Myth 1: Social Security is going bankrupt. Myth 2: Social Security is a key driver of the national deficit. Myth 3: The Social Security Trust Fund is nothing but a bunch of paper IOUs. Myth 4: Social Security is a Ponzi scheme. Myth 5: We’re all living longer, so we should raise the retirement age. Myth 6: We need to “fix” Social Security - save it for young people when they retire. Myth 7: Benefit cuts would be phased in; today’s seniors won’t be affected. Myth 8: Social Security pays generous benefits. Myth 9: Means testing can save Social Security. Myth 10: Social Security costs are exploding, so we need to cut benefits. Myth 11: Repeal of Government Pension Offset/Windfall Elimination is too expensive. The Social Security Administration offers options: –Gradually eliminate the cap on payroll taxes (currently $110,000) over 10 years (closes the gap 71%) –Gradually raise payroll contribution rates for employers and employees from 6.2% to 7.2% over 20 years (closes the gap 53%) –Subject worker contributions to 401k to payroll tax (closes the gap 8%) SUPPORT HR 1795 & S 896 retirementrevised/money/debunking-the-top-10-myths-about-social-security ssa.gov/OACT/solvency/provisions/index.html ssfairness/repeal-the-gpo-wep ssfairness/dc-action/
Posted on: Fri, 26 Jul 2013 20:55:29 +0000
Trending Topics
Recently Viewed Topics
© 2015