Convicted felon Donand Trump is coming for your Social Security, Medicare and VA Healthcare

[Doc]

3 hours ago, Chef Jim said:

The GOP eliminating SS was never an issue to begin with.  

 

Do you feel SS needs to be updated?  If so how? 

 

Shows what clowns they are.  Even in the most optimistic red wave scenario, the Repubs weren't going to get a veto-overriding majority. 

 

[Chef Jim]

4 hours ago, BillStime said:

Never an issue? Rick Scott’s 11 point plan was to sunset SS in five years. 

And if SS needs adjustments - I do not want the GOP anywhere near leading those changes.

 

Oh no!!!!!!! Sunset!  😱

 

You understand what that means regarding SS right?  Government sunsets things all the time. Trump’s tax cuts are set to sunset. 
 

If it needs adjustment?  If??  
 

What suggested changes would you make regarding SS?  

[BillStime]

11 hours ago, Chef Jim said:

Oh no!!!!!!! Sunset!  😱

 

You understand what that means regarding SS right?  Government sunsets things all the time. Trump’s tax cuts are set to sunset. 
 

If it needs adjustment?  If??  
 

What suggested changes would you make regarding SS?  

 

• Americans are living longer - raise the retirement age to 68 or 70.
• Do a recurring audit on SS - identify savings by addressing overpayments to beneficiaries.
• Make government smaller at both the federal and state level.
  • There is too much bloat and redundant spending:
    • Create a waste commission
    • Enforce spending caps
    • Dissolve towns and villages
    • Combine school districts and other government agencies, etc.
• Increase tax rate on the rich and corporate America.

 

 

 

[Chef Jim]

4 hours ago, BillStime said:

 

• Americans are living longer - raise the retirement age to 68 or 70.
• Do a recurring audit on SS - identify savings by addressing overpayments to beneficiaries.
• Make government smaller at both the federal and state level.
  • There is too much bloat and redundant spending:
    • Create a waste commission
    • Enforce spending caps
    • Dissolve towns and villages
    • Combine school districts and other government agencies, etc.
• Increase tax rate on the rich and corporate America.

 

 

 

 

First Bullet Point.  Are you talking FRA?  What about the ability to take SS at 62?  What about the 8% increase from FRA to 70?

Second Bullet Point:  You do realize that's why Scott wants to sunset SS right?  To force it to be looked at and revised on a regular basis

Third Bullet Point:  Good...good. Now let me ask you what will less spending on the state level do for SS?  You realize SS is a federal program right?  What do you mean dissolve towns and villages?  Explain this further on why/how and what this will do to bolster SS. 

Fourth Bullet Point:  Please explain how this will help SS? SS is not funded by corp taxes.

 

I'll give you an A for making an actual adult attempt at solutions but a D for how your ideas will help. 

[BillStime]

11 minutes ago, Chef Jim said:

 

First Bullet Point.  Are you talking FRA?  What about the ability to take SS at 62?  What about the 8% increase from FRA to 70?

Second Bullet Point:  You do realize that's why Scott wants to sunset SS right?  To force it to be looked at and revised on a regular basis

Third Bullet Point:  Good...good. Now let me ask you what will less spending on the state level do for SS?  You realize SS is a federal program right?  What do you mean dissolve towns and villages?  Explain this further on why/how and what this will do to bolster SS. 

Fourth Bullet Point:  Please explain how this will help SS? SS is not funded by corp taxes.

 

I'll give you an A for making an actual adult attempt at solutions but a D for how your ideas will help. 

 

Of course, only you have the solutions so let's hear them... 

 

 

 

[Chef Jim]

27 minutes ago, BillStime said:

 

Of course, only you have the solutions so let's hear them... 

 

 

 

 

I've given them before so I will give them again.  These all relate to SS directly whereas your ideas did not.  Interesting you didn't answer my questions regarding your ideas.  Very telling.......as usual.  

 

1.  Eliminate the ability to take SS at 62

2.  Raise the FRA to 68 and reduce the 8% increase in benefit between 68 and 70 to something like 5%.  For someone who's FRA is 66 if they wait until 70 currently that is a 32% increase in their benefit.  Too much 

        a.  Review FRA every 5 years and adjust that based on life expectancies.  Life insurance companies revised their mortality tables a few years back so can SS

3.  Increase the income threshold for for SS taxes.  There still needs to be a cap but I feel it's too low.

4.  Allow people to opt out of the plan altogether.  Maybe make it so they can only opt out if they have a qualified retirement plan and they are required to contribute the 6.2% to the plan and their employer's 6.2% goes in as a match.  We don't want them opting out and just spending it.

5. Change way COLA is determined.  It's based on CPI and seniors spending is way different than the typical worker.  This often skews COLA too high.  

