| dogg4585 - 6/6/2024 08:27 People live too long and demographics are worsening.
The biggest problem with SS is that the age to start collecting has not been raised to keep up with increased life expectancy.
When SS was created the life expectancy was 60.7 years and the age to start collecting SS was 65.
Currently the life expectancy in the US is somewhere around 76-77 years depending on your source and the age for full benefits is 67.
So at its inception, you were expected to die before you would start collecting SS. Now you are expected to live for another 10 years after you start collecting.
That is why SS has a problem. Too many people collecting money for too many years vs the number of people paying in.
In order to take SS back to what it was at its inception, the age needs to be raised to something north of 77 years old.
Means testing and removing the cap on taxed income is a joke. If you do that SS becomes nothing more than wealth redistribution.
It already is wealth redistribution but right now it can hide behind the illusion (for the gullible) that you have your own money in SS that you will get back in retirement.
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The state of the US deficit
