[seanmcdirmid]

SS is easy to fix by just lifting the income cap on it and making it more progressive. But Republicans aren't going to do that, I guess.

Even today if you retire on SS alone, that's basically welfare that you paid for, it isn't really enough to live but might prevent you from starving to death. Thankfully, our life expectancies aren't rising so fast anymore (and actually falling a bit), or we would have a huge problem (forgive the dark humor).

[giantg2]

"SS is easy to fix by just lifting the income cap on it and making it more progressive."

That's kind of a loaded statement. Just eliminating the cap can strengthen the system, but won't fully fix it. We could fix any deficit by increasing taxes enough (eg making it more progressive). I would potentially support removing the cap, but I would want to see changes around capital gains taxation before making the tax more progressive. I think most of the deficit fixes should be through actual tax architecture changes (capital gains, AMT/deduction, etc) vs just increasing rates or adding higher brackets.

"it isn't really enough to live but might prevent you from starving to death."

I believe the benefits have decreased in real value over time. However, it was originally intended to prevent people (mostly widows, children, and elderly) from starving. It wasn't designed to be a sole retirement program - people were expected to save or buy bonds. This is a similar type of thing for other retirement topics - like the 401k was originally meant to be supplimental. Most people in the US are extremely poorly prepared for retirement for a variety of reasons.

[gymbeaux]

I max out my 401k each year and would give my left nut to be able to opt out of SS. I know for a fact I will have that money in retirement if I’m allowed to keep it and stash it away, but will the welfare slush fund even exist by 2050- or will my years of paying into SS only hurt me? I realize it’s kind of a meme to say “SS won’t exist by the time I retire” but I think it’s fair to worry when politicians at the federal level have recently tried to nerf it (eg raising retirement age). I have no doubt in my mind that Republicans would eliminate SS entirely if they thought they could get away with it.