A view on Social Security

Following are the views of one of our readers and actually the same view of Social Security is held by millions of older Americans. Being retired and having Social Security as your primary or even sole source of income is not easy, but that was never the intent of the program from day one. It was supposed to be a safety net, a basic income, something to keep people out of poverty.

So what are the views of the 2 candidates for President on Social Security? I have seen no mention of it in either of their platforms (which doesn’t mean anything to talk about it)

To me personally a different more effective way to give seniors a decent COLA yearly knowing how much-my expenses have increased throughout the years being on SS and the amounts just don’t hack the increase of added expenses as we grow older and have to hire people to perform duties we were able to do years before.

Remember our salaries were much lower back then so our SS isn’t as high as people retiring today as well as our retirements were lower therefore we are trying to keep up with the high cost of things.

I sure wish one of these Presidents would propose a decent Bill for SS and present it rather than what past Presidents have done – the Bills seem to fade away due to more urgent issues and we are left behind again.

Perhaps one of your followers/readers have some views on how to correct our income to bring us up to the current cost of things we require. It would be nice to not have to “rob Peter to pay Paul”

Comment posted on this blog

Sadly millions of American get to retirement having done little or no planning during their entire working years. Yes, there are hardship situations that cannot be avoided, but that is not the norm. The norm is for Americans not to think long-term and live their lives accordingly.

In fact, the Social Security formula does incorporate wage adjustments over the period of ones working career. What you may have earned twenty years before you collect benefits is adjusted. Let’s say in 2000 you earned $31,961 and retired in 2019. Your earnings are indexed by a factor of 1.6217 so that for Social Security benefit calculation purposes, your indexed earnings are $51,831.

If we want to increase Social Security benefits and want to increase the COLA formula all we need do is increase taxes in some manner, but remember that tax burden will fall on younger working Americans. Someday they will benefit from the improvements in Social Security, but for the present the added taxes will be an increased burden perhaps taking away from their ability to save for their own retirement.

BUT BEFORE we make any improvements, there is one obstacle … we need to assure that the program remains solvent and sustainable as is.

Political rhetoric claims we can do all this raising taxes only on the “wealthy,” those who earn above $400,000 a year or those who earn above the Social Security taxable wage base. That is not true or in my opinion fair. Social Security is supposed to be self-sustaining funded by payroll taxes with each generation contributing toward current benefits and accumulating a reserve.

THE ONLY REASON THAT HAS NOT HAPPENED is because of the failure of Congress over many decades to keep the trust fully funded by adjusting the program to reflect changing demographics and retirement patterns and fund for the promises made.


  1. I’m suggesting a national sales tax vs our current federal income tax to more fairly distribute the tax load across ALL income levels…I don’t know of any poor people creating jobs…killing the proverbial golden goose with higher taxes just might produce less golden eggs ?


    1. I have favored this ideal in the past, some kind of national VAT tax. I am also in favor of the ideal of flat income tax proposals. Of course the devil is in the details and people cry that they are not “fair”. What could be more fair or equal if everybody pays the same percentage? If you have the money and could afford to buy something, you pay tax. If you don’t spend your money, you don’t pay the tax.


    2. What would probably wind up happening is BOTH a federal sales tax and a “lower” income tax [that will quickly rise to what is was before.]


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