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Begich plays offense on Social Security

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    Senator Begich recently proposed major changes to how Social Security revenues would be generated. His proposal includes a cancellation of the payroll cap, which is currently at $113,700.

    “Sen. Begich’s bill serves the American people well in very important ways,” said Eric Kingson, co-chair of the Strengthen Social Security Coalition. “By asking high-income people to pay the same payroll tax contribution as everyone else, he dramatically improves the financing of Social Security. By improving the accuracy of the cost of living adjustment, he assures that seniors and people with disabilities will be able to maintain their standard of living as time goes on.” - Alaska Native News, 11/14/12
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    Sure sounds like a great idea, ESPECIALLY if interest and dividend income is included.....just think of the boost to the Federal Treasury.
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    I definitely agree. It just goes to show that the people that fear monger about Social Security going bankrupt mask the fact that the Government could easily take in more revenue to keep it solvent for years to come.
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    jaredsxtn Wrote: I definitely agree. It just goes to show that the people that fear monger about Social Security going bankrupt mask the fact that the Government could easily take in more revenue to keep it solvent for years to come.
    Is there a calculator (website or something) if policy was set for normal retirement at 68 or 69 or even 70? People are living longer? Just wondering. It seems kind of arbitrary we retire at 65 or 67. BUT if people work longer then young people wont be able to get promoted. A lot of my friends cant get jobs. It really is not fair how all these older people have jobs and we don't! With such high unemployment maybe there should be a law saying everyone over 60, should have to retire, like pilots. Ya know like a minimum and max working ages. We have minimum working ages, 16 I think.

    Ok I think I just confused myself. Anyway, nice to meet everyone here. Hi





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    That is a great question and one that we should definitely fit into the equation of how we move forward with Social Security. More and more seniors are willingly collecting their benefits later than they are legally eligible to already. A good size of seniors aren't staying in the workforce because they want to, but because their retirement plans were devastated in the financial meltdown of 2008 and had to continue working so they could get by. With a simple reform like the one Senator Begich proposed, we could have Social Security solvency for many many years to come.

    A good location to toy around with the social security calculator is at http://www.socialsecurity.gov/OACT/quickcalc/index.html.
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    I retired at 65. I went to the SS office to sign up for Medicare and the woman signed me up for SS at the same time! I told her I wanted to wait till I was 67 and she looked at me like I was nuts! So, I took it. I'm going to be 70 in the Spring and I doubt if I could work like I could even at 65. Age has a way of catching up with us and although well still think we can o anything, or bodies don't always agree!