Social Security question in the time of Covid...

[mitch96]

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]

1. i think that is the plan

but we won't see until after the election.

[doc03]

2. I don't think they would ever cut it on people that

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]

9. He knows exactly what it is for, because someone told him

and he got on board with the plan

[ooky]

12. I think they would cut it on people already receiving it

but not before the election. They are very evil.

[Hoyt]

3. If the economy falters long and bad enough, everything might take a hit.

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 wouldn’t worry at this point, other than to make sure Democrats get elected.

[Kaleva]

4. They will take out of the Trust Fund to make the payments.

[Amishman]

19. This, but this will be a significant hit to the long term solvency of the program

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.

[wishstar]

6. Social Security is based on amount of earnings, so having lower wages could lower one's eventual SS

"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]

10. 36 most recent years when I got it last summer

think about that. bad year this year? It gets averaged in with your 36 if you get in it the next 36 years.

[stopbush]

7. Dems want to increase the monthly SS benefit by $200 a month until

the end of 2021.

[former9thward]

8. No.

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]

11. Problem is that Republicans see our acceptance of it THEN and use it to justify

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]

14. " cutting it in other crises. Until after a thousand cuts. .."

Death by one thousand cuts...
I like your idea about the $125k limits... 1% ers can afford it...
m

[Lucid Dreamer]

13. Minimum retirement age will be set at 85. nt

[mitch96]

15. And you know this how? or just a shot in the dark.. nt

[Lucid Dreamer]

16. Sorry Mitch.

It was a facetious remark. Retirement at 85 will not be policy.

Note to self : Do not make attempts at humor after 1am.

[mitch96]

17. I'm real simple... a smily or emoji would help.... ;) Welcome to the funny farm... nt

[Lucid Dreamer]

18. Gotcha. B-) ... nt