Ok I don't understand something. I'm talking about a person over 65 who chooses to continue to work. Currently he still has to pay social security payroll tax on supposed retirement savings that he'll likely never collect in the future. Is there some kind of social security tax that a retiree/young disabled person who does no work for pay above the table pays on the government check he pull each month?
All employees pay social security tax based on their earnings regardless of age. Retirement benefits are not earnings and aren’t subject to payroll tax. A person can receive retirement benefits and continue to work (I’m guessing that’s what your friend Is doing.) So, it’s 100% false that your friend is unlikely to collect retirement benefits — he can be collecting them right now.
There are a couple of significant complications. First, the longer you wait before you start collecting benefits, the higher your benefit. So, there’s a built in financial incentive to hold off on starting to take retirement benefits. Second, there is a difference between “retirement age” and “full retirement age.” You can start collecting benefits at retirement age, but if you continue to work, your benefits are reduced. After you reach full retirement age, you can continue to work without any reduction in benefits. Again this provides financial incentive to keep working and put off taking retirement benefits unto you reach full employment age.
Guess who turns 64 soon and has to figure all this stuff out? I’m waiting until my birthday to start in on Medicare…
he/him When I go to sea, don’t fear for me. Fear for the storm.
Jessica Best, Fear for the Storm. From The Strange Case of the Starship Iris.
Guess who turns 64 soon and has to figure all this stuff out? I’m waiting until my birthday to start in on Medicare…
Good for you. My wife and I decided to wait until we’re 70 because the math works out … you know … if you live.
^ that’s the man coming for your money, Xanax! And he’s gonna give it to me.
- Doc
Hugh Nibley claimed he bumped into Adolf Hitler, Albert Einstein, Winston Churchill, Gertrude Stein, and the Grand Duke Vladimir Romanoff. Dishonesty is baked into Mormonism.
Guess who turns 64 soon and has to figure all this stuff out? I’m waiting until my birthday to start in on Medicare…
Good for you. My wife and I decided to wait until we’re 70 because the math works out … you know … if you live.
^ that’s the man coming for your money, Xanax! And he’s gonna give it to me.
- Doc
I’d have to check the handy dandy report I get from SS to be sure, but for me it makes sense to work until 72. My hobbies are boarding and hiking, so it’s not like I need much money to lead a happy life. I could retire at 65 and be fine, but I enjoy the work I do and I would miss it.
he/him When I go to sea, don’t fear for me. Fear for the storm.
Jessica Best, Fear for the Storm. From The Strange Case of the Starship Iris.
So, it’s 100% false that your friend is unlikely to collect retirement benefits — he can be collecting them right now.
He's collecting only a small portion of what he's paid in over the past 40 years he's been working. But because he has chosen to continue to work, how much is the government taking right back in social security tax? And you'd call Ron Johnson's proposal to relieve workers over 65 of the social security payroll tax a war on seniors?
The best part about this is waiting four years to see how all the crazy apocalyptic predictions made by the fear mongering idiots in Right Wing media turned out to be painfully wrong...Gasoline would hit $10/gallon. Hyperinflation would ensue.
Veritas
Hugh Nibley claimed he bumped into Adolf Hitler, Albert Einstein, Winston Churchill, Gertrude Stein, and the Grand Duke Vladimir Romanoff. Dishonesty is baked into Mormonism.
So, it’s 100% false that your friend is unlikely to collect retirement benefits — he can be collecting them right now.
He's collecting only a small portion of what he's paid in over the past 40 years he's been working. But because he has chosen to continue to work, how much is the government taking right back in social security tax? And you'd call Ron Johnson's proposal to relieve workers over 65 of the social security payroll tax a war on seniors?
Tell the truth Hawkeye. He’s collecting 100% of his retirement benefits. Just like everyone else can. And he’s being treated exactly the same as every other wage earner in America.
