newtoseattle
Recycles dryer sheets
Wondered if anyone saw the Steve Vernon's column about another group's proposals to shore up social security. The part that really caught my eye - b/c I hadn't seen this proposed before - was
"Apply the benefit formula annually to earnings to more evenly reward continued work. For example, the current formula would pay equal benefits to a worker who earns $100,000 for 15 years compared to a worker who earns $50,000 for 30 years. Under the current formula, there's little or no increase in benefits for workers who pay taxes into Social Security for more than 35 years. The BPC proposals would continue to increase benefits for workers who pay into the system for up to 40 years."
Honestly, it seems "fairer" but would really affect me (and I suppose many other higher earners planning on early retirement (i.e. not many years in the work force))
Thoughts?
"Apply the benefit formula annually to earnings to more evenly reward continued work. For example, the current formula would pay equal benefits to a worker who earns $100,000 for 15 years compared to a worker who earns $50,000 for 30 years. Under the current formula, there's little or no increase in benefits for workers who pay taxes into Social Security for more than 35 years. The BPC proposals would continue to increase benefits for workers who pay into the system for up to 40 years."
Honestly, it seems "fairer" but would really affect me (and I suppose many other higher earners planning on early retirement (i.e. not many years in the work force))
Thoughts?