Originally Posted by
Gone Flying
but I think the idea we would have to give up anything we already have to keep LTD if the age goes to 67 is a little pessimistic at best.
I don't think we have to give up something we already have, but more of a losing out on potential gains. Either one is still a loss.
Originally Posted by
Gone Flying
as far as SS, you can still take it at 65, it’s just not the “full” age. But if you are no longer working, what does full age matter? 67 may be more than 65 but 70 is even more. FRA really only matters if you want to both work and collect SS.
Last I saw the SS trust fund will run out of money by 2034ish. At some point before that we will either
1) begin means testing recipients in which case I doubt many of us will see anything
2) eliminate the income cap on SS contributions, in which case all of us will pay a bunch more in taxes or
3) cut benefits to about 70% of their current level. This could be a straight cut across the board, by raising FRA, or something else.
pretty much guaranteed one of those things will happen in the next 10 years, maybe a combination of all 3.
Ya their argument about not being able to stay to full retirment age is a bit much. Like the $1k/month loss for drawing it at 65 is going to put them in the poor house 🙄. Most of us will he lucky to see SS in anywhere close to its current for, and if we do, it will likely be because we paid increased taxes.
Originally Posted by
hockeypilot44
I wish I could have dropped out of the social security scheme years ago. The most popular solution is just end the income cap which will triple what captains pay for ss every year without increasing the benefit at all.
Agreed.