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Originally Posted by jorgelito
Wow, fantastic debate here.
My main problem: Who's right? Both sides make excellent cases, but unfortunately, it seems to come down to whom you believe.
Does anyone really know how SS works and its strucutre of income->payout?
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Jorgelito, who's right and who's wrong is a matter of opinion, you just have to look at the facts and make your own decision.
My views are from my own research and what I learned in Gerontology this semester. But they are my views and any fact can be debated and used to support both sides of an issue (In most cases. It has been proven that facts can be used by both sides on this board many many times.) Just as KMA, Super, Fistf, and so on all have their opinions based hopefully on their own research and views of what society's responsibilities are.
SS works by taking so much from every person.... each person pays $72,500, in their working lifetime (I believe) and the company matches that amount dollar for dollar. Once you have reached that amount you never have to pay another penny. (Small business owners do not have to pay, white collar and self employed workers do not have to pay. In fact technically SS is a company optional plan, however if the company does not pay into it they have to have some form of guaranteed retirement system in place.)
From that $72,500, it is then determined what %age you paid into it. If you paid the full amount you are entitled to max benefits, if you paid 50% you'd get 50% benefits.
SS also is used for disability, in the form of SSI.
Hope that helps a little.