Originally Posted by
Joe Bauers
SS needs to be fixed. A guy with $5 million in his 401k taking let's say $300k a year out gets his full SS payment. Now let's look at someone living on their SS check. If they take a job to try to make ends meet their SS is reduced if they make more than approximately $18k a year working. I saw this happen to my mother.
Same thing with rental income. I know a guy with 300 doors in his rental portfolio and he brags about still getting the full SS benefit.
So, yeah, if you're rich you shouldn't get SS benefits but you should still pay for it.
SS is based in what you contribute. Sorry, but my parents payed more in SS to be safe in retirement, didn’t used all their allowed tax credit just for that reason for years.
A lot of people that get little SS, decided to work under the table for Cash only their whole life. Some didn’t payed very little and use the “disability” SS. (Both of these last two examples are close family members).
While we pay 20,000k a year into SS (10k us and 10k delta), I will use my SS in retirement. If those “rich” people funded their SS, why they can’t use it?
SS is complimentary money, no one should be living out it alone. That also include my parents, but that’s what they currently have.
And please, tell me you’re not the NY320A Ca that’s saying FOs we should pay more taxes because we make a lot of money….