Social Security changes planned if Nikki Haley wins election. Haley said she would raise the age at which younger Americans would become eligible for Social Security benefits if she wins the presidency. She said said people in their 20s can expect to work longer.
by mafco
12 comments
As a millennial we should assume SS will not exist for our retirement. Get your 401k/IRAs and assume SS is just a tax like any other
The only candidate I have seen who is willing to propose ideas to fix SS. The rest just kick the can down the road.
Doing nothing is a policy position and in my opinion it is a bad policy position. This was the policy of every administration for decades. Except for the few times where there was a pause/decrease in FICA which only contributed to the problem.
Edit: on second thought I do remember Bush wanting to allow us to put a portion of our SS into the market. Like the smart Nordic countries do. In retrospect that would have worked out quite nicely despite the fearmongering at the time about market uncertainty
> She said said people in their 20s can expect to work longer.
Sure. If they don’t get laid off from every godforsaken company in this land of dreams.
Meanwhile Biden wants to lift the income cap on SS contributions for income over $400k/yr instead of cutting benefits.
Social Security was designed for people at age 65 when life expectancy was 65. Take care of yourself, plan for yourself, until you are expected to die, and if you live longer, then the government would help you – that was the basis of the program. Now the average life expectancy is 77; many lower earners choose to take social security at 62, by which the average earner has only contributed an amount equal to 6.5 years of benefits, far less than being able to meet the average 15 years remaining on their lifespan. Math says something needs to change. We’ve raised the taxes many times, we’ve raised the “full age” to 67, but many workers still chose to retire as early as 62 – I think for younger workers, I’ll throw myself in my 30s in there, both those numbers need to change, early should be 65, full should be 72. Every extra $100 the government taxes on a 30 year old is $3,000 they could have had at retirement if that money was invested instead of taxed away. For an 18 year old, that $100 is nearly $10,000. Individuals aren’t dumb, they will revolt if the only answer is taxes. Age must play a factor.
People in their 20s? If Republicans get their way, they’ll have everyone drop out of middle school and start working at 12.
FTFY just the last sentence: She said said people in their 20s can expect to work all their life and never retire.
Nikki didn’t actually say it, but that the plan. And never raise federal minimum wage again.
There’s a sure fire way to not win
It has to be done realistically. People are living a lot longer now days.
Or, and just hear me out, Bezos and Musk could start paying SS taxes and we could all retire at 50.
I bet a lot of boomers think this is great news.
By law, Social Security cannot contribute to the federal deficit, because it is required to pay benefits only from its trust funds. Those, in turn, are funded through a dedicated payroll tax that is a percentage of income which is split evenly between employees and employers
The program’s revenue and expenses are accounted for through two federal trust funds that have operated with large and growing surpluses in recent years. By law, Social Security must invest these surplus funds only in special-issue U.S. Treasury notes, which have the same full faith and credit guarantee as any other federal bond.