As a 58 year America I would like to recoup some of the money I paid into the SS program over my liftime. I do not consider this an entitlmenet program like medicaid. I paid into this system just like the one at work for my entire working life. It is designated as a separate item on my paycheck. At my age it is going to be hard to try to save up enough to compensate for the planned funds from SS. I do think SS needs to be fixed and here are my suggestions:
1. Social Security tax should be paid on all of your earnings. There should be no cap. This would affect me.
2. The age should not change. 62 and 66 are acceptable retirement ages. Just because the life expectancy is 72 does not mean we should want to work until we die. Give me a break. Only wealthy people that have worked very little in their lives can think like that. I at least want the choice.
3. No illegal aliens should be able to collect SS, whether they paid it in or not. They are illegal not part of our country and should not be part of the system. Count any payments they made in as penalty for taking a job illegally.
4. How much should really be paid out to children of participants if a parent is lost? If there is a living parent why should anything be paid? Should the amount be based on the annual deduction allowed for dependents by the IRS? What if the parent had only been paying in a few years? What if the suviving parent remarries?
5. How about disabled children? They have never paid anything into the system but collect from it with both parents living. I know this sounds hard or mean, but I had to support my children. I chose to have them and expected to pay their expense.
I am a conservative. I know believing in keeping the SS program is not well liked with the younger Tea Party crowd, but it was part of our retirement plans from the time I turned 18. I have been paying into it for 40 years. I have paid in $300,000 and at 66 I will need a little of that back.