Chris Christie proposes major SS overhaul including means testing. (separate, payments, benefit)
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Without knowing that much yet about his proposal, I have to say that in the country's march toward socialism, this makes perfect sense. (I'm not considering the fellow's politics and question if his party affiliation is accurate for his beliefs.)
"We also need to look at how we calculate initial benefits. Social Security needs to provide a stronger safety net for those at the bottom of the income scale. When my parents retired, they didn’t have a nest egg of savings to rely upon. They leaned on Social Security to help them through – in fact, my mom still does. We need to make sure that seniors like my parents – who worked low wage jobs their whole lives – aren’t consigned to poverty in old age.
On the other end, however, are retirees with very high-incomes. For wealthy retirees, their monthly Social Security benefit is a less significant portion of their monthly finances. The answer is to reduce the growth of benefits for these upper income seniors while making the program even stronger for lower income seniors. This isn’t a cut, it’s simply a reduction in how fast the benefit will increase for wealthier retirees." ~ Republican Presidential Candidate Marco Rubio
That leaves Rand Paul, Ted Cruz and maybe Jeb Bush. All three have a record re: Social Security. This is going to be an interesting year, after all.
Bada Bing been tring to tell people it's a scam because the wealthy make their money differently and often in one or two years. Consider the small or mid size business person who sell their business two years before collecting SS and realizes 3 million in profit. When they eventually collect SS their only income will be the ROI on their tax accounts and that with a CPA will be efficienty deployed to minimize income and SS reduction. Great for the ROTH business. Convert prior to taking SS.
All this talk about pulling SS $ from people who paid into the system and rely on those earnings is bizzare. I can't stand SS as it is currently: national retirement plan.
It is a ponzi scheme and that's probably the only thing I'll ever agree with Rick Perry about. That said, many recipients pull in way more than they contribute to the system. I'd be fine with capping outlays from the trust fund to individual's contribution.
"According to this calculation, past and current generations will pay $71.3 trillion in payroll taxes but will receive $93.4 trillion in benefits. Adjusting for past and future transfers from the federal Treasury, the difference between "paid-in" and "paid-out" works out to $21.6 trillion."
Thanks old people for ripping my generation off to the tune of $21.6 trillion.
Christie is as sleazy a politician as you will find anywhere.
Social Security accounts belong to the worker to whom they were issued. Not to the SSA or to the government.
What do I think? I thinks it's Christie mouthing off as usual.
I'm sorry Sheena, but this is absolutely not true. The Supreme Court ruled on this issue many years ago. It is an entitlement, not a contractual right.
The rest of your post may be true, but I did notice Christie may have "lifted" a page from Rubio's proposal.
Yes, but his proposal is that "retirees" won't be affected. So, I'm assuming as long as one is a "retiree" before his proposal goes into effect, one won't be affected. When is that?
Yes, but his proposal is that "retirees" won't be affected. So, I'm assuming as long as one is a "retiree" before his proposal goes into effect, one won't be affected. When is that?
Ask most people from Jersey that question and you will often hear liar. It is meant to not be definitive so he can make it what he wants later.
Bada Bing been tring to tell people it's a scam because the wealthy make their money differently and often in one or two years. Consider the small or mid size business person who sell their business two years before collecting SS and realizes 3 million in profit. When they eventually collect SS their only income will be the ROI on their tax accounts and that with a CPA will be efficienty deployed to minimize income and SS reduction. Great for the ROTH business. Convert prior to taking SS.
Two thoughts. First, I don't know any small business owner who pays more than the minimum for FICA. (Maybe only super small business owners?) Second, if this were to go forward, my prediction is that Roth distributions will be included in the "non-Social Security" income. Why else would he use the term "non-social security" income?
Two thoughts. First, I don't know any small business owner who pays more than the minimum for FICA. (Maybe only super small business owners?) Second, if this were to go forward, my prediction is that Roth distributions will be included in the "non-Social Security" income. Why else would he use the term "non-social security" income?
Yes in the year converted to a ROTH but not when withdrawn. Convert prior to SS. Taking money out of the bank and already taxed isn't income.
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