Yes, there are actually 96 retirement ages for Social Security (one for each month between 62 and 70). “Raising the retirement age” is a euphemism that means cutting benefits. The actual retirement age would not change. But the amount of benefits received at each existing retirement age would be reduced.
It’s interesting that everyone seems to be on board with calling “benefit cuts” something else. A rose by any other name would not smell just as sweet, apparently.
Ponzis can’t last forever
Uncap the maximum Soc Sec tax for contribution.
Once the lower levels of a pyramid funding model stop growing fast enough to sustain the illusion, it becomes easier to see the fundamental mathematical problem with “PAYGO.”
This is a classic & chronic problem of all Ponzi Schemes.
The fact remains that there is not enough money coming in to pay all the benefits going out. The only solution will require benefits to be cut either by increasing contributions of reducing benefits.
If you make more than about $75,000 you never get the full benefit of your contributions and if you make less than $75,000 your benefits are MORE than your actual contributions.
5 comments
Yes, there are actually 96 retirement ages for Social Security (one for each month between 62 and 70). “Raising the retirement age” is a euphemism that means cutting benefits. The actual retirement age would not change. But the amount of benefits received at each existing retirement age would be reduced.
It’s interesting that everyone seems to be on board with calling “benefit cuts” something else. A rose by any other name would not smell just as sweet, apparently.
Ponzis can’t last forever
Uncap the maximum Soc Sec tax for contribution.
Once the lower levels of a pyramid funding model stop growing fast enough to sustain the illusion, it becomes easier to see the fundamental mathematical problem with “PAYGO.”
This is a classic & chronic problem of all Ponzi Schemes.
The fact remains that there is not enough money coming in to pay all the benefits going out. The only solution will require benefits to be cut either by increasing contributions of reducing benefits.
If you make more than about $75,000 you never get the full benefit of your contributions and if you make less than $75,000 your benefits are MORE than your actual contributions.
Whatever it takes we need to fix it.