Hi Joeea. I posted "Perhaps it's time to cap or greatly reduce future increases to SS." That's all that I posted, just that sentence and it was in response to comments here about the state of SS. From the 2018 SS Trustees Report (@ ssa.gov)"Both Social Security and Medicare face long-term financing shortfalls under currently scheduled benefits and financing". Per the report, we can raise taxes or reduce benefits, or both.
We should all share the pain, not put it solely on future generations. Shore up the Social Security trust fund now - not wait until it is depleted so much that we must chop benefits by 25% or more in the mid 2030's as projected in the current SS Trustees report. And don't increase anyone's taxes to cover the SS trust fund deficit.
From my point of view, reducing future social security increases is a potentially good solution that should be carefully considered. Reducing future increases to SS benefits (such as COLA adjustments) gives us all time to adjust and plan. Yes, the buying power of our SS benefit will fall a bit over time - but we're told that there isn't enough $ to keep the status quo.
To answer Joeea:
Because future retirees won't need any increases? Because we should all share the burden. See my paragraphs above.
Because the mathematics of inflation will somehow never affect future retirees? There's an unsustainable deficit in the SS Trust Fund. We should all share the pain of fixing this, and not put it solely on future generations.
Because, I got mine so screw the future? That's right!
No, wait - DH and I are both RE and both about 16 years from FRA, so we aren't counting on ever getting SS. (But we paid the max in for years!)
Because you don't have any children anyway? Yeah! Kids - who needs 'em? No wait - We have a child, and nieces and nephews and care significantly about them and future generations. We teach them to LBYM and save for the future.