Edited December 2, 2022 by Chef Jim

[Chef Jim]

I just did a calculation on my SS.  I have a 44 year work history.  Half of those year were not a lot of money due to working in restaurants.  However I took my average annual income and took 6.25% (my SS contributions) of that and calculated what it would be today.  I grew it at 9% which is about the 50 average ROR for the S&P 500.  It came to $1.3m.  If I drew 5% off of that and it averaged 5% I would earn $66k a year and leave my heirs the $1.3m principle.  What's the max SS annual check?  $40k is taken at FRA and $50k if taken at 70.

 

Now lets add my employers 6.25% match you can double those numbers.  Yup SS is a effing ripoff.  

[BillStime]

21 minutes ago, Chef Jim said:

 

I've given them before so I will give them again.  These all relate to SS directly whereas your ideas did not.  Interesting you didn't answer my questions regarding your ideas.  Very telling.......as usual.  

 

1.  Eliminate the ability to take SS at 62

2.  Raise the FRA to 68 and reduce the 8% increase in benefit between 68 and 70 to something like 5%.  For someone who's FRA is 66 if they wait until 70 currently that is a 32% increase in their benefit.  Too much 

        a.  Review FRA every 5 years and adjust that based on life expectancies.  Life insurance companies revised their mortality tables a few years back so can SS

3.  Increase the income threshold for for SS taxes.  There still needs to be a cap but I feel it's too low.

4.  Allow people to opt out of the plan altogether.  Maybe make it so they can only opt out if they have a qualified retirement plan and they are required to contribute the 6.2% to the plan and their employer's 6.2% goes in as a match.  We don't want them opting out and just spending it.

5. Change way COLA is determined.  It's based on CPI and seniors spending is way different than the typical worker.  This often skews COLA too high.  

 

Great ideas.

 

Question with number 4 - isn't the main issue with SS today that boomers are living longer and had fewer kids; thus not enough people contributing to SS?

[Chef Jim]

12 minutes ago, BillStime said:

 

Great ideas.

 

Question with number 4 - isn't the main issue with SS today that boomers are living longer and had fewer kids; thus not enough people contributing to SS?

 

Yes.  It's a massive ponzi scheme.  Why I didn't have kids.  To ***** you over on your SS.   LOL  

 

But that is one of the biggest challenges of planning.  People outliving their money.  Our grandparents retired at 65 and died at 72.   I've recently changed most of my plan assumed age of death from 95 to 100.  

 

But look at me follow up post.  The amount of money we've all put into SS along with our employers contribution shows a major mishandling of funds.  My wife just said we should sue the government for misappropriation of funds.  LOL 

[BillStime]

1 minute ago, Chef Jim said:

 

Yes.  It's a massive ponzi scheme.  Why I didn't have kids.  To ***** you over on your SS.   LOL  

 

But that is one of the biggest challenges of planning.  People outliving their money.  Our grandparents retired at 65 and died at 72.   I've recently changed most of my plan assumed age of death from 95 to 100.  

 

But look at me follow up post.  The amount of money we've all put into SS along with our employers contribution shows a major mishandling of funds.  My wife just said we should sue the government for misappropriation of funds.  LOL 

 

lol - you should - class action suit.

 

[Chef Jim]

7 minutes ago, BillStime said:

 

lol - you should - class action suit.

 

 

Slippery slope man, slippery slope.  They misappropriate every dollar they touch not just SS.  

[Doc]

What about increasing the wage base?

[Chef Jim]

22 minutes ago, Doc said:

What about increasing the wage base?

Increasing the wage base?  You mean the level where income is no longer subjected SS tax?   If so I mentioned that. 

[Doc]

7 minutes ago, Chef Jim said:

Increasing the wage base?  You mean the level where income is no longer subjected SS tax?   If so I mentioned that. 

 

My bad.

[BillStime]

Irony is dead

 

 

[T master]

On 12/2/2022 at 9:13 PM, Doc said:

What about increasing the wage base?

 

If they could find people that were willing to work rather than look at their texts & play games on their phones while at work it would be a good thing but while I was in Lowes the other day & saw  more than 1 employee walking down isles starring at their phones instead of working .

 

But all hell would break lose if they were told they had to turn their phones off while at work OMG !! 

 

It is something that needs to be addressed .

[BillStime]

 

[Tommy Callahan]

Lets just leave it as it is, so it collapses or becomes insolvent vs fixing the issue with the trust being a slush fund for pet projects.

 

 

 

 

[SoCal Deek]

I distinctly remember when Joe Biden proposed slowly raising the retirement age during a presidential primary debate many many years ago. I thought it was a good idea then, and I still do today. 

[BillStime]