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Re: Social Security 2100 Act HR 860

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Message 1 of 30

 

@alotofgrey wrote:


@GailL1 wrote:

@alotofgrey wrote:

@GailL1 wrote:

Don't you want to not only fix the solvency of the program but also make it better -

 

 Fix what SS program?

 

Gail, untill you identify the SS program you are talking about, all of this discussion is just alarmist noise.

 



I already did - same thread, directed to you - scroll back to find it.

Re: EASY FIX FOR SOCIAL SECURITY
111 Views Message 13 of 27
‎05-03-2019 09:27 PM

Fix what program? Why can't you just say the Disability Insurance program (SSDI)? Why?

 

You want people here to think you are talking about the SS Pension Plan and your are not.

 

You don't want people here to know that all of the FICA, CAP, Trust Fund, solvency.... etc discussion here has solely to do with "fixing" that  Disability Insurance program.

 

That by the way is not even a retirement program. You have to be under 65 to have it.

 

Before you jump on me for that accusation....This is an elderly forum. Most of us here are a little paranoid about our SS Pension Program.

 

You know that and yet you did not state in the title or your presentation that this is a SS Disability Insurance program discussion. Nor did you do anything to dispel the misconception that this is not a Pension Plan discussion. And one last thing:

 

No where have you stated that this discussion is about a SS Disability Insurance program benefits, FICA, CAP, Trust Fund, solvancy fix.

 

 


NO, it no longer SSDI, it is the OASI (Old Age, Survivors Trust Fund)

 

As of NOW, it is the Old Age, Survivors Trust Fund that is deemed to be insolvent in 2035.  The SS Disability Trust Fund (SSDI)  has been fixed by moving around some money (combining Trust funds) and a reduction in new SSDI claims since the Recovery has taken a strong hold.  the SSDi Trust Fund is deemed solvent to 2052.  Thus making the OASI program more in jeopardy.

 

This is from the Trustee Report issued last month -

2019 Trustee Report Summary - April 2019

from the link ~  I added the bullet points so that you could follow along better.

Considered separately,

  • the DI Trust Fund reserves become depleted in 2052 (SSDI)
  • and the OASI Trust Fund reserves become depleted in 2034. (old Age, Survivors Insurance)
  • In last year’s report, the projected reserve depletion year was the same for OASI and 20 years earlier (2032) for DI. The change in the reserve depletion year for DI is largely due to continuing favorable experience for DI applications and benefit awards. Disability applications have been declining steadily since 2010, and the total number of disabled-worker beneficiaries in current payment status has been falling since 2014.

 

. . . . . Social Security’s total cost is projected to exceed its total income (including interest) in 2020 for the first time since 1982, and to remain higher throughout the remainder of the projection period. Social Security’s cost will be financed with a combination of non-interest income, interest income, and net redemptions of trust fund asset reserves from the General Fund of the Treasury until 2035 when the OASDI reserves will become depleted. Thereafter, scheduled tax income is projected to be sufficient to pay about three-quarters of scheduled benefits through the end of the projection period in 2093. The ratio of reserves to one year’s projected cost (the combined trust fund ratio) peaked in 2008, generally declined through 2018, and is expected to decline steadily until the trust fund reserves are depleted in 2035. 

 

read more at the above link ~

 

Do you understand now????  Yes, it is the OASI (Old Age, Surviviors Insurance Trust Fund) the one we get when we are 66 or older after paying into the system during our working years that is trouble -

 

IF nothing is done to shore it up financially - come about 2035, EVERYBODY that is getting a an SS benefit (including retirees and those on disability - since the Trust Funds now support each other) will get a reduction of about 25% to their benefit.

 

For many of us, we won't have to worry about what happens in 2035, we will be pushing up daisies. - but those who are still around at that time, they definitely need to pay attention and call on their Congresscritters to do something.  Acting sooner rather than later makes the whatever resolution easier to stomach, pay or accept.

