Loc: Pinellas Park, Florida
Originally Posted By: yoyo52
The SS cut-off has never made sense to me. Or for that matter the fact that SS is not means tested. I think I've said this some time ago, but I can't believe that Bill Gates will be getting a SS check when he turns 65 or whatever age it is for him. I don't care what he does with it, or whether he burns the check instead of cashing it. It's absurd that the gvt. even considers sending it to him.
I won't hold my breath waiting for him to create jobs with it either.
Well I definitely think the ceiling needs to be raised on the income taxed. . . maybe to $1 million or more. That will make it solvent for 100 years !
And I agree it does need to be means tested, but how exactly do you do that ? Retired people have no salary ! Do you do it off net worth ? What's the limit ? Say someone has $1 million in assets in retirements funds - should they be cut off ? Remember those retirement funds must last 20-30 years!
I do think if you've got >$5 million you don't need it since the max per month is about $3000. Maybe set a limit of $2-3 million for 100% SS and make it graduated to phase out at ~$5 million... so if you have $4 million estate- you get 50% . . . etc...
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