Congress took money from the Social Security and spent it, now they refer Social Security as a benefit. 😡 How about paying back that money? What a concept.
STOP, Every week since 2010, an IOU from the Trust Fund has been redeemed at the Treasury. If you waved a magic wand and every penny appeared inside of the Trust Fund, It would NOT Help>> way over $1 Trillion/year is spent, we are running out of Money.
@@aolvaar8792 YOU STOP: A small rise in FICA combined with lowering inflation would solve everything. Stop spreading misinformation please. (And mind your own nation's business, Comrade. NYET!)
As a point of law , before he can kill an agreement, both parties have to be made whole before the agreement can be modified , they stole billions from SSI and $80 billion from The Railroad Retirement Trust fund. As soon as these monies are returned, then a further agreement can be negotiated.
@@aolvaar8792 trust funds are funded. Social Security money (fund) has been purchasing US Treasury bonds since the inception. The total of liquidity in the Fund as a combination of deposits and interest on those bonds. The Fed has to collect more to pay back those US Treasury bill plus interest. We need to work on the other side of the equation, the income side.
Return the $ owed to the SS trust fund and eliminate the cap so the wealthiest pay their fair share to the commonwealth who helped to produce their wealth.
Well know I will never become a million aire or billionaire just to have lazy ass people take my earnings away so they can be lazier. Stupid idea folks .
@@MT-ht8nm No one is taking awa y wealthy people's earnings; any more than they are taking away poor people's earnings. And the truly wealthy are not making their money on earned income from work; they make it from investments, which are not taxed for SS on any level
It blows my mind we seem to have unlimited money for other countries or programs here, but always make seniors fear social security is going to run out of money🤦♂️🤬
@@stony2494 Who threatens that Social Security will run out of money? Republicans. The ones that want to kill the program once and for all. So that billionaires won’t be inconvenienced by actually having to pony up taxes like the rest of us poor folk. Good forbid they can’t buy another super yacht or 20th home for their teenage mistress.
Rather than cutting benefits, how about removing the earnings cap and letting the wealthy pay their fair share? As wealth and income continues to be concentrated with just the few at the top, less funding becomes available for SS for the rest of us.
Yeah vote Democrat and give billions to foreign countries, start up wars around the world and welcome in people from all over the world to feed, house, clothe, school and healthcare. Yeah you're a bright one.
Please don't worry. It's not going to be discontinued. There is a problem coming in about 10 years if Congress doesn't fix it, that might cause benefits to be cut. Contact your representatives in Washington DC to fix Social Security!
The money we "give" to other countries is a drop in the bucket compared to SS and Medicare. Just remember that the two leaders of DOGE are claiming to drop the annual budget by $1.5T. That is essentially everything except SS and Medicare and Medicaid. As that isn't going to happen those two agencies will be curtailed or dropped. Remember this, neither of them has ever shown any type of compassion or regret for any pain they have ever caused. Sooo, make sure you are ready if you aren't on these programs already. If you are, anticipate major drops in benefits and try to keep extra blankets around.
trump's whole plan is to take from the working class and give it to the rich. Billionaires and millionaires are not expected to pay their fair share. That's the "platform" he ran on.
It's unlikely seniors who are already receiving benefits or near retirement will see a cut. The political aftermath would be catastrophic and Republicans would get most of the blame. It would take an act of congress to make any changes to benefits and neither Democrats or Republicans are going to risk be thrown out office. Any changes will most likely be for future retirees.
@dronegirl7539 I pray your right, but still everyone that reaches full retirement age, now or in the future should be entitled to it, we've all paid into it. Thanks for your comment 👍 God bless 🙋♀️.
Plenty of money has gone in, contributions are not the problem. There is a cap on benefits, so it makes sense there is a cap on contributions. Congress stealing the money is the problem.
Those on SS, benefits should never be cut. Will we need to go back to work in our 80’s? SS has not kept up with inflation. For 2025, my Part D went up more than my SS increase. For those still working, need to pay into SS no matter how much they make each year. All the money the government has given to foreign countries give some of that to SS. I think it is a good idea not to pay Federal taxes on our SS. The Government has robbed SS Trust Fund. Now it is time they pay it back.
Neither has SSI for the disabled. They live in poverty from day one. Our disabled child couldn't live alone. If she was placed in a group home or assisted living program. They take all but $50.00 a month for personal necessities. If not for family these individuals are greatly taken advantage of.
One of the reasons the Social Security Trust Fund is facing short funding is that for many years during the 1940s 1950s Congress used the income paid into the Trust Fund for future Social Security benefits, to finance general budget expenditures - denying the Trust Fund the intended benefit of having those funds and seeing them grow over time, to fund Social Security benefits in the future. There were lawsuits on this practice all the way to the Supreme Court. A large part of the upcoming shortfall is the fault of Congress taking the Trust Fund money for other uses.
I believe that people earning over 100,000 should be taxed NOT those who cannot pay a light bill or heat for their homes, I am 80 yrs old If not for my ss I would be living in someone's barn, HOW ABOUT the monies that the so called gov has borrowed and NEVER paid back ????? This should also be a priority
We need a raise to get out of poverty. Yall busted the unions and that took our pensions away and now all we have is social security. And we are all in poverty.
Last 4 years brought me no increase, when I been told most restires are up to $1,600 a month. Not me I am way below it. If it gets worse the government should open up camps for all of us ( don't forget to take away our eye wear and jewelry, etc. Deja Vu any one?
I hear your frustration, and it’s tough when you feel like you’re being left behind while others are getting increases. Social Security benefits vary a lot depending on lifetime earnings, but that doesn’t make it any easier when your monthly check doesn’t stretch far enough. And yeah, the fear of things getting worse is real for many.
@@aolvaar8792 Yes they are getting out what you paid in. Are you just looking to disagree just to disagree. What they are drawing on is called the family maximum. It is a benefit you paid into for your spouse, minor child or a disabled adult child (found disabled before the age of 22). There are some other qualifications but we will be here all day.
I try to support myself on 1350.00 a month. Can't qualify for foodshare benefits...still pay my 189 a month for my Medicare and pay rent....if my income gets cut I'll be a stage IV cancer patient that's homeless!!!!
