What ideas came be made to save social security?

Question

Just see Social Security in the next 10 years eating up more tax dollars because of the baby boomers retiring and the pay-in from are less than the pay-outs, but I have seen academic empiercal studies done on social security, from Privization to higher taxation, means testing. How as much as a society should spend on social security, and to shore it up cut other programs, raise tax limit from 90k to 140k, or even reduce benefits given out to the program. I dont see a magical solutions to fix it. The Medicare problem is even worse shape in the future. We as Americans gotta make choices higher taxes for the same benefits, or reduce benefit keep the taxes the same. I see the solution is kind of mix of democrat and republican idea.

Answer 1

The only remedy for Social Security that needs to be put in place, is to stop stealing from it as all politicians have done for years,and put the money back that has already been stolen.

Answer 2

How about we first take the cap off of SS earnings. Then everybody making over $35,000 a year has to have an extra $10 a week put in a commercial bank account that would go up to $20 a week over a 10 year period. Then when you get ready to retire the first money you get is your own. Think how much a 25yr old would have at 65 yrs old. This would eventually solve the problem without disrupting the existing system. I don't care if your retiring the next month after the system takes affect. the first $40 dollars you collect are your own. The next month it's $80 then $120 then $160. That is all money not coming out of the SS System. To allow people to take a portion of the SS they are already paying into private accounts would bankrupt the system even earlier. There is no way to make it right without causing pain but I believe this would minimize it. Oh by the way it would have to be in a bank account not a government fund. The SS trust fund only has USA IOU's in it no money Just another burden for the taxpayers to pay back >

Answer 3

1st it was never intended to be ones only source of income in retirement. I the 60's & 70's the US citizens cryed that their grandparents had to eat dog food, because that was their sole income. The US upped the pay out to buy votes. Remember Social Security can only invest in government debt. This means the government's other programs will be hit twice. Also we can't put the surplus into a locked box. Those funds have to circulate just like they had to in the Moive IT"S A WONDERFUL LIFE. Without the funds circulating the economy would fold.

About the same time Social Security goes negative cashflow, the energy crisis will truly be on the 1st World. It will be too late to build the infrastructure required. The question will also be can we afford to spend the energy needed today to insure we will have energy available in 10 years.

What does this mean for the other parts of the retirement plans. No energy - No expanding economy. IRA's & 401K's declining. Yes there is a solution, but the powers that be aren't willing to listen to a creative solution that is based on what the masses are willing to pay a premium for. The government doesn't have the assets required to create the infrastructure necassary to capture the amount of energy our economy consumes to sustain our life style.

Answer 4

Well Social Security really cannot be saved. It's a ponzi scheme.

People should be able to save that SS money through a variety of methods, like mutual funds or bonds. That way if you die early, you can pass money on to your family. Right now, social security acts as insurance. If you die early, you payment are for nothing.

What will happen first is that the government will be eventually forced to break promises, like raises the age of collection to 70 or 75.

Bush, for better or worse on other issues, tried to reformat social security, but too many politicans are scum only caring for the next election, not the next generation.

Answer 5

Social security was originally designed when the life expectancy was 68 years. Benefits started at 65 giving the average person 3 years of benefits. Now that the life expectancy has increased so much, we need to move the retirement age up too.

Answer 6

We could get insurance companies to run the actuarial tables on everyone, and calculate what the present value of the SS liabilities are, and pay them to take it off our hands.

But what about the National Debt! you say? I'm glad you asked.

Divest the federal government of all land outside of Washington DC that is not used "for the Erection of Forts, Magazines, Arsenals, dock-Yards, and other needful Buildings" as provided in Article I, Section 8 of the Constitution.

Answer 7

The president has a great plan. Economist have been pushing this plan for 15 years or more. It's not new. The democrats just will not let loose of the social security petty cash box that they are so fond of dipping into. Every time there is any talk they send all these warning and use scare tactics on the elderly.

Answer 8

first of all, the government (quite the federal government), should not be mandating any variety of compelled decrease value costs application jointly with Social risk-free practices. In concept it sounds sturdy yet Constitutionally it quite is not a valid thought. Now, that aside, if we are to maintain the social risk-free practices application we in simple terms could enable the loose people of this large u . s . to make their very own possibilities on how they want to speculate their very own money. regardless of each little thing, it quite is not the government's money. the government has no longer something except they take it from us. persons could then be waiting to speculate in a multitude of investment thoughts from the inventory industry, mutual money, gold, genuine factors, bonds or an elementary classic decrease value costs account. This account could then be owned by the guy so as that they could withdraw money on the age they choose for for retirment and that they could will additionally their account to relatives upon dying. the only thank you to restoration any of our issues is to maximise freedom and decision and decrease government involvement.

Answer 9

Stop giving it to illegals..

Answer 10

privatization