Dear Editor: The letter to the editor (June 16) about the future of Social Security should resonate with all Americans. The majority of U.S. citizens apply for and receive benefits between 62 and 70. It’s been a part of the three-pronged plan that has enabled people to have a secure retirement, along with personal savings and a pension or 401(k).
Today, fewer and fewer Americans are working full-time jobs and contributing a portion of their paychecks to Social Security; many are working multiple, part-time positions and cannot afford to put aside money for their later years. What’s the answer to a system put in place in the 1930s that the majority of Americans count on and appreciate?
I know that increasing personal and company taxes is something no one likes, and the idea of raising taxes is a mortal sin for Republicans. But a slight increase in taxes would go a long way to solve this problem and shore up Social Security for future generations.
Social Security sets aside 6.2 percent of an individual’s paycheck and 6.2 percent from his or her company for a total of 12.4 percent. That formula hasn’t been changed in quite a while, but couldn’t it be bumped up a bit to something like 6.4 percent each? And in 2018, the amount of taxable earnings subject to Social Security is $128,400. Why not raise it to $150,00, or $200,000?
Members of Congress don’t have to be concerned that a portion of their paychecks will be set aside for Social Security. They have their own private pension plan, and don’t contribute to Social Security. They should do the right thing and ensure that the Social Security system will be healthy and available for all Americans long into the future.