I find this to be somewhat of an oxymoron in life. People have given to social security for years and are expecting to get it back in their golden years of retirement. What if they eliminated this program? Would you be bitter or will you just roll with the punches life throws your way and accept the changes. From my point of view, I would likely feel a bit worried as it is a program that is sustaining financially the older generations of American citizens. In any case if it came down to a vote, I would vote to keep it in place forever as it is beneficial to those people in retirement.
8 Changes to the system as per RichUncle EL:
1. If you are a multi-millionaire- Banned from the program
2. The age of receiving benefits should be set for everybody at 65, and never change.
3. If you have a portfolio of real estate / investments that earn substantial income- Banned from program
4. For the Government to never raid the SS Fund for other purposes. (Make it a federal law.)
5. Make the inflation adjustment a yearly standardized rule. (Based on the CPI Index)
6. If you have a trust with assets over 2 million – Banned from program
7. Individuals with standard pension retirement account should receive less in S.S. benefits than others who never benefited from a plan like this.
8. If you receive enough passive income to live from royalties / patents-Banned from program
In any case there is a great article featured in NY times.com that explains the current state of the program. Social Security Article The article goes to show that S.S. benefits will be exhausted as of 2033 and I retire in 2045 so I will be in a pissed off mood for a few days, unless I become a multi-millionaire before my retirement. Ha Ha. It may seem that I am excluding the rich from benefiting from this program, but if you are making tons of money from your assets why would you care to get a $1,500 check from a struggling federal government program. It just doesn’t make sense for somebody who is considered financially rich to apply for Social Security. What’s your take on the rich applying for the program?
In any event I hope they extend this program and fix all of the bugs and for crying out loud the government should follow my 8 steps to fix the Social Security program. Thus making the U.S. a better place to live in.
Watch your money cause the government might not do it for you.