 

Personally I like the Social Security 2100 Act.

It give a raise in benefits, adds some needed changes in benefits and it increases the cap in a way that does not hurt the economy, it caps higher income folks benefit by adding another bend point in the benefit formula, modifies the taxation of benefits to a higher income threshold, among other things.

* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: Social Security 2100 Act HR 860

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Message 2 of 30

@GailL1 wrote:

@alotofgrey wrote:

@GailL1 wrote:

Don't you want to not only fix the solvency of the program but also make it better -

 

 Fix what SS program?

 

Gail, untill you identify the SS program you are talking about, all of this discussion is just alarmist noise.

 



I already did - same thread, directed to you - scroll back to find it.

Re: EASY FIX FOR SOCIAL SECURITY
111 Views Message 13 of 27
‎05-03-2019 09:27 PM

Fix what program? Why can't you just say the Disability Insurance program (SSDI)? Why?

 

You want people here to think you are talking about the SS Pension Plan and your are not.

 

You don't want people here to know that all of the FICA, CAP, Trust Fund, solvency.... etc discussion here has solely to do with "fixing" that  Disability Insurance program.

 

That by the way is not even a retirement program. You have to be under 65 to have it.

 

Before you jump on me for that accusation....This is an elderly forum. Most of us here are a little paranoid about our SS Pension Program.

 

You know that and yet you did not state in the title or your presentation that this is a SS Disability Insurance program discussion. Nor did you do anything to dispel the misconception that this is not a Pension Plan discussion. And one last thing:

 

No where have you stated that this discussion is about a SS Disability Insurance program benefits, FICA, CAP, Trust Fund, solvancy fix.

 

 


 

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Re: Social Security 2100 Act HR 860

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Message 3 of 30

@alotofgrey wrote:

@GailL1 wrote:

Don't you want to not only fix the solvency of the program but also make it better -

 

 Fix what SS program?

 

Gail, untill you identify the SS program you are talking about, all of this discussion is just alarmist noise.

 

 

 


 


I already did - same thread, directed to you - scroll back to find it.

Re: EASY FIX FOR SOCIAL SECURITY
111 Views Message 13 of 27
‎05-03-2019 09:27 PM
@alotofgrey 

* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: EASY FIX FOR SOCIAL SECURITY

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Message 4 of 30

@GailL1 wrote:

@ChasKy53 

The formula is set by law.  It is already very progressive.

Why don't you look at the SS Actuary calculations on some of the proposals.

 

CRS 10/26/2018 - Social Security: Raising or Eliminating the Taxable Earnings Base

 

Raising or eliminating the cap on wages that are subject to taxes could reduce the ..........................................................................

 

See my next post  for the rest of the provisions, since I am restricted with the # of characters.


Gail, you are beating this horse to death ....... and more so now by posting two postings full of laws and rules that have been ever-changing for decades and will never stop changing.  This topic has been discussed ever since I joined this forum, over a decade ago. Ten years ago there was a topic posted that had a site to go to where you could suggest what to do to "fix" Social Security". It had a calculator and would calculate the outcome of different suggestions. Back then I suggested raising the FICA tax 1/8 of one percent and raising the cap to $250,000. It would have made SS solvent for over a hundred years.  BUT .......... it would raise taxes on the middle class and lower incomes, fixing SS on their backs. In order to not raise the tax on middle and lower incomes, I like the idea of eliminating the cap and setting a new benefit maximum. Enough money would come into SS by doing so to expand benefits and still make it solvent indefinitely.


"The only thing man learns from history is man learns nothing from history"
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Re: EASY FIX FOR SOCIAL SECURITY

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Message 5 of 30

@GailL1 wrote:

@ChasKy53 wrote:

If they eliminated the cap on FICA taxes, they could lower the FICA tax rate.


Not unless the benefit formula is changed for those higher income payers.


