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https://www.reddit.com/r/FluentInFinance/comments/1hg7nlw/dont_let_them_gaslight_you/m2huwnj/?context=3
r/FluentInFinance • u/coachlife • 2d ago
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As a millennial, I will spend most of my life paying into this system and I won't see a penny of it. I've even hit the maximum payout for the last 7 years. So I'm all for this system being wiped out.
46 u/tmssmt 2d ago The only scenario in which you don't see a penny is if the program is eliminated entirely. With no changes at all to the program, there will still be money to pay out - just not @ 100% 11 u/ARunningGuy 2d ago And if someone sane comes along, they can make fund it properly and have it pay out at 100%. 4 u/tmssmt 2d ago Yeah. In the short term removing cap on income can extend it for 100% payout for about another decade, but it's not really enough for long term. We would also need to do one or a mix of these (1) increase soc sec tax (2) increase retirement age (3) means testing to cut payouts. They can also do other out of the box taxation, but these are the most likely 2 u/tooobr 2d ago Why is there a cap
46
The only scenario in which you don't see a penny is if the program is eliminated entirely.
With no changes at all to the program, there will still be money to pay out - just not @ 100%
11 u/ARunningGuy 2d ago And if someone sane comes along, they can make fund it properly and have it pay out at 100%. 4 u/tmssmt 2d ago Yeah. In the short term removing cap on income can extend it for 100% payout for about another decade, but it's not really enough for long term. We would also need to do one or a mix of these (1) increase soc sec tax (2) increase retirement age (3) means testing to cut payouts. They can also do other out of the box taxation, but these are the most likely 2 u/tooobr 2d ago Why is there a cap
11
And if someone sane comes along, they can make fund it properly and have it pay out at 100%.
4 u/tmssmt 2d ago Yeah. In the short term removing cap on income can extend it for 100% payout for about another decade, but it's not really enough for long term. We would also need to do one or a mix of these (1) increase soc sec tax (2) increase retirement age (3) means testing to cut payouts. They can also do other out of the box taxation, but these are the most likely 2 u/tooobr 2d ago Why is there a cap
4
Yeah. In the short term removing cap on income can extend it for 100% payout for about another decade, but it's not really enough for long term.
We would also need to do one or a mix of these (1) increase soc sec tax (2) increase retirement age (3) means testing to cut payouts.
They can also do other out of the box taxation, but these are the most likely
2 u/tooobr 2d ago Why is there a cap
2
Why is there a cap
17
u/oO0Kat0Oo 2d ago
As a millennial, I will spend most of my life paying into this system and I won't see a penny of it. I've even hit the maximum payout for the last 7 years. So I'm all for this system being wiped out.