How to Fix Social Security?

Question

It's no secret that SS will end someday if we don't make changes. So, I decided to research some things we could do, and so far, the most logical solution to me was to increase the tax for those with higher income, and also give less benefits to those who have a certain income. The only problem with this is that you are paying more to receive less. That's equivalent to paying ten thousand dollars in taxes, and only getting five thousand in benefits. Besides obvious solutions like raising the retirement age, what are some other ways to prevent Social Security from failing? Thanks!

Answer 1

Every answer here is the same. They aren't looking to fix a broken system. They are looking at ways to allocate its brokenness - preferably to someone else.



Social Security will not end - it may change to the point where you don't recognize it. That is function of the voters who willing choose whether to pay attention to the warnings or not. The less we pay attention the greater the change. The Trustees have warned us for more than a decade that the program needs immediate reform, and we are down to the two candidates who have said the least about the program.



I write on the issue, and I am happy to point you to various article for your consideration.



When we talk about raising the taxes on the rich, the reality that we are willing to throw someone else's money at a problem that we haven't fully thought out. Keep in mind that you are really fixing SS by breaking everything else. Every dollar that you throw at SS, is a dollar that isn't available to fix other priorities like debt reduction.



The problem with raising the retirement is that we aren't really living longer. More of us are living average. These are very different things. The increase from 65 to 67 basically explains all of the increase in a retiree's life expectancy through 2050.



If you look at means-testing, we are changing a system that was created to lower the likelihood of poverty-ridden old-age into one that fosters it.



You are correct that workers today are spending quarters to buy dimes. Raising the cost of the program on future workers will work only until they have an opportunity to vote.

Answer 2

You can't raise retirement age. Reality is that When people get older, some simply cannot work. Also, if you are in your 60''s and lose a job, it is a simple fact that your chances of getting another job are slim to none.



Currently, when people make over $100,000 they only pay tax on the first $100,000. If they make $300,000, they still only pay social security tax on the first $100,000. So yes, it only makes sense for those making over that should pay social security tax on all their income, just like the rest of us if they expect to draw that money in retirement..



As for means testing, social security doesn't pay a lot. It is barely enough to survive on. If you are retired, getting a pension, and also making a couple hundred thousand a year in investment income, I don't think you will suffer if you don't get social security. Social security is part of the social safety net. It used to be that people would have a pension, and social security would be a supplement. Pensions are all but dead, so more and more people rely on social security.



We also need to look at the other social security payouts. Like payments to children when a parent dies. Yes, in some cases it should be done, but again, it needs to be means tested. If the family is well off, there is no reason for payments to survivors.



Currently, people who are disabled and children who are permanently disabled and end up in the foster care system are supported by social security. That is wrong. That needs to be handled some other way.



I did volunteer work with children who were seriously disabled. could not speak and some were non-responsive. Their parents put them in an institution and Social Security pays for them because they are disabled. Sad for sure, but again, I don't think that social security should be covering this. There is a need for some way of society to care for these people, but the social security system really can't do it all.

Answer 3

Raise or eliminate the Social Security cap. Right now you pay 7.65% to Social Security from the first $118,500 of your income. After that? Zero.



That means that if you earn $118,500 you pay $9065 to fund Social Security, 7.65% of your income. If you earn $118.5 million, you still pay $9065, but it's only 0.00765% of your income. How is that fair?



I think that eventually we'll raise the retirement age, if for no other reason than we are all living longer, and very few of us are in a financial state that would allow us to retire anyway.



Besides, I retired once, then I started a business. Retirement is overrated.

Answer 4

REMOVE every "entitlement" added since Kennedy was president!

Social Security (SS) began as "assistance" collected from WORKERS

who PAY IN. When the U.S. recovered from the 1930's Depression

later CONGRESS-es IGNORED what SS was FOR. They saw it as a

"LAKE OF MONEY" they could use for "Pet Projects" and every dollar

passed through THEIR HANDS -- 100 Cents IN 78 Cents Spent and the

'missing' Pennies stayed in THEIR POCKETS. These are the SAME BREED

of Thieves that created the 9/10 'tax' on Gasoline. Have you EVER Paid $X.XX and

nine tenths? NO; you always pay the FULL Cent! And CONGRESS NEVER returns

your 'extorted' 1/10; they KEEP IT!

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Six years and two elections later NEW MEMBERS join the Club. Each one has a

'special project' to complete. The FASTEST WAY to pay for it is to make it another

SS "entitlement"! If you OPPOSE their project and want your EXISTING Due Amount

you hire a "Social Security Advocate" ATTORNEY who takes 37% of it as FEE!

HOW MANY members of Congress AREN'T Attorneys? WHO SETS Attorney Fees?

Attorneys do! WHO SETS Congressional Salaries? CONGRESS MEMBERS DO!

WHO decides the VALUE of your Lifetime contribution TO SS? The Attorney Members

of Congress do! Once "collected" it's NOT YOUR MONEY anymore; THEY consider it

THEIRS!

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FIX CONGRESS before they phukk around with Social Security AGAIN!

Answer 5

First of all DON'T privatize it. Raise the maximim wage threshhold. Increase the payroll tax percentage by one half a percent. Do what ever is possible to allocate more "trust funds" for the system as well. Keep the conservatives out of the equation, well, except for Donald Trump I think.

Answer 6

raise the Social Security payroll tax. It's as easy as that, but nobody wants to do it.

Answer 7

Turn it into something more like an interest-bearing IRA for all the new kids starting to work.

Answer 8

Allow the surpluses to compound instead of robbing them!

Answer 9

Get rid of the wage base. It really makes no sense.

Answer 10

raise taxes on rich people instead of cutting them

Answer 11

How about if the government pays back all of the money it sole from it.

Answer 12

Eliminate the cap for starters.