[Stu from NYC]

Originally Posted by retiredguy123

Allowing people to opt out would end Social Security. Do the math. The system is designed so that high income people get ripped off for the benefit of low income people. So, if you can opt out, the high income people would opt out, and the system would collapse. Social Security is a cleverly designed welfare program.

Not so sure but not going to happen.

The best way to fix it IMHO is to raise the retirement age so as to balance people paying in and payments going out with the realization that as we all live longer and longer retirement age would have to be indexed to longevity.

[OrangeBlossomBaby]

Originally Posted by tophcfa

What pi$$es me off to no end is that they call SS an entitlement. Entitlements are hand outs to people who did nothing to earn them, but somehow feel entitled to them anyways. Those of us who worked our a$$es off for many long years and had SS taken out of our checks every year are not entitled to the benefits, we are OWED the benefits. If the $$ was never taken out of our paychecks, and instead we were able to keep it and save it, we would not need SS. Stop calling it an entitlement and shore up the dam system so the people that are owed the $$ don't have to worry about a funding shortfall.

I think you do not understand something - what you described, is an example of what an entitlement IS. By definition. If you ARE entitled to something - then that something is an entitlement. If you have the RIGHT to receive something - because you paid for it - then you are entitled to it by definition.

Social security is called an entitlement because it IS one, by definition. Things that people THINK they are entitled to, but aren't - are not entitlements.

[ruralgoddess]

why?

[ruralgoddess]

which is IMHO only right... plus the cap on taxable income for Social Security withholding needs to be eliminated.

[Rwirish]

This is a stupid decision by the President regardless of party affiliation.

[rmd2]

Not concerned.

[TNLAKEPANDA]

Originally Posted by Stuholden

For years our government has been unable to address the future shortfall in Social Security funding.
Now the payroll tax is being suspended and President Trump has said if re-elected he will kill this tax; without alternative funding the Social Security Trust Fund will exhaust in 3-4 years.
Am I the only one concerned about the future of my social security checks?

I think that it’s time for SS to be revamped and funded differently. It should have been done year ago but every President is afraid to do it. The money we get out of SS after years of paying in in pitiful. It should be a private fund for each individual that can be passed on upon death.

[Stu from NYC]

Originally Posted by OrangeBlossomBaby

I think you do not understand something - what you described, is an example of what an entitlement IS. By definition. If you ARE entitled to something - then that something is an entitlement. If you have the RIGHT to receive something - because you paid for it - then you are entitled to it by definition.

Social security is called an entitlement because it IS one, by definition. Things that people THINK they are entitled to, but aren't - are not entitlements.

I think you are correct in theory but wrong in practice.

Politicians will call it entitlements suggesting we are not entitled to get it under any and all circumstances. And quite a few have suggested a means test where if people earn a high income they are not entitled to collect from SS.

[dewilson58]

Originally Posted by ruralgoddess

which is IMHO only right... plus the cap on taxable income for Social Security withholding needs to be eliminated.

Hmmmm

[Pamelah]

Originally Posted by Bill32

not a bit.....

There’s compassion for ya’ .

[noslices1]

Originally Posted by Schaumburger

I spoke to my employer's payroll manager about this a few days ago. My employer will not be participating in the payroll tax deferral. What benefit would this deferral be if workers have to pay this tax back by April, 2021?

There has been much miss information talked about this subject. What President Trump proposes is to defer the payment of these taxes until 2021, however, he will forgive the payment if he is re-elected. If he is not, then the new administration will probably want them paid next year. This is not the tax he will PERMANENTLY eliminate. The previous tax cuts he made in 2017 are set to expire for individuals in 2026, but will make those cuts permanent.

[Pamelah]

Originally Posted by retiredguy123

Allowing people to opt out would end Social Security. Do the math. The system is designed so that high income people get ripped off for the benefit of low income people. So, if you can opt out, the high income people would opt out, and the system would collapse. Social Security is a cleverly designed welfare program.

You are degrading “low income people” who WORKED to put food on the table, but didn’t make enough to invest or perhaps save much in a bank. Social Security took part of their paycheck to give back later and now “later” may disappear. Such selfish responses to this question!

[xcaligirl]

Originally Posted by Stuholden

For years our government has been unable to address the future shortfall in Social Security funding.
Now the payroll tax is being suspended and President Trump has said if re-elected he will kill this tax; without alternative funding the Social Security Trust Fund will exhaust in 3-4 years.
Am I the only one concerned about the future of my social security checks?

You're not the only one. I have a problem with so many people (mainly illegal) getting SOCIAL SECURITY that they never paid into......

[4557Spahr]

Another scare tactic. I’m not worried about it.

[Bill1701]

We don't get the government we want. We get the government we deserve. With a few exceptions, none of our Congresspeople will touch this issue. It doesn't matter if they are a D or R.