Newly retired couples may lose $16,900/year in Social Security in 2033
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This is a political issue, not a math issue right? There has to be some sort of fairly easy calculation to balance the numbers. Some combination of raising the age, lifting/removing the cap, and increasing the 12.4% rate. I'd love to see a website with sliders for each of these levers that shows the impacts. I think if someone were serious about…
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I think when push comes to shove and the choices are dropping the amount everyone gets, delaying SS for people near retirement, or giving a small tax increase to a small percentage of Americans we will choose the last option. But that will only happen after a lot of kicking and screaming for sure.
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Canada was insolvent when making the CPP they built this by topping up the fund by slightly raising taxes and diverting new funds to the newly formed investment company for a hybrid semi-private model
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Raising taxes sucks though. How about cutting spending and the size of govt? There is so much waste, abuse, pork spending, etc. Cut that crap out first, please.
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Military, ICE overfunding, corporate subsides and corporate tax breaks would be a good start.