With interest and adjusted for Fed inflation.
I don’t like this but this is bound to happen for more and more gov programs.
No.
A cosmetic bandaid. Nothing more.
They sure don’t use means testing when applying the taxes to our paychecks. If this story is true, it sounds like they’re getting it backwards again—are they going to penalize people who have actually saved for their retirements and reward people who haven’t?
Never happen. USA has gone entitlement crazy like zombies is World War Z.
Means test Congressional perks and retirements first.
>> So, if my husband and I have been diligently saving and contributing to 401Ks for our retirement, we are going to be punished by fewer benefits??
Sends a message, doesn’t it?
It’s an evil government that incentivizes reckless behavior while punishing those who act with wisdom and foresight.
I don’t mind means testing for it if they allow me to opt out of it and not pay it.
It would even be worth discarding all the money I put into it for the last forty years.
Hell, I am never going to see a cent from Social Security anyway, so that is an easy promise for me to make.
Agreed, in spades. There are problems with the Social Security System, but it is NOT a welfare benefit for most of us. Most of us were forced to put more money into the system than we will ever get out again. I’m on Social Security, and I could have gotten maybe two or three times as much if I had been allowed to invest the same amount of money myself.
Punishing people who have contributed to Social Security all their lives makes about as much sense as Obamacare.
And the “wealthier” ones were the folks who paid the most into the system, while the poorer ones are the folks some of whom are getting more out than they put in.
Is this guy’s name Franklin Delano Ryan?
You realize of course, the money you put in is for people already retired. Your benefits will come from people who are working after you retire. GIANT PONZI SCHEME.
I know you already knew that. It doesn’t make it better.
Wonder if the “means” threshold will be based on individual income or household income?
Makes a big difference when there’s more than a couple years difference between the couple’s ages.
It’s only fair!/s
The day I turn 62 (if they don’t raise the age), I’ll start withdrawing.
Doing the dirty jobs democrats are too smart to do.
Oh, and there have been discussions that it is not fair that you even have a 401K, and that private retirement accounts s/b nationalized.
/johnny
The fact that SS retirement benefits can be subjected to income tax is ALREADY a form of “means” testing.
He is a disappointment.
Social security is socialism
It should be eliminated. It is generational theft