Thread: Raise cap on Social Security payments

Opinion

Roundup: Raise cap on Social Security payments

It makes no sense that personal income subject to the Social Security tax is capped. Highly paid athletes and CEOs pay only $6,622 yearly toward Social Security. Even raising the ceiling from $106,800 to $200,000 in yearly earnings would add to the fund to help pay benefits.

Where are the jobs for older workers — or even young ones — going to come from? Not all of us are going to make millions of dollars a year.

Arleen Kaizer; Scottsdale, Ariz.

http://www.usatoday.com/news/opinion/le ... _ST2_N.htm

As everyone knows, or should know, Social Security was never meant to be any-one's only source of income in their retirement years.
Everyone was supposed to set aside some of their money to take care of themselves in their old age.
Those who don't plan ahead are left holding the bag, and often blame the government for the problems that they cause themselves.

I agree. In fact, it should be capped much higher than 200K. That would provide some funds. Also, employers that pay low wages should have to pay extra SS tax towards their employees retirement. My reasoning for this is that, by paying low wages, they are contributing to the lack of funds in the SS system. And many of these employers could afford to pay more, they just dont do it. The extra tax could be based on the employer's gross revenue and other factors. For instance, if their lowest paid employee is making the minimum wage, but their CEO is making billions and has a private jet....hit em with the extra tax. I am not talking about small mom and pop businesses. The large corporations are very top heavy when it comes to paying their employees. And the few at the top suck up all the money...but then the amount they pay is capped. And the lowest paid dont pay much because they are not paid hardly anything. So I say put an extra tax on the companies that have this disparity. They are contributing to draining SS funds.

Originally Posted by JohnDoe2

As everyone knows, or should know, Social Security was never meant to be any-one's only source of income in their retirement years.
Everyone was supposed to set aside some of their money to take care of themselves in their old age.
Those who don't plan ahead are left holding the bag, and often blame the government for the problems that they cause themselves.

Yes but some people are paid such low wages that they are lucky to eat, let alone plan for retirement. They are not able to set aside money. And even if they do manage to set some aside, if they get laid off it goes to living expenses and they are back at square one again. SS was only meant to pay for the bare necessities of life so older people would not become homeless or starve. It was only meant to cover housing and food and lights...that is it. Which is a good thing....it is basic needs. But things were different then. A person could get a job and stay at that job and build something over a lifetime if they were careful with spending. Not so true anymore.

Originally Posted by JohnDoe2

As everyone knows, or should know, Social Security was never meant to be any-one's only source of income in their retirement years.
Everyone was supposed to set aside some of their money to take care of themselves in their old age.
Those who don't plan ahead are left holding the bag, and often blame the government for the problems that they cause themselves.

Comments like this don't make those of us who have seen our good paying jobs disappear into Mexico feel good. Let's see how you feel when you feel the reality of retirement age.

Originally Posted by alleycat

Originally Posted by JohnDoe2

As everyone knows, or should know, Social Security was never meant to be any-one's only source of income in their retirement years.
Everyone was supposed to set aside some of their money to take care of themselves in their old age.
Those who don't plan ahead are left holding the bag, and often blame the government for the problems that they cause themselves.

Comments like this don't make those of us who have seen our good paying jobs disappear into Mexico feel good. Let's see how you feel when you feel the reality of retirement age.

I agree alleycat. To plan for retirement, you need to have stable employment. Even if it is not high paying....if it is stable you can make some headway over a life time. But to really plan well for retirement takes a stable decent paying job....and we just dont have those anymore. It is easy to say "plan ahead"...plan? Plan with what?

Originally Posted by alleycat

. . . Let's see how you feel when you feel the reality of retirement age.

I am retired. I retired at 61.

Originally Posted by JohnDoe2

Originally Posted by alleycat

. . . Let's see how you feel when you feel the reality of retirement age.

I am retired. I retired at 61.

You must have retired early with a pension. That is great for those who get a pension. But that is not really "planning" is it? You just get it. Great for you. But most dont get that. What is most annoying about your post is that you put down those less lucky than yourself.

It is not my intention to "put down" anyone.
I'm sorry if you take it that way.

It wasn't 'luck" it was PLANNING.
I intentionally worked jobs that provide a pension for a reason, so it would be there when I wanted it.
I worked a lot of 50 to 60 hour weeks for a lot of years to get to the point that I could retire before my pension or social security could be collected.

Originally Posted by JohnDoe2

It is not my intention to "put down" anyone.
I'm sorry if you take it that way.

It wasn't 'luck" it was PLANNING.
I intentionally worked jobs that provide a pension for a reason, so it would be there when I wanted it.
I worked a lot of 50 to 60 hour weeks for a lot of years to get to the point that I could retire before my pension or social security could be collected.

But those types of jobs are not really available to the generaltion that came after us. My point is that gettig a pension, or even choosing a job that offers a pension is not PLANNING. It is taking advantage of a resource available to us. BUT that resource is not available to many other people like it use to be. If that resource was not available to us then you would not have anything and would not have been able to retire so early. It is unfair and cruel to act as though you did such fine planning, when the truth is you just were lucky that your working years were during a time that just happened to be very pro worker. Oh what great planning. Did you plan your birth too? And, btw, many people work 50-60 hours a week and dont get chit for it....and they certainly dont get a pension. Get off your high horse.