Social Security: The Rich Don't Need it
Entitled Americans Don't Get It: Social Security has long provided a safety net and retirement income for all who qualify, regardless of income. But it is in dire straits. Proponents of means testing, or refusing benefits to the well-off, say we can no longer afford to give to the rich. Opponents insist the system can be fixed, but it must stay universal.
Should the wealthy be cut off?
America today is subsisting on fantasy.
The fantasy of
We imagine there is an actual trust fund somewhere that takes in money and manages it responsibly. When we retire, we are "entitled" to that money. Reality is not so attractive:
Those who argue against means testing often say that it's unfair for people to pay into the system and not get their money back. But if nothing is changed, current estimates suggest
Working Americans born after 1970, including those struggling to put a roof over their children's heads, are subsidizing the retirement of rich baby boomers and may never see a penny of that money in their own retirement. The current system is a reverse
It's simply not realistic to expect to get all of "your" money back through
The details of how this is done are important--we don't want to punish those who were responsible enough to save--but there should be some dialing down of benefits for the truly well-off.
As my coauthor
Millions of people have made life choices based on the fantasy of
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Social Security: The Rich Don't Need it | Retire Smart
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