- Teal Furnholm
- Dover, NH
- United States
This conversation is closed.
Escaping Social Security
Since social security isn't sustainable here is how we get out of it.
People who are today over 40 years old will continue to pay SS and will recieve it when they turn 65. People who are at this moment 0-40 years old will pay social security till they are over 40, then they stop paying and save, they will not get social security. People born after today will not pay or get social security.
- May seem unfair to those who have to pay but wont get it - they would have to pay either way and still wouldnt recieve enough to support them anyway. Chalk it up to taking care of their parents/elders. That is why they get 25 years to save, which is over half of their working years and is during the time of their highest earning potential (pay scale).
-If everyone did have to pay the SS tax is only going to become increasingly burdensome, this way it wont increase.
-The decreased tax burden would allow people to afford to charitably support the misfortunate elderly who dont save enough (though it is hard to say one way or the other what the economy or america itself will be like in 25 years).
I have other tax reform plans that I will propose later to supplement this idea, but am interested in people's opinions. The idea is simplicity, efficiency, and transparency in our legislation.