You need to save and invest for your own future! #money

[tw_]

A lot of people don't understand this: Social Security taxes are withheld on income up to the *maximum taxable earnings* amount **PER YEAR**. After a person earns that much in a year, no more SS taxes are withheld for the rest of THAT YEAR. In 2025, the amount is $176, 100/yr. (Repeat: SS taxes are not deducted from a person's payroll after that person earns $176, 100 in 2025.)
So, why don't they just raise the maximum taxable earnings amount to, say, $200, 000/yr (or eliminate the ceiling altogether) to add more to the pot instead of decreasing benefits – well, because someone in the US government would rather hurt the people who have the least to give.

[anharaanialexanderaa]

If I can't draw from SS when I retire, stop taking it out of my check. Period

[Rubyred-rbfe]

Just give me every penny I paid into the plan!

[demetryusmchenry]

Maybe if we didn't send money all over the world

[elir.torres]

I work for social security. Funds will not run dry. What will happen is benefits will be capped with far and fewer increases. Also, the retirement date is going up from 65 to 68. That means if you need to draw early at 65 due to illness you will only get half of your benefits and once you reach 68 you will not be transitioned to full social security.

[youknowbetter]

It's always easier to fix something than to burn it down. It's an easy fix - just raise the cap for contributions to apply for high earners. It's way past due!

[dooley_walker]

What I heard him say was that he was going to cut or reduce taxes owed on SS for those of us who have additional income and have to pay taxes on up to 85% of our SS income. The Tips & overtime was a separate thought for those earners. Yes, only 15% of SS income is not taxable. I don't believe any thing he said trying to get elected.

[DD_XSquared]

Social Security is literally Social Security Insurance by name and by law and under the trust the funds are collected so how can it be legal for us to not be expected our payouts on insurance premiums when it is time to disperse the funds?

[troyprice]

I agree 100%. I’m getting out of car payments and allocating more to my Roth, long term stocks and making money with options swings

[motionpicture]

I work alot of OT I would rather have that money now so I can invest more into my future than have to work till I'm dead.

[johnnybq]

Tax on Social Security payments does not fund Social Security. If the Govt didn't rob SS over the years for other purposes it would be working as designed. Also they did not say it would run dry by 2031... they said it wont meet all obligations fully ... it would have to be reduced... after all they would still be collecting it, so not dry.

[darylcjackson]

The bigger issue is healthcare in retirement. Unless you are in the 1% none of us can afford the cost of our healthcare as we age.

[plannerjoy]

Think about how much this makes us dependent on the corporations. All other retirement sources are investments, mostly into corporations, which creates a vicious circle for us - we need corporations to perform well in the market so our retirement funds won’t tank but then we can’t say much about their decisions regarding their employees or ethics.

[markandlynneshapiro]

I am 73 and paid my whole life into it. Unless they give me a2 million dollar lump sum, I will sue and March on Washington the the 80 million other recipients.

[rhodastephens-yoder]

I am 69, and on day one I did not count on Social Security, and as a retired teacher, I didn’t count on my state teacher retirement benefits. My husband and I saved and invested for the past 30 years and now we are enjoying the benefits of that decision.

[lacreshahicks]

Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments.

[AVJ]

Maybe it will force the federal government to allocate our funds to us and not other countries.

[Kellykittymom]

I agree w /the other comments.
Unfortunately, I'm 55 & have no retirement. I never worked anywhere that I could afford to take $ out of my check to go towards it, just struggling to pay the bills, being single. I wish I'd known this info when I was in my 20's!
I used to do esthetics & massage therapy, but way back when we weren't making what these girls are making now, w/ all the extra & expensive services, like lashes, etc... back then it was a mini facial, a reg facial, or a delux facial. None of which were close to, or over $100! (& waxing servises, of course). Now, I've had my own solo cleaning business for almost 12 yrs. & because of degenerating disc in my low bk, I am limited to one home a day, so that limits my income. I'd love to get bk into skincare, but its been so long, & I now also have some arthritis in my R hand fingers. Plus, I dont have the money to support myself for as long as it would take to build a steady clientele to count on.
I have a littlensavings, but its less than $800! (& I rarely have extra to add to it).

[mtcheung]

Social Security is a trust fund and is not part of the budget. It is illegal to use SSI for any other purpose. Of course that won't bother a felon.

[anharaanialexanderaa]

Raise your hand if you can afford to pay into other retirement funds while still contributing to SS, and buy grocery and pay rent, and utilities and gas and car insurance and...