hdh1470,
I agree with you that the entitlement ages for SS needs to be raised to keep the fund solvent for everyone in the coming years. I do not agree that the payment amount should be based on the recipients income or wealth. Everyone pays (invests) into the fund according to their income through out their working life. I do not believe the SS system was ever intended to be a welfare system but a supplemental retirement income system for everyone. Over the years, I (and many others) saved our money and invested wisely instead of buying everything we wanted. We never had the newest car, the largest house, the newest gadgets or clothing, or the expensive vacations. I wonder how many who retire with insufficient savings outside of SS really saved all the money they could have. In most instances, the choice was theirs alone. Save for retirement or live the good life now. Not many have high enough incomes to have it both ways. I view my SS account just as I do a savings account. I do not feel obligated in any way to subsidize other people's retirement after they lived the good life for so long.
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