Tag: Social Security

Raising the Age of Social Security Eligibility?

We’re paying our Congressional Reps and Senators a handsome wage and even better health and retirement benefits to look out for us; so, it’s about time they got serious about doing the job we’re paying them to do, and fix this mess – so that we can have some modest assurance of financial stability in our retirements, too.

11885164_10154157348992908_2115962267242637017_nI agree with Bernie on most issues. Not quite so sure about this one.

There are really two gaps that need to be addressed:

First, Social Security in general is underfunded and additional revenues absolutely must be found if it is to remain solvent. The solution is clear and incontestable: raise the limits on how much of one’s income is subject to the Social Security tax; and perhaps even raise the rates, especially on those who have large incomes.

Second (and as is at the heart of this proposal) it has always been assumed that the taxes paid by workers retiring in the future would fund the Social Security benefits of those retiring now.  (Which further assumes that there will always be a significantly larger pool of those still working compared to those who are currently retired.)

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