I’d call call Johnson’s long time effort to kill Social Security a war on seniors. Johnson’s goal is to kill SS dead. Does he say how he would replace the lost tax revenue from the fund that would result from his proposal? I’ll bet you a fiver the answer is no. He doesn’t care about seniors at all. His proposal is a sneaky way to make the funds go insolvent as part of his goal to kill SS.
So, unless his proposal includes some kind of tax increase to replace the lost revenue to the fund, then his proposal Is part of his war on seniors. And it’s a hypocritical, cynical proposal at that: pretending to help seniors while actually destroying the government’s ability to pay their benefits.
he/him When I go to sea, don’t fear for me. Fear for the storm.
Jessica Best, Fear for the Storm. From The Strange Case of the Starship Iris.
Does he say how he would replace the lost tax revenue from the fund that would result from his proposal?
What tax revenue are you collecting from a senior citizen if he chooses not to work? The lost revenue isn't effecting senior citizens. If anything it's effecting child welfare and SSI disability benefits for those who are pulling a check long before they reach 65 and more than likely before they're even 30.
I could see you arguing that social security is really a government disability program. But to still argue that it's forced age insurance or some kind of forced retirement program is just intellectually dishonest.
The best part about this is waiting four years to see how all the crazy apocalyptic predictions made by the fear mongering idiots in Right Wing media turned out to be painfully wrong...Gasoline would hit $10/gallon. Hyperinflation would ensue.
Veritas
Does he say how he would replace the lost tax revenue from the fund that would result from his proposal?
What tax revenue are you collecting from a senior citizen if he chooses not to work?
wHaT tAx ReVeNuE aRe YoU coLLeCtInG fRoM a SeNiOr CitIzEn iF hE cHoOsEs NoT tO wOrK?!?
Bing Bong’s Law, ladies and gentlemen.
- Doc
Hugh Nibley claimed he bumped into Adolf Hitler, Albert Einstein, Winston Churchill, Gertrude Stein, and the Grand Duke Vladimir Romanoff. Dishonesty is baked into Mormonism.
Does he say how he would replace the lost tax revenue from the fund that would result from his proposal?
What tax revenue are you collecting from a senior citizen if he chooses not to work? The lost revenue isn't effecting senior citizens. If anything it's effecting child welfare and SSI disability benefits for those who are pulling a check long before they reach 65 and more than likely before they're even 30.
I could see you arguing that social security is really a government disability program. But to still argue that it's forced age insurance or some kind of forced retirement program is just intellectually dishonest.
C’mon, Hawkeye. It’s math and it’s not that hard. What is the trust’s income? Payroll and self-employment taxes on all workers. If you change the system by extending a class of workers from paying the taxes that they’ve been required to pay, the fund is getting less revenue. To restore the funds financial position, you have to either increase the taxes or cut benefits. Which does Johnson’s plan do? If the answer is neither, then he’s cynically sabotaging the program while pretending to help seniors.
We’re talking about the effect of Johnson’s proposed change. He’s not proposing to change the tax status of retirement benefits, so that’s not relevant to evaluating the effect that his proposed change would have.
You asked whether Johnson’s proposed change is a war on seniors. Can we stick to the topic for at least a few posts.
he/him When I go to sea, don’t fear for me. Fear for the storm.
Jessica Best, Fear for the Storm. From The Strange Case of the Starship Iris.
The lost revenue isn't effecting senior citizens. If anything it's effecting child welfare and SSI disability benefits for those who are pulling a check long before they reach 65 and more than likely before they're even 30.
I could see you arguing that social security is really a government disability program. But to still argue that it's forced age insurance or some kind of forced retirement program is just intellectually dishonest.
Ajax, you keep making this disingenuous argument. SSI is paid for by general tax revenues -- not from the Social Security trust funds.
Let me type that again, this time more slowly: SSI disability benefits are paid for by using general tax revenues. They are not taken from Social Security trust funds.
