No Social Security for Millionaires!!!

[Want2retire]

If they tried to put a social security cut-off in place that was based on a portfolio of a million or more, I know what I'd do.

I'd take the excess over a million, and buy an immediate fixed lifetime annuity with it! Then I'd show them my (now smaller) Vanguard balance, and demand continuation of my SS. That's what I'd do.

[rec7]

Something like this might happen for real but the limit might be 2M or 3M.

[A854321]

<<<actively taking notes from Want2retire>>>

Do you think primary residence equity would be involved?

<<<more notes>>>

[Want2retire]

Originally Posted by A854321

<<<actively taking notes from Want2retire>>>

Do you think primary residence equity would be involved?

<<<more notes>>>

It said in the article that it wouldn't be. So, buy a McMansion to save your SS!!

[packrat44]

The scary part is the number of people (voters) who probably think this would be a good plan.

[innova]

At least we didn't get Rick roll'd!

[youbet]

Can you imagine the mess involved in getting everyone to consistently value their assets accurately and timely? The primary residence would be easy..... just link it to property tax assessments. But what about art collections? Coin collections? Antique cars? Volitile stocks or other equities?

Chances are, they'll base elimination of SS benefits on reported income based on your tax return, not on the assets you own. But one way or the other, if you've been a good ant and socked away for your retirement, they're going to find a way to screw you....... To the delight of the grasshoppers!

[kombat]

Originally Posted by kombat

Do people assume that millionaires can't receive Social Security? Would there be outrage if they learned that many recipients in fact have net worths in the millions of dollars?

Nobody has any comment on this? Maybe I should pose the question in its own thread?

[Notmuchlonger]

Originally Posted by innova

At least we didn't get Rick roll'd!

Never gonna give you up

[packrat44]

Originally Posted by youbet

But one way or the other, if you've been a good ant and socked away for your retirement, they're going to find a way to screw you....... To the delight of the grasshoppers!

The anteater (Government) needs to consume a lot of ants in the course of one year to remain robust.

Originally Posted by kombat

Cute article. Just believable enough to make a good 4/1 prank.

In all seriousness though, I've often wondered what kind of public backlash there would be if the media ever decided to turn their attention to the financial demographics of those on social security. Part of me believes that most of society assumes that everybody collecting Social Security are low-net worth, average folks, and that surely the tax code excludes millionaires from collecting.

Do people assume that millionaires can't receive Social Security? Would there be outrage if they learned that many recipients in fact have net worths in the millions of dollars?

I believe you are correct. The average, low-net worth person probably believes a couple with a portfolio of $1MM can spend without a care in the world - expensive cars; McMansion; international vactions; large boats; always dining out - and this will go on indefinetly. They probably have no clue that a couple with a $1MM portfolio who take a SWR of 4% (without SS) receive a similar yearly income as a couple who had good jobs and receive their "full" SS payments at 66/67.

[calmloki]

Anyone have some spare digitalis?

[calmloki]

Originally Posted by innova

At least we didn't get Rick roll'd!

??

FARK.com: Fark YouTube Player (3507883) Hilarious Muppets Blooper reel

[CuppaJoe]

Originally Posted by youbet

Can you imagine the mess involved in getting everyone to consistently value their assets accurately and timely? The primary residence would be easy..... just link it to property tax assessments. But what about art collections? Coin collections? Antique cars? Volitile stocks or other equities?

Chances are, they'll base elimination of SS benefits on reported income based on your tax return, not on the assets you own. But one way or the other, if you've been a good ant and socked away for your retirement, they're going to find a way to screw you....... To the delight of the grasshoppers!

There must be a bunch of careers in there; never mind, that's what I'm already doing working in "family law."

[armor99]

Yup... you guys had me going for a minute as well. But what I find most humorous of all, is that everyone that is currently preeching for income redistribution, about how "the rich" will save everyone, somehow get confused and angry when people point the finger at them and imply that they are in fact "rich". When that happens, (and one day it will occur) these will be the people in the streets screaming "no... wait... I am one of YOU... I am not wealthy!!! The other guys that have (fill in the amount of money here) are the TRUE rich in this country!!! Do not take MY assets... take it from someone else... they have more...." Income redistribution never works... why Because there is always someone poorer, and richer... than you currently are...

[chinaco]

ssssssshhhhhhhhhhh!

Don't give anyone ideas.

[Notmuchlonger]

Im rich. I have a shelter over my head. I eat every day and best of all Im very healthy! Hell I got running water too.! YIPPIE KAIAAAA

[cantlogin]

Originally Posted by bbbamI

What about buddameouk?

Does anyone know what's become of O.A.P.? I miss his posts.

[Nords]

Originally Posted by chinaco

ssssssshhhhhhhhhhh!
Don't give anyone ideas.

Articles like this are how policy analysts of both parties float their trial balloons...

[DragoMuseveni]

Nice joke... I expect that by the time I am able to collect Social Security in 2038 it will be means tested. Hopefully I'll have more than enough saved up so that I don't qualify for it.

[clifp]

My second favorite April fools article.

The BBC