Simple solution, raise partial benefit to 66.5 and full benefit to 70.5. With a 8% bump for each 1.5 years.
Complex solution, do like corporate America and dump the pension and provide a 401k
I think you’d have to do both to fully solve it. ChatGPT says the above only gets 40-45% of it.
Going to a 401K would have significant impacts. I wouldn’t go there.
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It gets it to my life expectancy. Problem solved for me!
Thats inline with the data of the original article posted in the thread.
In other words, the plan would require individuals making more than $184,500 per year to pay taxes on the entirety of their income, potentially generating trillions in additional funds for the program over the next 10 years.
The proposal could, in theory, help administrators avoid painful solutions for recipients, such as a reduction of Social Security payments.
The budget shortfall has been exacerbated by a decline in births and a reduction of immigration, resulting in fewer taxpayers at the same time that many Baby Boomers have begun receiving benefits. The One Big Beautiful Bill also removed a tax on Social Security benefits, depleting another source of the program’s revenue.
Cap removal covers 2/3 of the shortfall; have to play with benefit commencement dates to. The proposed 1% increase to 13.4% is probably DOA.
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I’d guess that’s in the cards too along with
upping or removing the cap.
It’s 6.2% if you work for an employer. It wasn’t taken by force; it was taken legally by our laws. So no crime , and certainly no felony.
Since have been paying in for 51 years, you should be eligible for highest checks now or very shortly. Have a long, happy, healthy retirement.
I put it off and started taking at 70. Since I was still working, it just added more to my tax burden
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Sure, there are 2 schools of thought on take
it early or defer for the maximum benefit.
Either can be right, depending on personal
circumstances.
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Agreed, if circumstances are “right”, take it at 62. Use your money while you’re about to enjoy it. Works great as a 3-legged stool. Pension>>401K>>SS
So double-taxed
Breakeven is 80. If you live past 80, waiting is the way to go. If you smoke, have chronic illnesses, take it earlu
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At 80 you could look back and wish you had the money when you had your health, that’s a lot of years and a lot of taking care of yourself to be healthy, wealthy and wise at 80. A 62 year old could sure do more with the extra pocket change than most 80 year olds. It’s a personal choice for sure, lots of variables. Jmo
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Many people are maxing out earnings in their early 60’s
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There is no one sized fits all for this kind of stuff. You have to look at your own situation and make a decision based on it.
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