Doubtful. To address the SS shortfall in the future it is more likely Congress will substantially increase the salary cap on the tax, or change the COLA calculation, or increase the age for full retirement, or do all three plus possibly other changes. It is well known how to fix it. The chances of the drastic change you suggested to people already drawing their benefit is probably very slim. If they do nothing, in about 13 years the current benefits will have to be reduced by about 25%. Regarding Medicare Part B, the maximum IRMAA penalty is about 3.3x the current base amount of $148.50 per month. I don't know what you mean by a "cap". The Medicare Part B premium goes up each year.
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Originally Posted by DAVES
I predict they will soon pass a bill, hey you saved, you don't need social security. I will scream, but I paid in the top amounts. Reply will be TOUGH. We are already seeing this with medicare some people pay twice as much for the same benefit and do not have a cap on what they will/can extract from you.
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