Social Security fixes to help we the people
It is estimated Social Security payments are likely to be cut 20% in 2034. I’m 95; it won’t bother me. I won’t be here. Social Security is 65% of our retirement income. My wife of 72 years and I don’t need more. We have no debts.
Help for Social Security (the following figures may not be current because they change often): Require Social Security to be paid on earned income up to $600,000; at 6.2%, that is $37,200. Income tax at 37% is $222,000 for a total of $259,200, leaving $340,800 to live on.
Income tax currently paid on the taxable portion of Social Security should go into the Social Security Trust Funds.
Under present law the maximum that can be drawn is $54,660, and the spouse will draw half of that. Eighty-five percent of their Social Security will be taxable.