This is such a simple problem to solve. First of all stop taxing Social Security. We already paid taxes on that money. Second, raise the earning limit on how much you make and pay into Social Security. Currently you only pay social security taxes on the first “about” $175,000 in earnings. So raise that bar to at least $250,000.00 in earnings to pay social security taxes. Boom! Problem solved.
Taxes collected on SS benefits are used to replenish the trust fund. So if these are stopped he trust fund will deplete even faster. Getting rid of the income cap would be good and probably best solution. Making additional bend points and a means cap on the benefits would be good as well. A lot of people will say that isn't fair. Well, life isn't fair. Those with that level of means have also benefited from this country's blessings. Fair enough from my point of view.
@@bryanwhitton1784 It doesn't matter how much a person benefited from this country's blessings as follows: a person worked hard to make a good salary and lived below their means to accumulate a nest egg for retirement, why punish their success? >
@@bryanwhitton1784 60 years ago, when I was 10 yrs old, I asked my Mommy, How could I avoid being poor? She said a FREE JD from Harvard, MD from Johns Hopkins, An ENG from MIT. Work hard and save, When she was a child, she watched two siblings die of starvation. My Father lived by himself since 7 yrs old in the home of his father. It isn't fair. I left a $130K/yr job for a $65K/yr, same job but a Pension and Lifetime Family Healthcare. My family and I lived poorer for 30 years, to live well in old age.
And stop giving full disability benefits to those who are not actually disabled. Many claim full disability, but are still able to hunt, fish, travel, cut firewood etc. We've all seen it.
The big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Retirement may become a problem for Americans
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
How about a 15% added tax on any corporation that pay lobbyist to lobby our federally elected legislators. Also all lobbying needs to make public all of what they are lobbying for.
The SSA needs highly trained experts working for them. Not the people who don’t want to work, and are nasty to Americans. This will cut down on billions of dollars in errors they make.
I think we’d get more by taking back the tax money sent to Israel over the past decades; that would be much greater than the sum sent to Ukraine. although we really should look at converting Ukraine funding to loan to be paid back by Ukraine since they have trillions in natural resources and workforce to pay it back with. other than the petroleum reserves Israel will gain when they annex the Gaza, they don’t have much other in the way of resources to pay us back the US tax payer dollars they used up.
He must learn to make decisions according to what people NEED. If you go lower than prevailing prices, then you sentence recipients to lack of money for food and vital prescriptions. Making a decisions based on client needs will clear you because otherwise it is very much akin to committing a crime, knowingly.
One thing Reagan did in 1984 was to start taxing SS. He set the bottom taxation limits at incomes of $35,000 for single filers and $42,000 for dual filers. These numbers were not indexed to inflation so they are the numbers still used today resulting in a very low starting taxation for SS. If indexed to inflation the numbers would be $75,000 and $92,000 today. Updating that would be a major start to help us SS recipients meet finances. An important add on would be to make sure everyone pays in. Right now SS payment is caped at $193,000. The cap needs to be removed. Having a strict income tax on SS recipients then would make sure means testing would work to limit SS for the rich that don't need it. The SS System is a great one allowing for very important stabilization of the American Economy in cultural terms as well as financial terms.
Build senior citizen low income housing that only costs $300 to $400 a month. Luxury apartments and 1800+ sq ft houses are the only things being built. Can't afford $1000 on an apartment. Can't get an apartment for $1000. If you have a roommate splitting a two bedroom, it's a $1000 each. Impossible to afford
If all of our politicians could take billions of dollars away from us. Give to other countries, they should be able to give it back to us when we retire through Social Security money’s and healthcare benefit packages. Should never be touched again for other countries.
I’m a millionaire a few times over and believe it or not not we don’t live like kings. Plus, I earned my way in life and wouldn’t give you a nickel just because you simply exist. Not my responsibility.
I paid into SS for 46years!!! 30yrs of those yrs I paid double bc I have been self employed!! Tell me that the government is not going to steal my money!!! 😡😡😡
They should not be able to touch Social Security. For those of us that are collecting Social Security we paid into it by working. I’ve paid into it for 50 years and I don’t want my Social Security taken away to give to the rich SOB’s.
I'd like to know what was improper on the payments from 2015 to 2022??? People were "overpaid". How? Why? What was the miscalculation error? I need to know so that I am not over paid because I sure won't have any to spare to "pay anything back". The SS check is the only thing separating me from homelessness living out of my car.
Okay folks, here's the deal: we'll take a portion of your earnings and set it aside so that when you come of age you will be entitled to a single life annuity meant to help you through your retirement years. In the meantime we'll use the accrued receipts over payouts derived therefrom and use it for things such as the funding of tax breaks for the wealthy without the nagging byproduct of increased deficits and then when the excess fizzles out due to a reduction of the adjusted work force and the system begins to fall apart we'll change the definition of this annuity from an entitlement to a benefit and declare that it should be subject to elimination since it appears to be no longer sustainable. This is a win-win for those who don't need retirement income.
How much money From Social security Has been taken out for congress To use as a piggy bank And never pay back Just wondering That was a rumor About the shortfalls Tell me.🤔🇺🇸👍🙏
My husband worked a full and part-time job for over 30 years and paid the maximum in social security every year. He still pays into to system because we have been honest reporting his part-time self employment income after he retired. He deserves the benefits he is receiving. I have not applied for any of his, or even my own benefits because although eligible, I am doing fine financially with the pension I earned as an executive. I am not greedy or materialistic so I do not need social security to maintain my modest lifestyle. It would unfair to cut my husband’s well-earned benefits. Go after those who have been willfully dishonest and defrauded the system. Deny them future benefits and leave the rest of us alone.
QFS is not on the website. No way getting on unless you are so rich now isn’t that nice. Yes I voted for Trump but he really doesn’t care about elderly folks.
I think they need to raise the social security tax from 6.2 to 7.2. also on the amount when you don't pay social security tax it should go from 0 to 1:25. This could go a long way to save the program.
You left out the amount that employers have to pay. 6.2 for SS, and 1.45 for Medicare. That's what the problem is all about. They would cut your throat to save 7.65 % of their payroll obligations.
My biggest concerns are the repeal of WEP and GPO. We could live a lot better without that, it took a large chunk of our income! And, what little SS is left, we are taken on 85% Get rid of the tax on SS and that will help!
