Great video Joe & Megan, I hope everyone sees your video and plans accordingly because our elected officials in DC love spending our money for their benefit.
I agree. But they have been ratcheting up the "top limit" quite aggressively over the years. You can see the history of these increases each year here: www.ssa.gov/oact/cola/cbb.html They've increased the cap by 44.1% over the past 10 years! - Joe
@@iwbnin I don't think anyone cares for that particular solution other than the board. I believe there were proposals to remove (change) the cap as well from members of Congress. What's sad is my state pension takes 6% of my income and gives a lot better return. It's almost as if the federal government is doing things with social Security that were never intended to be part of the program.
Thanks for your comment. It is important to add some clarity, however. The federal government indeed "borrows" from Social Security - by selling Treasuries to the Social Security Fund. 100-percent of those treasuries have been paid in full. Additional details can be found here: www.aarp.org/retirement/social-security/info-2020/10-myths-explained.html and here: www.ssa.gov/history/InternetMyths2.html
Great video Joe & Megan, I hope everyone sees your video and plans accordingly because our elected officials in DC love spending our money for their benefit.
Thank you so much! - Joe
The better conversation is removing the cap from social Security taxes.
I agree. But they have been ratcheting up the "top limit" quite aggressively over the years. You can see the history of these increases each year here: www.ssa.gov/oact/cola/cbb.html
They've increased the cap by 44.1% over the past 10 years!
- Joe
@@iwbnin I don't think anyone cares for that particular solution other than the board. I believe there were proposals to remove (change) the cap as well from members of Congress. What's sad is my state pension takes 6% of my income and gives a lot better return. It's almost as if the federal government is doing things with social Security that were never intended to be part of the program.
I think we should have an option in our accounts to invest it in the s a p 500 fund or a total market fund !
I agree - at least some portion - like 10% of the funds to begin with.
- Joe
Wanna know the real source of the problem? During the Reagan years they started BORROWING from SS to fund those vaunted tax cuts! #thankslaffer😢
Thanks for your comment. It is important to add some clarity, however.
The federal government indeed "borrows" from Social Security - by selling Treasuries to the Social Security Fund. 100-percent of those treasuries have been paid in full.
Additional details can be found here:
www.aarp.org/retirement/social-security/info-2020/10-myths-explained.html
and here:
www.ssa.gov/history/InternetMyths2.html