms you describe because of my neck and back injuries; vertigo, dizziness, and loss of balance, along with the chronic pain. Good luck on your hearing procedure, I'm sure you are in good hands in L.A., I've been to Ca. several times in the past visiting family, I love L.A. and San Diego.
Actually, on balance, you have some good ideas. There is a fair amount of deception and skamming going on with regard to disability claims.
Those who are truly disabled should receive assistance. Many can be re-trained in a less physical occupation. And then there are those who are simply gaming the system.
I particularly like your cost of living "re-adjustment" and the gradual escalation of the retirement age. Raising the cap on wages would also help. Why should someone making a million dollars a year pay the same SST as someone making $103K? Medicare removed it's cap years ago. Of course the more you pay in the more you get back.
Bonzo Good points. My point is that if everyone contributes a little to a solution it is possible without tremendous sacrifice. Being angry with the government is not productive. Vote the rascals out but take responsibility for a solution.
We have been living a lifestyle we have not paid for for the last 25 years. This is simply an economic fact.We have to start to live a life we can afford and that will be a life of less consumption than our recent history.
I just read that Costa Rica is the 6th happiest country in the world. Far happier than the US. They are poor. They have social networks, expectations that are being met and they are happy. I tryly believe that the things in the US are better than better for most people than they are in Costa Rica but we are not as happy. Could it be unrealistic expectations?
We have more now than we did when we were kids and yet we are less happy as individuals and less solid as a society than we were then. But now we wnat even more. There in is the problem.
SURE, THE YUNG'UNS WIL LOVE YOUR IDEAS. What are you smoking in the afternoons? AM posts seem brilliant.
Maybe its just some gas buildup