If Bisignano runs SS like a big corporation, then those of us on SS are doomed. Big corporations have one formula only...fire as many employees (except executives) as they can that are over 50 years old (but under 60 to avoid age discrimination) because they have the highest salaries. This is how big corporations make big profits. Those fired employees are either not replaced and the work is dumped on the remaining workers or they are replaced by young people with far less experience who get much smaller salaries. Besides, Elon Musk says he wants to cut $2-trillion dollars out of the federal budget. Defense spending cannot be touched, the huge military industrial complex won't allow it. So, that only leaves wiping out SS and Medicare which cost the government $1-trillion each. Trump's campaign pledge means nothing. He is putting idiots, crocks and rotten people in charge of everything so he can blame them and his idiot followers will believe they are the problem along with the laughable old excuse, "It's the Democrats."
Medicare, Medicaid and SS consume about $4.7T per year. The remaining budget is about $1.5T. Federal employees consume about 4.5% of the budget. So even if you get rid of ALL the employees you won't come close to satisfying the cuts they are claiming.
Beat me to it lol. I can tell you if you work for the social security administration you can look forward to returning to the office full time, monitoring of your badging in and out of the office, and sapence installed on your work PC. Frank is a total control freak.
@@patriciadieterich478 From an logistical perspective yes. However the goal of a CEO and a political director is very different. A CEO is concerned about profit and share price. Product and customer service are means to an end. The director is directed to maximize service within the budget. The problem is that the whole reason for SS, the postal system, Medicare and Medicaid to exist is service. That is why they are not often cost effective. Service comes first. What this means is with Medicare you need to provide service to everyone no matter how sparsely populated the area is. If you are a CEO the cost of servicing a sparsely populated area is a drain on the margins and it affects the ROI to the shareholders so the service is curtailed or minimized. I know but 3 hour waits on the phone to SS isn't giving great service and I agree with you but it is service within budget. When was the last time budget allowed for improved computers and/or software or enough people on the phone system. It is a tangled web to get it all done right but the goals are very different.
Raise the income levels that require SS taxation. Limit the earned income over your best 35 years of work to 400k for payouts. Millionaires shouldn’t be able to collect benefits.
I want to add another thing to what these previous people have said. The government retirees don't have to pay taxes on their retirement. Nor are they penalized on the money they make when they retire. So from my point of view the social security people have been carrying a double load. If they are worried about where the money would come from just start taxing those people like they do the social security people. And no granfarthering in. All need to pay. It amazes me how the same government can be in charge of both retirement programs and yet have such huge differences.
A couple of things. First, because of the salaries we made, the amount of money I get every month is higher than my spouses. It seems like every year the cola raises the amount of as we each get. At the same time, the cost of medicare goes up. Typical result: the amount of money get minus the increase in medicare (same amount for both of is) goes up, sometimes a pretty good bit while my spouse barely sees a net gain. I might get a hundred or more dollars extra, my spouse might get $15 or $20. The rich get richer. Second, the minimum wage hasn’t gone up at all for a decade (or maybe two). These are the people who are currently paying social security and medicare taxes. If their wages increased, the amount they put into the social security and medicare funds. Of course that might mean the billionaires have to pay employees more. What am I thinking? The billionaires aren’t going to let that happen.
A business tries to give their customers as little as possible while receiving as much remuneration as possible from their customers. Social Security should try to give their clients as much as legally possible while extending the longevity of the program. Two very different scenarios.
America has to get out of the mind set that all taxes are bad. You want roads don't you? Do you want police and fire? Do you want a retirement for Americans or a homeless society for the elderly or a Logan's Run, Solent Green society? Taxes for retirement is not only good, it is great. We need to remove the cap threshold on payments into Social Security. People deserve Life and Health and if the rich have to pay their fair share or even more, so be it. That is the way it should be. It is called philanthropy and altruism. Sure eliminate waste and fraud and some taxes, but not where it is critical. The goal should be to keep benefits coming now and in the future. It should be a livable wage.
SSA should allow you to work while receiving benefits without being penalized for making too much money, That will allow more tax dollars to the government to help fund SS for the future. If you receive SS, you are only allowed to make so much money. If you go over that amount your benefits are cut and you 'll have to repay SSA back, that sucks!!
Big change alright. My 2025 SS statement said $200 raise then took back $185 and gave it to Medicare. So you get a $15 raise. SOS differnt day. FOXTROT TANGO GULF.
Were you not already paying the $174.00 for your medicare? The cola adjustment for 2025 is 2.5%. If you were getting an increase of $200.00/month that would mean your monthly check was $8,000.00. Medicare increased $11.00/mo. From $174.00 to $185.00, an $11.00 increase. Those numbers don't seem right.
Let me see if I get your statement straight, Social Security is removed from your paycheck at a rate of 6.2%, (after tax) while you're a working contributer. Then when your retire your Social Security check is taxed, if you have another source of income. When your Social Security check is taxed, it is considered Federal withholding, not FICA. Do you realize that the Goverment is taxing a taxed monies. Social Security has a Trust Fund that pays the receipients. When Federal withholding's are taken out, they don't go back into the Social Security Trust fund they go to places like foriegn Government's and wars like in Ukraine, those taxes on Social Security don't go back to Social Security. The Social Security leaders poorly predicted the future amount needed, therefore the fund will run out of money in the 2030's. Stop taking withholding taxes on the retirement benefit, that was never the plan. Trump stated that he would return Social Security back to what it was intended to be. A Tax free Benefit for our aging seniors!!! If my understanding of your message is not on point, please correct me! Thanks Money Instructor, why should I listen to you?
Eliminate the earnings cap and let the wealthiest pay more. And slowly raise the early retirement age. 62 is too young. Raise it by 3 or 6 months a year. They raised the FRA from 65 to more and no one suffered. It would make a huge difference
Fair point! His lack of direct government or Social Security experience is definitely a concern for many. While his business background could bring fresh ideas, running a federal program that impacts millions of lives is a whole different ballgame.
Not only should the borrowed money be replaced but the interest that should have accrued. The gov. has no stake in this money other than the return of it,
SSA is not a good long term plan for younger people but at the same time many people including myself have paid into this for their entire lives and deserve to get their money back. Add to the complexity that the government raided these funds for other things instead of investing these funds which would have easily kept the program solvent for years. I think people should not jump to conclusions but instead wait and see what changes might come. In short what we need is a long term plan for people far from retirement and a short term plan for people in or near retirement. For people near or in retirement you should get your full benefit and nothing changes. For people far from retirement a new BETTER plan should be started that allows people the option to opt out of the system or pay into a federal retirement program. I am actually optimistic both these things can be done.
