Quote:
Originally Posted by LoisR
Mitt Romney and Mitch McConnell have introduced the TRUST ACT as part of the new Covid-19 aid bill.
The TRUST ACT will allow elected officials to appoint representatives who will decide about further funding or reducing the benefits of both Social Security and Medicare.
If Medicare and Social Security are reduced in funding or entirely eliminated, can you afford to continue living your present lifestyle?
Need further information or want to comment? Contact your elected Federal officials.
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Lois, changes to Social Security payments have always been 'going forward' and phased in...it's never been retroactive. Not to say that that couldn't happen...but it's too much of a risk for reelection if that happens, so they usually go with a phased in approach. So IMO, unlikely that anyone already on Social Security will have their payments impacted. Medicare, that's another story...you know that's always going to go up.
That said, your speculative question has the potential to cause a lot of people already collecting social security needless concern that they are at risk. That's not right.
The likelihood is that the contribution tables will change (earnings subject to SS and the %) as well as an increase in the ages folks are eligible to apply for social security. As in the past changes will most likely be effective going forward impacting those that are not currently receiving Social Security. The methodology for determining the monthly payment amounts will most likely also be 'on the block'.
IMHO, the program has been grossly mismanaged for decades and now it's come to the point that the 'can' can no longer just be kicked down the street.
So, a task force, will come up with a plan that will basically allow them to dodge the bullet again and kick the can down the street some more....
However on the flip side...knowing that 'they're up to their dirty old tricks again' we all should be reinforcing with the younger folks in our families to really 'salt' as much $$$ as they can into their IRA's, ROTH's, annuities and other forms of savings.
just saying