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| No More Mr. Nice Guy |
Which is a reduction if you don't get to collect until older. Congress has reduced SS and Medicare benefits numerous times using the "screw the rich, they don't need that much money" shield. There's all the "bend the curve" stuff they do, where higher earners during their working years get a lower and lower return on their contributions. And retirees who have more outside income from investments, who are also likely the same as the group that earned more while working, get a further reduction in payout via increased taxation under MAGI which started in 2008. Congress instituted the Required Minimum Distribution in 2003 which forces everyone to withdraw from their IRA and 401k whether they want to or not when they hit 73 or 75 years old. Which throws those who saved well while working into higher tax brackets, grabs more of their SS into being taxed, and can trigger IRMAA on Medicare. They've already reduced the program several times without directly reducing the number appearing on checks that people were already receiving. Because the younger citizens increasingly want to take from "the rich", Congress will have safety in reducing the program by further penalizing those who were responsible earners and savers. Inflation is another way to reduce SS without the checks themselves changing. But the purchasing power will decrease year after year. | |||
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| Partial dichotomy |
I agree with all of this and it makes sense in all aspects. SIGforum: For all your needs! Imagine our influence if every gun owner in America was an NRA member! Click the box>>>  | |||
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| Lawyers, Guns and Money  |
Exactly. The easiest target is raising the level on which the payroll tax applies... The next is indexing benefits based on other retirement income, which means reducing or at least taxing SS benefits on retirees with income from IRA's and 401k's. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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| Partial dichotomy |
I'll add...and this is a bit off topic, but everyone should have a Roth and contribute the max to it every year if possible. SIGforum: For all your needs! Imagine our influence if every gun owner in America was an NRA member! Click the box>>> | |||
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| Lawyers, Guns and Money |
+1 This is the last best remaining opportunity to grow wealth. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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Member |
Been maxing out my Roth for about 15 years. Been preaching the gospel about them to everyone that asks. | |||
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| No More Mr. Nice Guy |
Yes! And in addition, those over age 50 should get educated on Roth conversions. Depending on their personal situation, including when they might retire (which frequently is years earlier than they expect), and when they start taking SS, doing conversions can substantially reduce future taxes and increase portfolio value. There are a few years of opportunity that cannot be reclaimed after the fact. | |||
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