Well, I would like to know that we will not get our Social Security checks cut and I’ll think about my children in another 20 years. They’ll be retiring. Will there be any Social Security then I’ll be gone but they will still be here people. I hope we pick the right person.
Isn’t SS funded by the people working and paying in? So we that are retired have already paid in with our wages after they were already taxed. Why are we being taxed on money (SS) that we already paid taxes on??!!
The simplest way is to eliminate the cap on income. So all those earning MORE than $176,100 will continue to pay the FICA Tax, no matter how much they make. Social Security tax is calculated as a percentage of gross earnings, up to a certain limit. Every year, the government sets a limit on the amount of your earnings that can be taxed for Social Security. That limit in 2024 is $168,600, increasing to $176,100 in 2025. The Federal Insurance Contributions Act (FICA ) is a United States federal payroll (or employment) tax payable by both employees and employers to fund Social Security and Medicare-federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers. So the low and middle income workers are paying into SS, but the rich people are not when they pass the income limit.
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Congress took money from the Social Security and spent it, now they refer Social Security as a benefit. 😡 How about paying back that money? What a concept.
STOP,
Every week since 2010, an IOU from the Trust Fund has been redeemed at the Treasury.
If you waved a magic wand and every penny appeared inside of the Trust Fund,
It would NOT Help>> way over $1 Trillion/year is spent, we are running out of Money.
@@aolvaar8792 YOU STOP: A small rise in FICA combined with lowering inflation would solve everything. Stop spreading misinformation please. (And mind your own nation's business, Comrade. NYET!)
@@aolvaar8792 If the money stolen by congress was returned the fund would be solvent until 2072.
As a point of law , before he can kill an agreement, both parties have to be made whole before the agreement can be modified , they stole billions from SSI and $80 billion from The Railroad Retirement Trust fund. As soon as these monies are returned, then a further agreement can be negotiated.
@@aolvaar8792 trust funds are funded. Social Security money (fund) has been purchasing US Treasury bonds since the inception. The total of liquidity in the Fund as a combination of deposits and interest on those bonds. The Fed has to collect more to pay back those US Treasury bill plus interest. We need to work on the other side of the equation, the income side.
Return the $ owed to the SS trust fund and eliminate the cap so the wealthiest pay their fair share to the commonwealth who helped to produce their wealth.
The first has already been done. I agree with the later.
When was the money returned? Biden has used SS & ssi for illegals.
Well know I will never become a million aire or billionaire just to have lazy ass people take my earnings away so they can be lazier. Stupid idea folks .
@@MT-ht8nm No one is taking awa y wealthy people's earnings; any more than they are taking away poor people's earnings. And the truly wealthy are not making their money on earned income from work; they make it from investments, which are not taxed for SS on any level
@@MT-ht8nm dumb pay your share for the country you pretend to love.
They need to return our money. That was supposed to be a borrowing not a permanent gift.
Shouldn't have borrowed it. Shouldn't have been able to.
What about the money that was borrowed from Social Security?
Since 2010, every week an IOU from the trust fund is redeemed at the Treasury.
The trust fund will be empty in 2033.
roads in Isreal.
Can we please stop beating that dead horse
They of coarse forgot all about that.
@@brendanealey4554 Can we please stop beating this dead horse .Please
How can you give money to foreign countries and not give to the SS?
That’s my money!! Keep your filthy hands off of it.
Mine to. My husband paid into SS since he was 16 so they’re grubbie filthy hands off our money.
Call your senator and the news. No to this Commissioner
For the border wall that trump said Mexico would pay from?
@@maddiepierce2796
Did YOU pay FICA?
@ paid all taxes.
It blows my mind we seem to have unlimited money for other countries or programs here, but always make seniors fear social security is going to run out of money🤦♂️🤬
@@stony2494 Who threatens that Social Security will run out of money? Republicans. The ones that want to kill the program once and for all. So that billionaires won’t be inconvenienced by actually having to pony up taxes like the rest of us poor folk. Good forbid they can’t buy another super yacht or 20th home for their teenage mistress.
And threaten the youth that it won’t be there for them.
I'm most worried about having my benefits cut. I live on that money.
I hear you, me as well.
We all do and legally they can’t touch it!!
Me too!😢
@@joanfoxwright4221 Us too!
@@deb7907 The POT (party of Trump) tends to ignore laws they don't like.
Get our money plus interest from the government
Rather than cutting benefits, how about removing the earnings cap and letting the wealthy pay their fair share? As wealth and income continues to be concentrated with just the few at the top, less funding becomes available for SS for the rest of us.
Remember, there is a cap on what you get from SS… and BTW…. Rich people or the top 5% pay 95% of taxes.. stop watching MSNBC
we have paid in to social security for years. That's our money for retirement not there's. SS needs protection.
Then don't vote GQP
@@feline-n6b I will never vote Democrat. No way. Not ever
Yeah vote Democrat and give billions to foreign countries, start up wars around the world and welcome in people from all over the world to feed, house, clothe, school and healthcare. Yeah you're a bright one.
I'm worried Social Security will be discontinued. We won't be able to live without that income.
I'm right there with you. 😢
Please don't worry. It's not going to be discontinued. There is a problem coming in about 10 years if Congress doesn't fix it, that might cause benefits to be cut. Contact your representatives in Washington DC to fix Social Security!
Sounds like you need to invest in your retirement and not worry about SS…SS is supposed to help on retirement not be the retirement man
They don't care . All that matters to elected officials is winning the next election. And to do that they only represent their wealthy donors.
Trump won't be the one to do it. Democrats are giving all our money to everyone but us and starting wars everywhere
These corporate CEOs only know how to cut. Hard times ahead.
If these ceo's want to play stupid games then they're going to win stupid prizes.
They could raise the income ceiling
Of course hard times ahead country been run down for how many years
Imagine taking all the money we give to other countries and fund Social Security with it.
That’s not how the trust fund works. Imagine taking your coworkers paychecks to fund your 401k.
@@A-Thomas imagine the man robbing SS to pay into bills being legislated and SS is constantly under threat. That's exactly what happens
We gave vastly more to our own multimillionaire and billionaire class.
