Dear editor,
Forty or more years ago Emerson Lynn began writing occasional Register editorials explaining how the financial integrity of Social Security could be maintained far into the future.
On Christmas Eve, I happened onto an article thatshould strike fear in the hearts of future generations who expect to reap some benefit from the federal program. The article suggested Social Security funding would reach severe trouble within 12 years, or thereabout.
Even at my age of 79, the article resonates.
Emerson’s solution: Raise the eligibility age for participating in Social Security; increase earned income eligibility for taxes to support the program (about 90 percent of its revenue at the moment); and make it means-testing, to wit: a person whose resources make Social Security more of a perk should be eliminated from its benefits.
Emerson was sincere, to the point, if I remember correctly, he refused any monthly payment until age 70 when it was forced on him.
As of today, up to $160,200 of an individual’s earned income is subject to Social Security taxes. Anything above, is not taxed.
A proposal in the recent article was to increase, perhaps by leaving a “doughnut hole” between today’s threshold and reimposing taxes when annual income reaches $400,000, with another limit at some higher point.
Full benefits are paid at age 67, with lesser amounts available starting at age 62. Raising those age points would save appreciable amounts. As for means-testing, the results are obvious. For the wealthy, a monthly stipend of $1,700 is a pittance.
Personally, Beverly and I depend on Social Security to help with monthly necessities, as do many others, and will until the Good Lord comes calling. I think it fair far beyond any argument to the contrary that Emerson’s three-legged solution, or something quite similar, should be imposed.
Bless President Biden’s heart that he is eager to do something to ensure Social Security is available for those who really need the monthly stipend for years to come.
Sincerely,
Bob Johnson
Humboldt, Kan.
