Little wonder many young people view SS and Medicare as huge scams that simply transfer their income to older generations. Using regressive taxes to boot. Many SS recipients receive much more than they put in.
Yes, let's continue to transfer income from teenagers flipping hamburgers to Warren Buffett so he can receive his rightfully earned social security payment with full COLA.
As a practical matter the political power of the elderly makes retroactivity highly unlikely. If I had the power I would immediately put a cap on benefits for the wealthier classes. SS should above all be an anti-poverty program, not a financial planning tool for the well-off.
The many Americans facing cat food diets without their SS should receive COLAs. The upper middle class and wealthy recipients collecting $40,000-$100,000 should not. SS and Medicare should be reformed to lessen the burden on younger generations of workers.
Estate planning attorney here. A well-written, well-funded, well-administered living trust can be very useful. However, many people who have them do not fund them well and frankly don't understand what it is all about. There are various ways to avoid probate if that is desirable. Also, choosing the wrong person to be trustee of your "living trust" can have catastrophic consequences as there is no supervision as there is with a court. Trusts may not be the right beneficiary for retirement plans. Creditor claims can be another issue with "living trusts". Approach with caution.
Comments
Congressmen qualify for a pension after serving only three terms (six years).
Post: Dealing with a reduction in Social Security benefits. Is there a backup plan?
Link to comment from September 30, 2026
Little wonder many young people view SS and Medicare as huge scams that simply transfer their income to older generations. Using regressive taxes to boot. Many SS recipients receive much more than they put in.
Post: Is your retirement plan counting on a Social Security COLA in the future?
Link to comment from September 28, 2026
True, but he would likely be sympathetic to my argument.
Post: Is your retirement plan counting on a Social Security COLA in the future?
Link to comment from September 27, 2026
Yes, let's continue to transfer income from teenagers flipping hamburgers to Warren Buffett so he can receive his rightfully earned social security payment with full COLA.
Post: Is your retirement plan counting on a Social Security COLA in the future?
Link to comment from September 27, 2026
As a practical matter the political power of the elderly makes retroactivity highly unlikely. If I had the power I would immediately put a cap on benefits for the wealthier classes. SS should above all be an anti-poverty program, not a financial planning tool for the well-off.
Post: Is your retirement plan counting on a Social Security COLA in the future?
Link to comment from September 27, 2026
The many Americans facing cat food diets without their SS should receive COLAs. The upper middle class and wealthy recipients collecting $40,000-$100,000 should not. SS and Medicare should be reformed to lessen the burden on younger generations of workers.
Post: Is your retirement plan counting on a Social Security COLA in the future?
Link to comment from September 25, 2026
Some observers think Congress will punt on the whole thing and borrow money to put into the trust fund.
Post: Taxing Social Security benefits
Link to comment from August 8, 2026
Generally individuals are the better choice for retirement plans and IRAs.
Post: The Financial Stress a Simple Document Could Have Prevented
Link to comment from May 25, 2026
Estate planning attorney here. A well-written, well-funded, well-administered living trust can be very useful. However, many people who have them do not fund them well and frankly don't understand what it is all about. There are various ways to avoid probate if that is desirable. Also, choosing the wrong person to be trustee of your "living trust" can have catastrophic consequences as there is no supervision as there is with a court. Trusts may not be the right beneficiary for retirement plans. Creditor claims can be another issue with "living trusts". Approach with caution.
Post: The Financial Stress a Simple Document Could Have Prevented
Link to comment from May 24, 2026
Outright gifting exposes the property to claims of the recipient's creditors.
Post: Medicaid Asset Protection Trusts (MAPTs)
Link to comment from March 16, 2026