Comments on: Retirement confidence falls, especially in Social Security: Poll http://blogs.reuters.com/reuters-wealth/2011/10/19/retirement-confidence-falls-especially-in-social-security-poll/ Fri, 05 Dec 2014 11:27:18 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Wyndhawke http://blogs.reuters.com/reuters-wealth/2011/10/19/retirement-confidence-falls-especially-in-social-security-poll/comment-page-1/#comment-8882 Mon, 12 Dec 2011 23:59:28 +0000 http://blogs.reuters.com/reuters-money/?p=21094#comment-8882 I’ve just gotten my SS COLA. IT, pluse the medicar increase cost mr #23 a month. Yes, I’m getting $we a month LESS. I’ll do without, thank you :-(

]]>
By: Carly_EngAmer http://blogs.reuters.com/reuters-wealth/2011/10/19/retirement-confidence-falls-especially-in-social-security-poll/comment-page-1/#comment-8611 Fri, 21 Oct 2011 14:36:43 +0000 http://blogs.reuters.com/reuters-money/?p=21094#comment-8611 If the people who have invested into Social Security want to see a return, entitlement reform will have to happen. The federal health law, which will expand coverage to 30 million currently uninsured Americans, will have little effect on the nation’s rising health spending in the next decade. Health spending will grow by an average of 5.8% a year through 2020 (http://eng.am/nE0nnN). Currently Social Security and Medicare use 8.5% of nonentitle­ment revenues (federal revenues dedicated to all other programs besides the two). By 2020, the deficits will grow to almost 25%. This means that within 9 years, in order to pay projected benefits to retirees and the disabled, the federal government will have to stop doing about one out of every five things it does today (http://eng­.am/poetWU). The federal and state governments are projected to spend $466 billion on Medicaid this year, with costs rising about 8% a year (http://eng.am/ppUTp1).

All of the following solutions will substantially eliminate these problems: Reducing benefit payments by 5% AND increase the retirement age to 70 over time; increasing both the employee and employer contribution immediately by 1.1% for income up to $106,800 (its current limit); reducing benefit payments by 5% AND increase both the employee and employer contribution immediately by 0.05% each year for the next 20 years for income up to $106,800 (its current limit); removing the $106,800 limit and count all income towards the SS tax; decreasing the cost of living adjustment by 1% per year AND raise the retirement age to 67; or taxing income over $106,800 at 3%, index the retirement age to longevity AND decrease cost of living adjustment by 0.5% (http://eng.am/oTlck2).

]]>