On Monday, August 3, 2015 at 3:04:01 PM UTC-4, amdx wrote:


Means testing is the one I hate most. I've spent 34 years living under
my less than middle class income so I could have a nest egg at
retirement. With a means test, those that earned 2 x what I did will
not get means tested, but because I saved, I will.
That's like spanking the good kid when the bad kid acts up.
It just ain't right.


There are already three means tests for Social Security.

First is the amount they credit you with. I do not remember the exact figures, but they credit you with 100 % of your earnings up to about $25,000 a year. Then they credit you with something like 50% of your earnings up to about $50,000. And they credit you with something like 10 % for earnings over the $50,000.

Second social security is income tax free as long as your income is low. But they tax 85% of your benefits if your income is above some level. I do not pay much attention to the amount of income where this happens. I always have to pay income tax on 85% of my Social Security.

And third they make you pay extra for Medicare if your income is above about $200,000. Yipee, my wife and I get to pay that too.

I too spent less than many of my friends and saved more. So get to pay more taxes now.

Now I agree that Social Security is needed. Too many people will not save and need some way that they end up with something. But you ought to be able to opt out of some of the FICA taxes in return for not getting as much from Social Security.