The money we "give" to other countries is a drop in the bucket compared to SS and Medicare. Just remember that the two leaders of DOGE are claiming to drop the annual budget by $1.5T. That is essentially everything except SS and Medicare and Medicaid. As that isn't going to happen those two agencies will be curtailed or dropped. Remember this, neither of them has ever shown any type of compassion or regret for any pain they have ever caused. Sooo, make sure you are ready if you aren't on these programs already. If you are, anticipate major drops in benefits and try to keep extra blankets around.
SS pays out $108 billion a MONTH
Here's a clue Sherlock: Make billionaires pay their fair share. Problem solved.
trump's whole plan is to take from the working class and give it to the rich. Billionaires and millionaires are not expected to pay their fair share. That's the "platform" he ran on.
Makes me nervous that people that have never struggled will be deciding if we still get our social security or not. !!
I don’t want a corporate CEO in charge of the money I payed into. Looks like Corporations are taking over the Government. 🤔🤨
@maryfrancesmcknight9587
Mary I'm starting to see this too. Everyone President Trump picked, we really don't know anything about.
It's unlikely seniors who are already receiving benefits or near retirement will see a cut. The political aftermath would be catastrophic and Republicans would get most of the blame. It would take an act of congress to make any changes to benefits and neither Democrats or Republicans are going to risk be thrown out office. Any changes will most likely be for future retirees.
@dronegirl7539
I pray your right, but still everyone that reaches full retirement age, now or in the future should be entitled to it, we've all paid into it. Thanks for your comment 👍 God bless 🙋♀️.
It’s our money though. We paid in - not by choice.
There should be no cap on paying SSA tax. Everyone should pay no matter how much they make and stop using it as a slush fund!
That would not solve the problem.
Plenty of money has gone in, contributions are not the problem. There is a cap on benefits, so it makes sense there is a cap on contributions. Congress stealing the money is the problem.
Didn’t we bail out JP MORGAN CHASE?
Yes😤
What? What are you - shhhh....
Obama bailed them out, along with auto industry & other big banks.
Seniors Are Having A Hell Of A Time,2.5% Should have been 22%.
AMEN😃
Ditto
Those on SS, benefits should never be cut. Will we need to go back to work in our 80’s? SS has not kept up with inflation. For 2025, my Part D went up more than my SS increase. For those still working, need to pay into SS no matter how much they make each year. All the money the government has given to foreign countries give some of that to SS. I think it is a good idea not to pay Federal taxes on our SS. The Government has robbed SS Trust Fund. Now it is time they pay it back.
Neither has SSI for the disabled. They live in poverty from day one. Our disabled child couldn't live alone. If she was placed in a group home or assisted living program. They take all but $50.00 a month for personal necessities. If not for family these individuals are greatly taken advantage of.
Maintain and increase payments to retired seniors . We have worked approximately 40+ years and deserve our SS and Medicare stability. Thank you 🙏!
One of the reasons the Social Security Trust Fund is facing short funding is that for many years during the 1940s 1950s Congress used the income paid into the Trust Fund for future Social Security benefits, to finance general budget expenditures - denying the Trust Fund the intended benefit of having those funds and seeing them grow over time, to fund Social Security benefits in the future. There were lawsuits on this practice all the way to the Supreme Court. A large part of the upcoming shortfall is the fault of Congress taking the Trust Fund money for other uses.
They should be sued to get this money back for SS. It’s not theirs to spend!!!
I believe that people earning over 100,000 should be taxed NOT those who cannot pay a light bill or heat for their homes, I am 80 yrs old If not for my ss I would be living in someone's barn, HOW ABOUT the monies that the so called gov has borrowed and NEVER paid back ????? This should also be a priority
Being paid back weekly since 2010>> that's how you get your check without the Reduction like in 2035.
With today's interest rates.
Congress must pay back all of the money they have stolen from S S, plus interest.
My concerns:
1) If privatized, SSA will prioritize profits over people.
2) Consequences of eliminating Social Security tax.
Everything that's ever been privatized has made americans poorer & the private sector richer. But hey FAFO.
We need a raise to get out of poverty. Yall busted the unions and that took our pensions away and now all we have is social security. And we are all in poverty.
Last 4 years brought me no increase, when I been told most restires are up to $1,600 a month. Not me I am way below it. If it gets worse the government should open up camps for all of us ( don't forget to take away our eye wear and jewelry, etc. Deja Vu any one?
I hear your frustration, and it’s tough when you feel like you’re being left behind while others are getting increases. Social Security benefits vary a lot depending on lifetime earnings, but that doesn’t make it any easier when your monthly check doesn’t stretch far enough. And yeah, the fear of things getting worse is real for many.
What Mr. Instructor is saying is that you get out what you pay in that’s exactly how the system works.
@@A-Thomas
???????
I retired on SSA>> so, my two Minor children would also get SSA retirement checks.,
THEY did not pay into FICA.
@@aolvaar8792 Yes they are getting out what you paid in. Are you just looking to disagree just to disagree. What they are drawing on is called the family maximum. It is a benefit you paid into for your spouse, minor child or a disabled adult child (found disabled before the age of 22). There are some other qualifications but we will be here all day.
I try to support myself on 1350.00 a month. Can't qualify for foodshare benefits...still pay my 189 a month for my Medicare and pay rent....if my income gets cut I'll be a stage IV cancer patient that's homeless!!!!
This is such a simple problem to solve. First of all stop taxing Social Security. We already paid taxes on that money. Second, raise the earning limit on how much you make and pay into Social Security. Currently you only pay social security taxes on the first “about” $175,000 in earnings. So raise that bar to at least $250,000.00 in earnings to pay social security taxes. Boom! Problem solved.
@@bobwester7114 get rid of the cap entirely would even be better
Taxes collected on SS benefits are used to replenish the trust fund. So if these are stopped he trust fund will deplete even faster. Getting rid of the income cap would be good and probably best solution. Making additional bend points and a means cap on the benefits would be good as well.
A lot of people will say that isn't fair. Well, life isn't fair. Those with that level of means have also benefited from this country's blessings. Fair enough from my point of view.
@@bryanwhitton1784 It doesn't matter how much a person benefited from this country's blessings as follows: a person worked hard to make a good salary and lived below their means to accumulate a nest egg for retirement, why punish their success?
