Sounds borderline reasonable until you see the part about keeping the $100,000 limit “frozen” (no indexing for inflation) for 20 or even 30 years. At an optimistic 2.5% inflation rate, that effectively drops the maximum benefit to $62,000 per couple at 20 years, or $47,000 at 30 years, in today’s dollars.
And just because someone had a high-paying job that got them the “maximum benefit” does not mean they have a lot of other assets or income in retirement. Some have millions (or billions), while others had big expenses (like medical) during their life and have very little saved, making them dependent on the SS benefit they earned and were promised.
Setting a max benefit limit is too simplistic, and not indexing for inflation effectively means further cuts, every single year.
We need a better answer than simply cutting benefits.
Sly_Wood on
Just increase the current cap on payments in that only affects high earners who can afford it. Literally the solution.
Fit_Exercise9807 on
How about we just stop war immediately we don’t need to cut poor middle class’s benefits
iritchie001 on
The limit needs to increase steadily. It should be way higher. Is should be slow though so it doesn’t spook certain labor markets.
5 Comments
Sounds borderline reasonable until you see the part about keeping the $100,000 limit “frozen” (no indexing for inflation) for 20 or even 30 years. At an optimistic 2.5% inflation rate, that effectively drops the maximum benefit to $62,000 per couple at 20 years, or $47,000 at 30 years, in today’s dollars.
And just because someone had a high-paying job that got them the “maximum benefit” does not mean they have a lot of other assets or income in retirement. Some have millions (or billions), while others had big expenses (like medical) during their life and have very little saved, making them dependent on the SS benefit they earned and were promised.
Setting a max benefit limit is too simplistic, and not indexing for inflation effectively means further cuts, every single year.
We need a better answer than simply cutting benefits.
Just increase the current cap on payments in that only affects high earners who can afford it. Literally the solution.
How about we just stop war immediately we don’t need to cut poor middle class’s benefits
The limit needs to increase steadily. It should be way higher. Is should be slow though so it doesn’t spook certain labor markets.
Donut hole it