Social security is a tax and redistribution program. It should never be used as a “retirement or partial supplement to retirement”. How did we get here?
When I worked for Delta Air lines they used social security to demonstrate it as a part of the retirement formula by showing their employees how to plan their retirement using the 401k their pension and social security as a total. This taxing one person and give it to another is a pure from of socialism. Where those contribute as they can and other a paid as “they need” This will collapse as people find ways to increase their needs. Even long term disability programs are based on this same formula . This pairing shows a false picture to people who do not understand that Social Security has never been a retirement program but a social safety net to protect those who have not saved or invested or experienced a horrific loss preventing them from gainful employment or a natural disaster to not end up on the streets.
The retirement age predicates a false goal as people believe it is their “right” to stop working even when they have the capacity and experience to continue making a contribution. Even defining someone as unable to maintain gainful employment does not mean a person stops trying to make a contribution to society.
I can see reduced hours and workloads but Men have an inherent need to work because the only thing that brings meaning to life is doing work with your hands. I will not speak for women but I suspect they have a similar need as well
Using your talents (2.9 million dollars earned over a lifetime) is required until the master returns (Jesus comes back). Then there is a full accounting of what you did with what you have been blessed with. Business and insurance companies should immediately stop using social security in their benefit programs so that workers will have a clear understanding on how much they need to contribute to their own retirement (401a 401k, investments) to allow the freedom to do what God has called them to do. the only retirement time for Kingdom work is one passes for this life to the next. Even in the event of total incapacitation we can pray and share God’s love through Praise and declaration and laments.
Transitioning from Total disability to partial to complete restoration should be the goal of social security to bring those who are getting better or learning how to cope with their limitations and with God’s blessing are using their new talents to continue working.
The answer to “solving” Social Security can be solved in one generation. some possible solutions are:
- Raise the eligible age relative to the increased life expectancy and make it a variable based on actual averages based on mortality tables.
- Stop using it in retirement formulas and total disability. My experience with Aetna disability was a disaster. (side note) They required me to apply for Social Security disability which I qualified for the first time with no appeals. However because I kept trying to work while disabled and expressed a desire to. they determined I could do something else and denied my claim. Delta Air Lines told me if I would declare myself able to work without restrictions I could come back to work (they told me to Lie to the doctor) . They assured me they would take care of me. So if they required that I lie for them there could be no recourse if I could not work any more and they let me go because I was already a proven liar and any other claim would be disingenuous on my part. Basically they were saying I can work somewhere but not for them.
- Extend 401k to include mortgage payments on principle residences and perhaps income property. Better yet make income mortgage payments. You could eliminate the home mortgage deduction because it would not appear on your W2. this would help solve the housing crisis as people could pay down their loans faster will pre-tax dollars. People would have their houses paid and need less dollars to start a business and invest and provide for them selves. People without house could designate a fund to save towards and wait until they could pay cash for the house or have the necessary down payment. Standards could be modified requiring a much greater down payment because people could have the funds to do that.