>
@@bryanwhitton1784 60 years ago, when I was 10 yrs old,
I asked my Mommy, How could I avoid being poor?
She said a FREE JD from Harvard,
MD from Johns Hopkins,
An ENG from MIT.
Work hard and save,
When she was a child, she watched two siblings die of starvation.
My Father lived by himself since 7 yrs old in the home of his father.
It isn't fair.
I left a $130K/yr job for a $65K/yr, same job but a Pension and Lifetime Family Healthcare.
My family and I lived poorer for 30 years, to live well in old age.
And stop giving full disability benefits to those who are not actually disabled. Many claim full disability, but are still able to hunt, fish, travel, cut firewood etc. We've all seen it.
We don’t want Social Security to be privatized, and if they raise the cap it will be fine!
If SS had been privatized 40 years ago we would all be millionaires.
You all better call your Senators and tell them not to confirm this Social Security Commissioner or kiss your ss goodbye
Stop believe this report . Any one retired now will be better off under Trump Administration. And those who will be going on it will benifit also .
i find wrong to prematurely judge what's going to happen
All I want is the money I put into SS and I will handle how to invest it.
You would not survive with that
YES !!!! I agree 100000%
@Satjr35031 I don't have any faith that I will survive with the government holding my money in SS
How about raising the cap on what the ultra rich pay.
I have kidney disease and heart failure i need my social security and need more money i can't work
The big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Retirement may become a problem for Americans
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
How about a 15% added tax on any corporation that pay lobbyist to lobby our federally elected legislators. Also all lobbying needs to make public all of what they are lobbying for.
Taxes on Social Security is my biggest concern.
STOP all sending money overseas! Put the money in the fund! Simple!
The SSA needs highly trained experts working for them. Not the people who don’t want to work, and are nasty to Americans. This will cut down on billions of dollars in errors they make.
Take the billions from. Ukraine and give it to social security for the American. People. Very simple
What would we do with that military equipment? That’s the majority of what we gave them .
I think we’d get more by taking back the tax money sent to Israel over the past decades; that would be much greater than the sum sent to Ukraine.
although we really should look at converting Ukraine funding to loan to be paid back by Ukraine since they have trillions in natural resources and workforce to pay it back with.
other than the petroleum reserves Israel will gain when they annex the Gaza, they don’t have much other in the way of resources to pay us back the US tax payer dollars they used up.
@@Satjr35031Sell it to them
He must learn to make decisions according to what people NEED. If you go lower than prevailing prices, then you sentence recipients to lack of money for food and vital prescriptions. Making a decisions based on client needs will clear you because otherwise it is very much akin to committing a crime, knowingly.
One thing Reagan did in 1984 was to start taxing SS. He set the bottom taxation limits at incomes of $35,000 for single filers and $42,000 for dual filers. These numbers were not indexed to inflation so they are the numbers still used today resulting in a very low starting taxation for SS. If indexed to inflation the numbers would be $75,000 and $92,000 today. Updating that would be a major start to help us SS recipients meet finances. An important add on would be to make sure everyone pays in. Right now SS payment is caped at $193,000. The cap needs to be removed. Having a strict income tax on SS recipients then would make sure means testing would work to limit SS for the rich that don't need it. The SS System is a great one allowing for very important stabilization of the American Economy in cultural terms as well as financial terms.
Build senior citizen low income housing that only costs $300 to $400 a month. Luxury apartments and 1800+ sq ft houses are the only things being built. Can't afford $1000 on an apartment. Can't get an apartment for $1000. If you have a roommate splitting a two bedroom, it's a $1000 each. Impossible to afford
Tax the rich at the same rate as working people remove cap. Privatization will hurt SS and MC.
If all of our politicians could take billions of dollars away from us. Give to other countries, they should be able to give it back to us when we retire through Social Security money’s and healthcare benefit packages. Should never be touched again for other countries.
Make the millionaires and billionaires pay their fair share. That’s the first step.
This. Full stop.
You Dems want the billionaires to pay for your lives but are fine with Biden giving Ukraine half a trillion dollars.
I’m a millionaire a few times over and believe it or not not we don’t live like kings. Plus, I earned my way in life and wouldn’t give you a nickel just because you simply exist. Not my responsibility.
I paid into SS for 46years!!! 30yrs of those yrs I paid double bc I have been self employed!!
Tell me that the government is not going to steal my money!!! 😡😡😡
I'm so glad this entire world is about to be history. Remember, the living will envy the dead 🙏🏼
Lord I wait on You. Amen
I'm grateful for all the blessing I have from You. Amen.
They should not be able to touch Social Security. For those of us that are collecting Social Security we paid into it by working. I’ve paid into it for 50 years and I don’t want my Social Security taken away to give to the rich SOB’s.
I'd like to know what was improper on the payments from 2015 to 2022??? People were "overpaid". How? Why? What was the miscalculation error? I need to know so that I am not over paid because I sure won't have any to spare to "pay anything back". The SS check is the only thing separating me from homelessness living out of my car.
Many people go back to work and don't tell SSA>>
AND exceeded earning limits.
@@aolvaar8792 but is that the only reason? I need to know to protect myself.
Start taxing tax scoffers likr Trump who make billions of dollars but don't pay taxes
The bidens don’t pay tax. Gates, bezos, and Zuckerberg don’t pay tax. Pelosi don’t pay no stinking taxes. Schumer doesn’t pay.
I paid for 46 years into Social Security. That's my money the government borrowed. So, they are going to renege on the loan?
Okay folks, here's the deal: we'll take a portion of your earnings and set it aside so that when you come of age you will be entitled to a single life annuity meant to help you through your retirement years. In the meantime we'll use the accrued receipts over payouts derived therefrom and use it for things such as the funding of tax breaks for the wealthy without the nagging byproduct of increased deficits and then when the excess fizzles out due to a reduction of the adjusted work force and the system begins to fall apart we'll change the definition of this annuity from an entitlement to a benefit and declare that it should be subject to elimination since it appears to be no longer sustainable. This is a win-win for those who don't need retirement income.
Raise the FICA Cap.
Agree I went from paying 4% in 1970 to 6.2% by 1992
Make the government pay back what they have borrowed
How much money From Social security Has been taken out for congress To use as a piggy bank And never pay back Just wondering That was a rumor About the shortfalls Tell me.🤔🇺🇸👍🙏
So far, $1.7 trillion have been "borrowed"
Tax foreign developers 1% annually for being allowed to invest in the United States.