Not true. The "fix" is the tax on SS payments to people receiving more than $85,000(last number I have) that was instituted BY REAGAN back in 1983. The amounts collected return to the SSTF. The tax replaces putting another "bend" in the calculation of annuities to slow the increase as the need for the protection against poverty (which is what SS "insures" you for) decreases.

 

Also remember that the new REVENUE will be on 100% of all income while the increase in payments will increase by 1/30th of the higher income each year for 30 years for retirees.

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Re: Social Security 2100 Act HR 860

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Message 6 of 30

@GailL1 wrote:

Don't you want to not only fix the solvency of the program but also make it better -

 

 Fix what SS program?

 

Gail, untill you identify the SS program you are talking about, all of this discussion is just alarmist noise.

 

 

 


 

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Re: Social Security 2100 Act HR 860

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Message 7 of 30

@GailL1 wrote:

@john258 wrote:

 


Laws as well as rules can and are changed so that is not a problem. Why post 2 pages of rules and laws that have been changed over the years many times, and will be changed many times in the future. One time you were posting rules on Medicare and backing them up with an article from Kisaer. There was a friend of mine who lives in CA who was going through the same problem you were posting about, and Kisaer got for him what you were saying could not be done due to rules. Kisaer new how to make the rules work for them. There was the town north of us who got a school crossing guard funded by Medicaid inspite of no rules allowing that. The experts know how to get things done that are good for people by using, changing, reading broadly rules, and laws. Ending the FICA cap could fix the SS system.


Our politicians are the supposedly the experts - they are supported by numerous people who work on the numbers and any repercussions or remedies to a problem any proposed legislation will exert. 

 

Don't you want to fix the solvency problem of the Trust Fund in the best possible way - without causing harm to anybody or our economy. 

Don't you want to not only fix the solvency of the program but also make it better -

Yes, the law does have to be changed to allow for the fix and to make it better for the longterm.

Without, of course, turning it into another welfare program and away from an insurance program..

 

 

 


The first thing we have to do to fix the problem is get Trump out as President, and the far right out of power. The far right will always try and hurt people, as they have been doing this for  years. Look at FL. Voters say felons can vote after serving time, and far right pass a law that would stop that. Court says Trump can not remove children from parents with some exceptions. Trump still taking children but now they all fit exceptions. That means good people have to spend time in court fighting the Dictator and far right.  The SS can be fixed so it serves all the people, and that means the top pay more and that will not hurt them. It already is a welfare program just like all the other programs provided by govt. Welfare for the good of all. Examples: Education, fire, police, security, courts, etc.

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Re: Social Security 2100 Act HR 860

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Message 8 of 30

@john258 wrote:

 


Laws as well as rules can and are changed so that is not a problem. Why post 2 pages of rules and laws that have been changed over the years many times, and will be changed many times in the future. One time you were posting rules on Medicare and backing them up with an article from Kisaer. There was a friend of mine who lives in CA who was going through the same problem you were posting about, and Kisaer got for him what you were saying could not be done due to rules. Kisaer new how to make the rules work for them. There was the town north of us who got a school crossing guard funded by Medicaid inspite of no rules allowing that. The experts know how to get things done that are good for people by using, changing, reading broadly rules, and laws. Ending the FICA cap could fix the SS system.


Our politicians are the supposedly the experts - they are supported by numerous people who work on the numbers and any repercussions or remedies to a problem any proposed legislation will exert. 

 

Don't you want to fix the solvency problem of the Trust Fund in the best possible way - without causing harm to anybody or our economy. 

Don't you want to not only fix the solvency of the program but also make it better -

Yes, the law does have to be changed to allow for the fix and to make it better for the longterm.

Without, of course, turning it into another welfare program and away from an insurance program..

 

 

 

* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: Social Security 2100 Act HR 860

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Message 9 of 30

@GailL1 wrote:

Social Security 2100 Act

Post # 2 to include a complete definition of each of the proposals.

