Social Security Means Test
 

I was reading recently in The Washington Post that there is now a move being put forward by fiscal conservatives regarding Social Security retirement payments.

The idea is to require a yearly "means test" that will adjust Social Security retirement annually based on other income such as company pensions as well as the amounts of assets a person has in the form of house, car, investments, and other assets.

This would, proponents say, reduce the national debt.

Great idea. Social Security, along with Medicare, is bankrupting this country, and action must be taken to reduce the national debt.

I paid into it for 50 years. I earned what I'm getting (principle plus interest). If they want to change the rules, do it for those just starting. There are plenty of other ways to reduce the debt.

Reasons why SS is running out of money:

Not enough people paying into it

More people getting benefits than paid into the fund

Constant borrowing/taking from the fund for non SS programs

Illegal aliens getting benefits from SS

And too many more political actions.

I agree totally, I'm depending on the little I'll get now to supplement my monthly income. I've paid into for almost 50 years and I earned it. They can pay the national dept with their HUGE salaries and even bigger PENSIONS.

Why don't the fiscal conservatives for go there Gov. pension and go on S.S. and see how they feel about this move. I'm sure with their assets they would get close to zero for a pension or from S.S. Why is it always the working class that has to foot the bill for the mistakes of WASHINGTON!!!!!

I say we take all the politicians to the back of the courthouse and shoot them.

Could you supply an actual link to that story ? I have been checking in order to read in context and cannot find it at all.

Thanks

The only story in the Post that mentions MEANS TESTING was an article about a woman who drove her Mercedes to apply for government assistance....she is known as the "Mercedes Mom"

The article, if this is the one you are "quoting" sort of...had nothing to do with Social Security directly and was just mentioned in this paragraph

"One point that was sort of lost in the story is that owning a car has nothing to do with being eligible for WIC payments. The WIC program is a type of federal assistance that is income-based, or “means tested,” meaning that only people whose income falls below a certain level are eligible for the program. Medicaid and the Temporary Assistance for Needy Families are other examples of these means-tested programs. These programs differ from the federal “entitlement” programs, in which people are entitled to receive the benefits if they meet certain non-income tests. For example, people who lose their jobs are entitled to unemployment benefits regardless of their income. The same is true of Social Security and Medicare, which are based on a person’s age, not income."


Should ‘Mercedes Mom’ have sold the car before applying for government assistance? - The Washington Post

Your opening post was a bit deceiving and out of context...we should supply links and actual quotes to save misunderstanding

The SS system has never been based upon getting your "principle plus interest". The benefits are simply whatever congress sets. We have no contractual right to current benefits, which is why some members of congress can be considering reductions for people of certain income and wealth levels. Generally, earlier generations received much more in benefits than P +I . That does not mean that congress should ignore the fact that many people made retirement decisions in reliance upon their expected SS benefits.

WHAT!!! WHAT!!!!! Welfare and Medicaid are bankrupting this country. Have you any idea how much money this country wastes. How many gazillions we give away to foreign countries. Shame on you for blasting 2 programs put in place many years ago to help people, who have paid into them, to help with their retirement. Sometimes I cant believe what I read on this forum.

All Tax Revenue Will Go Toward Entitlements and Net Interest by 2030


No bashing on my part, just a simple statement of fact that all tax revenues will go to pay social security, medicare and debt by the year 2030.

Until I see a link, I suggest this entire conversation is based on a very false premise.

:sigh:

For those retirees with income in the hundreds of thousands, twenty or thirty thousand is not a meaningful subtraction - especially for the benefit of all other retirees. The problem is doing anything at all to tamper with those already participating in the system. Bad precedent for money hungry politicians and activists with all sorts of 'social' agendas.

As a matter of history and buyer's remorse I guess, wouldn't the formerly inviolate Social Security system be in better shape if LBJ was never elected in '64? The country bought a boatload of lies, and now is inheriting the wind.

The joke of it all is who is going to administer this yearly means test? The IRS or maybe the census bureau? Maybe a web site we can all log into? All good ideas, huh?