My husband worked a full and part-time job for over 30 years and paid the maximum in social security every year. He still pays into to system because we have been honest reporting his part-time self employment income after he retired. He deserves the benefits he is receiving. I have not applied for any of his, or even my own benefits because although eligible, I am doing fine financially with the pension I earned as an executive. I am not greedy or materialistic so I do not need social security to maintain my modest lifestyle. It would unfair to cut my husband’s well-earned benefits. Go after those who have been willfully dishonest and defrauded the system. Deny them future benefits and leave the rest of us alone.
If you earned SS, collect it.
Pay back the money that was taken in the lie of it being borrowed. That will make a huge difference.
All the promises for social security a scam?
Hasn't been for the past 89 years.
If you don’t have gold or QFS or silver you’re left behind. He doesn’t care about us old people.
QFS is not on the website. No way getting on unless you are so rich now isn’t that nice. Yes I voted for Trump but he really doesn’t care about elderly folks.
@@maddiepierce2796 Then why did you vote for him???
Probably because Joe.was.worse
I think they need to raise the social security tax from 6.2 to 7.2. also on the amount when you don't pay social security tax it should go from 0 to 1:25. This could go a long way to save the program.
You left out the amount that employers have to pay. 6.2 for SS, and 1.45 for Medicare. That's what the problem is all about. They would cut your throat to save 7.65 % of their payroll obligations.
And get rid of the cap
Congress need to start paying the money they took back.
The swamp is getting worse. The rich or corporate are all about lining their pockets
MY THOUGHTS ARE ABOUT CUTS, WE CAN JUST MAKE IT TO THE NEXT PAY CHECK !
Were screwed he doesn't care about social security he's only for the rich screw middle class
SS should be left alone and Congress should pay back into the fund what they borrowed during I think it was George W’s presidency.
Have the Federal Government repay all the money they've taken from SSI and the program will be solvent for 100 years!
My biggest concerns are the repeal of WEP and GPO. We could live a lot better without that, it took a large chunk of our income! And, what little SS is left, we are taken on 85% Get rid of the tax on SS and that will help!
I think all of the above needs to be addressed.
If Bisignano runs SS like a big corporation, then those of us on SS are doomed. Big corporations have one formula only...fire as many employees (except executives) as they can that are over 50 years old (but under 60 to avoid age discrimination) because they have the highest salaries. This is how big corporations make big profits. Those fired employees are either not replaced and the work is dumped on the remaining workers or they are replaced by young people with far less experience who get much smaller salaries. Besides, Elon Musk says he wants to cut $2-trillion dollars out of the federal budget. Defense spending cannot be touched, the huge military industrial complex won't allow it. So, that only leaves wiping out SS and Medicare which cost the government $1-trillion each. Trump's campaign pledge means nothing. He is putting idiots, crocks and rotten people in charge of everything so he can blame them and his idiot followers will believe they are the problem along with the laughable old excuse, "It's the Democrats."
Medicare, Medicaid and SS consume about $4.7T per year. The remaining budget is about $1.5T. Federal employees consume about 4.5% of the budget. So even if you get rid of ALL the employees you won't come close to satisfying the cuts they are claiming.
@@bryanwhitton1784 SS and mostly Medicare are in separate budgets and are mostly self-sustaining.
Don't fudge the data.
Beat me to it lol. I can tell you if you work for the social security administration you can look forward to returning to the office full time, monitoring of your badging in and out of the office, and sapence installed on your work PC. Frank is a total control freak.
I have more faith in an experienced CEO running Social Security than a drunken newscaster running our military and some of the other nominees!
@@patriciadieterich478 From an logistical perspective yes. However the goal of a CEO and a political director is very different. A CEO is concerned about profit and share price. Product and customer service are means to an end. The director is directed to maximize service within the budget.
The problem is that the whole reason for SS, the postal system, Medicare and Medicaid to exist is service. That is why they are not often cost effective. Service comes first.
What this means is with Medicare you need to provide service to everyone no matter how sparsely populated the area is. If you are a CEO the cost of servicing a sparsely populated area is a drain on the margins and it affects the ROI to the shareholders so the service is curtailed or minimized.
I know but 3 hour waits on the phone to SS isn't giving great service and I agree with you but it is service within budget. When was the last time budget allowed for improved computers and/or software or enough people on the phone system.
It is a tangled web to get it all done right but the goals are very different.
How about raising the cap on taxable income for Social Security from the 168k to 500k or even 750k!!!!
Raise the income levels that require SS taxation. Limit the earned income over your best 35 years of work to 400k for payouts.
Millionaires shouldn’t be able to collect benefits.
Your nuts! They put money into the system and deserve their benefit. You deserve nothing for such a selfish statement
@edwardloizides5415 He's 100% correct and that correction is decades overdue.
I want to add another thing to what these previous people have said. The government retirees don't have to pay taxes on their retirement. Nor are they penalized on the money they make when they retire. So from my point of view the social security people have been carrying a double load. If they are worried about where the money would come from just start taxing those people like they do the social security people. And no granfarthering in. All need to pay. It amazes me how the same government can be in charge of both retirement programs and yet have such huge differences.
A couple of things. First, because of the salaries we made, the amount of money I get every month is higher than my spouses. It seems like every year the cola raises the amount of as we each get. At the same time, the cost of medicare goes up. Typical result: the amount of money get minus the increase in medicare (same amount for both of is) goes up, sometimes a pretty good bit while my spouse barely sees a net gain. I might get a hundred or more dollars extra, my spouse might get $15 or $20. The rich get richer.
Second, the minimum wage hasn’t gone up at all for a decade (or maybe two). These are the people who are currently paying social security and medicare taxes. If their wages increased, the amount they put into the social security and medicare funds. Of course that might mean the billionaires have to pay employees more. What am I thinking? The billionaires aren’t going to let that happen.
No taxes on SSI income
A business tries to give their customers as little as possible while receiving as much remuneration as possible from their customers. Social Security should try to give their clients as much as legally possible while extending the longevity of the program. Two very different scenarios.
Keeping ssdi benefits for the disabled who's paid into to ssa but now and has been 100% disabled since 2007 please help
If politicians kept their mitts off of Social Security, it wouldn't be in doubt !!!!!!! Get our money back from foreign entities !!!!!!!
