Coming after your Social Security

We knew it was only time.  Now the push is on.  Incrementally they will take chunks, or diminish your payout.  This is money you've put, your company match,  in your entire working life , every single paycheck.

Rhino Christie is on the march.  

http://www.newsmax.com/Newsfront/christie-cuts-social-security/2015/04/14/id/638364/

Quote :

He proposed increasing the retirement age for Social Security to 69, beginning with gradual increases in 2022. He also proposed raising the early retirement age to 64 from 62. The Medicare eligibility age would be increased gradually to 67 by 2040.

Not explicitly stated but the proposal includes a reduced benefit payout starting at $80k annual income, and none at $200k annual.  How they calculate the annual income is anyone's guess.  Once in a lifetime past $80k disqualifies full benefit, average $80k lifetime, last year before retirement?  Always and purposefully vague.

Notice never any mention of cutting the revenue side 7.25% employee, or 7.25% employer contribution.  No mention of the tens of thousands of illegals that are tacked up on SS, or the tens of thousands of "refugees" they've handed SS to.

If they were operating with integrity, they would phase out benefits, and the revenue over the next 10 to 20 years, getting rid of the program and allowing employees and employers to keep the 7.25% of SS payroll tax that's now collected and allowing individuals to save on their own.

This is only the first step on the assault of SS.  SS would have been fine if they didn't take all the money from the trust, use it on wars, and then open globe invitation to foreigners, and fight endless wars that has most ever Veteran on some form of disability which comes from SS.  These are the real costs that none of the politicians talk amount and the media is incapable of fathoming a thought or a question.

Next they're going to come after your retirement savings, traditional IRA, Roth IRA, 401k.  This is the next play.

Wall St regularly blows up to wipe out 401k's, what's left goes to the gubbment now anyways.

What they'll do, is start taxing on the value of it today, and who cares if the value drops by 9/10ths tomorrow, you'll owe what it topped out on.

.....all good rides must come to and end sometime......

My brother got SS survivor benefit when his wife, who had been collecting passed away. He was limited to something like $14k per year in earnings to be able to collect her benefit. If he earned more they took away from his benefit until he made up the difference. I would imagine if benefits are limited from high earnings it would be handled the same way.

The tax rate for companies and individuals is 6.2% for SS and 1.45% for Medicare tax.

The money "borrowed" from the trust fund is covered by treasury notes. As long as the feds pay their debts the money hasn't been spent on wars, but who knows if they will make good on their promises. Military disability doesn't come from SS, it comes out of your other pocket. I know a guy collecting for a partial disability from service in Iraq.

The treasury notes are IOU's sitting in the Social Security Trust.  The notes are paid when they mature with tax revenue, or we sell more notes to the Fed, Japanese, or China.  Essentially borrowing money to pay the bill.  In the end, the liability is solely on the American tax payer, over $18 trillion and holding currently, the bill for all the wars isn't final when the war ends.  The VA alone has an annual budget of $167 billion.  Then there's the pull on SS for veteran SSDI claims.

If you take SS revenue and spend out of the budget, the remainder is all spent on security and war.  All of it.  They now combine SS into the budget pie, this started with Nixon in 1969 to cover up the cost of the Vietnam war and they've continued this practice to cover up the real budget pie and where dollars are allocated.  With SS as a budget item it seriously dilutes the percentages.  When anyone earns a paycheck, the cache asset is moved to the discretionary fund, in it's place is the Treasury note or promisary note.  How quaint.

http://www.ssa.gov/pubs/EN-05-10030.pdf

http://www.ultimatedisabilityguide.com/veteran_social_security.html

Veterans with disability claims can and do receive both SSI disability and VA disability, and if they are at least 10% disabled compensation from the VA.  There are no offsets here either.  The only offset that Social Security applies to disability payments is for workers' compensation indemnity benefits. By federal law, the combination of Social Security disability and workers' comp benefits cannot exceed 80 percent of your pre-injury wage. My sisters husband, veteran of the Iraq gulf war, gets around $55,000 annually from SSDI and VA disability compensation.

Now the push is on to not provide benefits, this is only the first of many incremental attempts they will push, until they have it all.  Meanwhile the tax never goes away.

Our unfunded liabilities are around 100 Trillion last I checked into it. 18 Trillion is a distraction from the real train wreck that it is....we are hopelessly phucked.

The problem I see with SS is that its morphed into a vote buying purse. It was never meant to be used for what its been used for. It was a ponzie scheme started to help out the poor during the Great Depression. As a civilized nation I am ok with it as a minimal ponzi scheme to help those that need the help but people have made it their near sole retirement income and has been expanded to provide more support for more people to the point it has become unsustainable.

The taxes should go way down and the rest back into my pocket. The problem is that most people will not use that "extra" money for retirement but instead to get a 65 vs a 55 inch tv or a new car every year vs every 2 years. But thats not my fault but those people will be and have been the squeaky wheels. They complain about not being able to make it, and they will be given a handout bc they will vote for the people promising the handout.

and Im fine with the age to withdraw goes up. Again, its not meant to be a sole income in retirement. But I am against a means test. You put money in, you should be able to get it out.