Thanks for that post. I still don’t see how this will save any money in the system at least not for a long time. We just lowered the Social Security tax and now they want to raise the age to save it. Why not just put the two percent tax back on. I know we hate taxes but I think people will hate to work another two to four years.
I’m not sure I follow you. Maybe you can help me.
1. When was the SS payroll tax rate lowered? If it was, I am shocked I missed it.
2. Pushing back the retirement age will make a huge difference. It’s also quite fair if one looks at the way in which SS was initially “sold,” when life expectancy was actually LOWER than the SS eligibility age. Now it is common for folks to spend decades on SS (and, also at odds with the initial SS plan in the 1930s, they expect it to pay for the bulk of their expenses, not just as a supplement). It’s just unsustainable, particularly with the Baby Boom entering retirement with 1.7 kids each.