This is what happens when you put billionaire's who can't seem to get enough money in charge.
Oh so Obama and Biden did a great job with it huh? What did they do? Zero. Blame Trump but he’s not even in office yet you partisan hack.
👎👎Frank Bisignano not good 👎👎
America has to get out of the mind set that all taxes are bad. You want roads don't you? Do you want police and fire? Do you want a retirement for Americans or a homeless society for the elderly or a Logan's Run, Solent Green society? Taxes for retirement is not only good, it is great. We need to remove the cap threshold on payments into Social Security. People deserve Life and Health and if the rich have to pay their fair share or even more, so be it. That is the way it should be. It is called philanthropy and altruism. Sure eliminate waste and fraud and some taxes, but not where it is critical.
The goal should be to keep benefits coming now and in the future. It should be a livable wage.
Run SS like a business investment business but its owners and keep the dirty politicians hands off of fund
Just give me back all the money I paid into the system with simple compounded interest over the past 40 years and we’ll call it even.
Never gonna happen! The "bank robbers" are long gone! I agree though, give me back just the monies I and my wife paid in over 45 years!
What if they said yes But we are deducting what we paid you so far.
@ No deductions so far.
@@Satjr35031 Good by me , if they pay accrued interest! You want to pay me?
SSA should allow you to work while receiving benefits without being penalized for making too much money, That will allow more tax dollars to the government to help fund SS for the future. If you receive SS, you are only allowed to make so much money. If you go over that amount your benefits are cut and you 'll have to repay SSA back, that sucks!!
Exactly. They don’t want us to retire before dying. Crooks running the government both political parties
Give us a raise. Please!!!
Why?
Big change alright. My 2025 SS statement said $200 raise then took back $185 and gave it to Medicare. So you get a $15 raise. SOS differnt day. FOXTROT TANGO GULF.
That math doesn’t seem right You’re only getting a $17 a month increase?
@@Satjr35031 That's right!!!👎
Were you not already paying the $174.00 for your medicare? The cola adjustment for 2025 is 2.5%. If you were getting an increase of $200.00/month that would mean your monthly check was $8,000.00. Medicare increased $11.00/mo. From $174.00 to $185.00, an $11.00 increase. Those numbers don't seem right.
@pattibennett8774 I was paying $148.
Good job 👏 👍
Thank you 👍
Let me see if I get your statement straight, Social Security is removed from your paycheck at a rate of 6.2%, (after tax) while you're a working contributer. Then when your retire your Social Security check is taxed, if you have another source of income. When your Social Security check is taxed, it is considered Federal withholding, not FICA. Do you realize that the Goverment is taxing a taxed monies. Social Security has a Trust Fund that pays the receipients. When Federal withholding's are taken out, they don't go back into the Social Security Trust fund they go to places like foriegn Government's and wars like in Ukraine, those taxes on Social Security don't go back to Social Security. The Social Security leaders poorly predicted the future amount needed, therefore the fund will run out of money in the 2030's. Stop taking withholding taxes on the retirement benefit, that was never the plan. Trump stated that he would return Social Security back to what it was intended to be. A Tax free Benefit for our aging seniors!!! If my understanding of your message is not on point, please correct me! Thanks Money Instructor, why should I listen to you?
Eliminate the earnings cap and let the wealthiest pay more. And slowly raise the early retirement age. 62 is too young. Raise it by 3 or 6 months a year. They raised the FRA from 65 to more and no one suffered. It would make a huge difference
Everyone should have an opportunity to retire at 62. Ever do manual labor? Try 42 years of it and say that 62 is too young…
He has no experience
Fair point! His lack of direct government or Social Security experience is definitely a concern for many. While his business background could bring fresh ideas, running a federal program that impacts millions of lives is a whole different ballgame.
Our Country is doomed
That could be good. He’s not a crooked politician, & that’s who has been using SS money for other stuff. Most recently to give to illegal immigrants.
@@moneyinstructor his business background includes multiple bankruptcies. He’s a lot of things, but a good businessman is not one of them.
@@Boulder836 Just like the man who is appointing him. So broke he has to hock "gold" watches and fragrances. Grifter appointing inept people.
Why do people who never worked get ssi
Not only should the borrowed money be replaced but the interest that should have accrued. The gov. has no stake in this money other than the return of it,
SSA is not a good long term plan for younger people but at the same time many people including myself have paid into this for their entire lives and deserve to get their money back. Add to the complexity that the government raided these funds for other things instead of investing these funds which would have easily kept the program solvent for years. I think people should not jump to conclusions but instead wait and see what changes might come. In short what we need is a long term plan for people far from retirement and a short term plan for people in or near retirement. For people near or in retirement you should get your full benefit and nothing changes. For people far from retirement a new BETTER plan should be started that allows people the option to opt out of the system or pay into a federal retirement program. I am actually optimistic both these things can be done.
Well, I would like to know that we will not get our Social Security checks cut and I’ll think about my children in another 20 years. They’ll be retiring. Will there be any Social Security then I’ll be gone but they will still be here people. I hope we pick the right person.
Isn’t SS funded by the people working and paying in? So we that are retired have already paid in with our wages after they were already taxed. Why are we being taxed on money (SS) that we already paid taxes on??!!
The simplest way is to eliminate the cap on income. So all those earning MORE than $176,100 will continue to pay the FICA Tax, no matter how much they make.
Social Security tax is calculated as a percentage of gross earnings, up to a certain limit. Every year, the government sets a limit on the amount of your earnings that can be taxed for Social Security. That limit in 2024 is $168,600, increasing to $176,100 in 2025.
The Federal Insurance Contributions Act (FICA ) is a United States federal payroll (or employment) tax payable by both employees and employers to fund Social Security and Medicare-federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.
So the low and middle income workers are paying into SS, but the rich people are not when they pass the income limit.
I don't think the Magats have prepared for their neighbor who just lost their Social Security.
The influx of a working immigrant force will pay our Social Security. And as non
citizens they can't collect it.
As a green card holder they follow the same guidelines as you did to collect
@Satjr35031 thanks satjr I wondered how that worked.
Easy raise the cap cutoff on earnings to include every dollar earned.
That won’t solve the problem
@
It would according to the office of budgets along with other solutions like raising the age and lowering the benefit amount.