Me, too, Harold. I like that idea. For one, you can still get 3.5% on your cash. For two, I don't particularly like reinvesting dividends right now at market highs. Building up a little cash feels good and gives you some dry powder to buy on a future dip.
I think that's worth a discussion but, truthfully, if one has income of say $250,000 seems like some gradual phase out could start at that point. I don't like "cliffs" but gradual could work. For the record I don't like taxes but Social Security is so important to this country we have to agree to do what is necessary to save it. I write my congressman regularly to get off his butt and fix it.
There's already an element of means testing in the program vis a vis how SS is taxed. And , as to Medicare, same thing for IRMAA. I'm not sure about your comment the rich aren't taking it. Have you actually seen any stats on how many?And, I'm not talking about just billionaires. Anyone making, say $250,000, in retirement really doesn't need SS or at least all of it. As to not earning it, how does that happen? At some point, the very wealthy don't earn it in the sense of their pay no longer includes wages for FICA but on the way up they were certainly drawing a wage subject to FICA. FDR's original program was not meant to be a welfare program but times change over the years and I believe too many of our safety net programs go to people that aren't really that bad off....thus these programs are all eating money we don't have. Once the trust fund runs out don't be surprised when congress makes up the shortfall with general revenue which, in effect, then makes it a welfare program anyway.
Well, you could but that just moves existing money around which, in total, is already way less than needed. We flat out need to raise more money for Social Security. A combination of three things would help a lot: 1. raise the FICA tax. 2. Raise covered compensation for tax purposes (like Medicare). 3.Introduce means testing for the very high income fokls receiving Social Security who really don't need it.
Frankly, there are all sorts of things that can be done/negotiated to help. Just heard that they have moved up the timing on the depletion of the trust fund. I think the American people would support shoring up Soc Sec and it's disgusting our polticians don't even talk about it.
I'm not sure how all the numbers are actually calculated but not only are the top 10% paying 70%, the top 1% are paying nearly 40%, so yes, the rich are paying a pretty fair share. Mind you, the bottom 50% ( after reflecting the refundable Earned Income Tax credit) are paying near 0%. Dick, is right our taxes compared to other countries is low but I believe our system is, in fact, the most progreesive in the western world.
Agree, Dick. I would add a couple thoughts. Temporarily there would be a surge in federal revenue as folks took advantage of this. I would make sure that the new revenue HAD to be ear marked for deficit reductuion only ( or perhaps shoring up trust funds for Soc Sec/Medicare). Without doing this congress will just spend the new revenue like they always do.
As to the bigger picture, let's face it, this country needs more revenue. I've said to friends that I would be willing to pay more in taxes IF we had some sort of balanced budget mechanism to control spending. Without that, I refuse to pay more in taxes as study after study shows congress has a propensity to spend something like $1.35 for every new dollar they collect.
Dan, I will be happy to share the logic. It's 435 members of congress who each has his/her own idea of what is best for you....or just likes to grandstand.
Comments
And, an assumption the insurance company stays solvent.
Post: Automatic Income stream? How important to you?
Link to comment from June 27, 2026
Me, too, Harold. I like that idea. For one, you can still get 3.5% on your cash. For two, I don't particularly like reinvesting dividends right now at market highs. Building up a little cash feels good and gives you some dry powder to buy on a future dip.
Post: When to Leave Your Portfolio Alone
Link to comment from June 27, 2026
Agree, Dan. I'm willing to step up, too.
Post: Just the facts about Social Security
Link to comment from June 14, 2026
I think that's worth a discussion but, truthfully, if one has income of say $250,000 seems like some gradual phase out could start at that point. I don't like "cliffs" but gradual could work. For the record I don't like taxes but Social Security is so important to this country we have to agree to do what is necessary to save it. I write my congressman regularly to get off his butt and fix it.
Post: Just the facts about Social Security
Link to comment from June 14, 2026
There's already an element of means testing in the program vis a vis how SS is taxed. And , as to Medicare, same thing for IRMAA. I'm not sure about your comment the rich aren't taking it. Have you actually seen any stats on how many?And, I'm not talking about just billionaires. Anyone making, say $250,000, in retirement really doesn't need SS or at least all of it. As to not earning it, how does that happen? At some point, the very wealthy don't earn it in the sense of their pay no longer includes wages for FICA but on the way up they were certainly drawing a wage subject to FICA. FDR's original program was not meant to be a welfare program but times change over the years and I believe too many of our safety net programs go to people that aren't really that bad off....thus these programs are all eating money we don't have. Once the trust fund runs out don't be surprised when congress makes up the shortfall with general revenue which, in effect, then makes it a welfare program anyway.
Post: Just the facts about Social Security
Link to comment from June 14, 2026
Well, you could but that just moves existing money around which, in total, is already way less than needed. We flat out need to raise more money for Social Security. A combination of three things would help a lot: 1. raise the FICA tax. 2. Raise covered compensation for tax purposes (like Medicare). 3.Introduce means testing for the very high income fokls receiving Social Security who really don't need it. Frankly, there are all sorts of things that can be done/negotiated to help. Just heard that they have moved up the timing on the depletion of the trust fund. I think the American people would support shoring up Soc Sec and it's disgusting our polticians don't even talk about it.
Post: Just the facts about Social Security
Link to comment from June 13, 2026
I'm not sure how all the numbers are actually calculated but not only are the top 10% paying 70%, the top 1% are paying nearly 40%, so yes, the rich are paying a pretty fair share. Mind you, the bottom 50% ( after reflecting the refundable Earned Income Tax credit) are paying near 0%. Dick, is right our taxes compared to other countries is low but I believe our system is, in fact, the most progreesive in the western world.
Post: Billionaires, taxes and you
Link to comment from May 30, 2026
Agree, Dick. I would add a couple thoughts. Temporarily there would be a surge in federal revenue as folks took advantage of this. I would make sure that the new revenue HAD to be ear marked for deficit reductuion only ( or perhaps shoring up trust funds for Soc Sec/Medicare). Without doing this congress will just spend the new revenue like they always do. As to the bigger picture, let's face it, this country needs more revenue. I've said to friends that I would be willing to pay more in taxes IF we had some sort of balanced budget mechanism to control spending. Without that, I refuse to pay more in taxes as study after study shows congress has a propensity to spend something like $1.35 for every new dollar they collect.
Post: Should Retirees Get a Temporary Flat Tax Window on IRA and 401(k) Withdrawals?
Link to comment from May 23, 2026
Dan, I will be happy to share the logic. It's 435 members of congress who each has his/her own idea of what is best for you....or just likes to grandstand.
Post: Time to scrap IRAs, 401k, 403b and all the rest
Link to comment from May 23, 2026
And a lifetime COLA on the benefit once started.
Post: Is saving really that hard? Nope, not for the great majority of Americans.
Link to comment from May 2, 2026