 

Section 104. Replace the current-law thresholds for federal income taxation of OASDI benefits with a single set of thresholds at $50,000 for single filers and $100,000 for joint filersfor taxation of up to 85 percent of OASDI benefits, effective for tax year 2020. These thresholds would be fixed and not indexed to price inflation or average wage increase. The amount of revenue from taxation of OASDI benefits that would be allocated to the HI Trust Fund will be at the same level as if the current-law computation (in the absence of this provision) were applied. The net amount of revenue from taxing OASDI benefits, after the allocation to HI, would be allocated to the combined Social Security Trust Fund.

 

Section 201 and Section 202. Apply the combined OASDI payroll tax rate on covered earnings above $400,000 paid in 2020 and later. Tax all covered earnings once the current-law taxable maximum exceeds $400,000. Credit the additional earnings that are taxed for benefit purposes by: (a) calculating a second average indexed monthly earnings (“AIME+”) reflecting only additional earnings taxed above the current-law taxable maximum, (b) applying a 2-percent factor on this newly computed “AIME+” to develop a second component of the PIA, and (c) adding this second component to the current-law PIA.

 

Section 203. Increase the combined OASDI payroll tax rate to 14.8 percent, fully effective for 2043 and later. The combined rate is increased by 0.1 percentage point each year starting in 2020, reaching the ultimate 14.8 percent rate for 2043 and later.

 

Section 204. Beginning in 2020, establish a new Social Security Trust Fund by combining the reserves of the separate OASI and DI Trust Funds and managing all future financial operations of the program on a combined basis

 

 


Laws as well as rules can and are changed so that is not a problem. Why post 2 pages of rules and laws that have been changed over the years many times, and will be changed many times in the future. One time you were posting rules on Medicare and backing them up with an article from Kisaer. There was a friend of mine who lives in CA who was going through the same problem you were posting about, and Kisaer got for him what you were saying could not be done due to rules. Kisaer new how to make the rules work for them. There was the town north of us who got a school crossing guard funded by Medicaid inspite of no rules allowing that. The experts know how to get things done that are good for people by using, changing, reading broadly rules, and laws. Ending the FICA cap could fix the SS system.

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Re: Social Security 2100 Act HR 860

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Message 10 of 30

Social Security 2100 Act

Post # 2 to include a complete definition of each of the proposals.

 

Section 104. Replace the current-law thresholds for federal income taxation of OASDI benefits with a single set of thresholds at $50,000 for single filers and $100,000 for joint filersfor taxation of up to 85 percent of OASDI benefits, effective for tax year 2020. These thresholds would be fixed and not indexed to price inflation or average wage increase. The amount of revenue from taxation of OASDI benefits that would be allocated to the HI Trust Fund will be at the same level as if the current-law computation (in the absence of this provision) were applied. The net amount of revenue from taxing OASDI benefits, after the allocation to HI, would be allocated to the combined Social Security Trust Fund.

 

Section 201 and Section 202. Apply the combined OASDI payroll tax rate on covered earnings above $400,000 paid in 2020 and later. Tax all covered earnings once the current-law taxable maximum exceeds $400,000. Credit the additional earnings that are taxed for benefit purposes by: (a) calculating a second average indexed monthly earnings (“AIME+”) reflecting only additional earnings taxed above the current-law taxable maximum, (b) applying a 2-percent factor on this newly computed “AIME+” to develop a second component of the PIA, and (c) adding this second component to the current-law PIA.

 

Section 203. Increase the combined OASDI payroll tax rate to 14.8 percent, fully effective for 2043 and later. The combined rate is increased by 0.1 percentage point each year starting in 2020, reaching the ultimate 14.8 percent rate for 2043 and later.

 

Section 204. Beginning in 2020, establish a new Social Security Trust Fund by combining the reserves of the separate OASI and DI Trust Funds and managing all future financial operations of the program on a combined basis

 

 

* * * * It's Always Something . . . Roseanne Roseannadanna
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