11 Retirement Benefit Changes Coming in 2012

If you have been on disability and now have turned 66,can one get a light job without penalty?

Linda of SC 12:14PM February 29, 2012

The Social Security Tax, is a rich person's tax. Tax everyone equally!! A person just starting out to raise a family that makes $30,000 a year, has to pay 6.2% of his or her pay. What percentage does someone making $800,000.00 per year? A little over 2.1%. Is this really fair?

Cliff Bowman of ID 11:11AM February 06, 2012

To Deborah Paine.......you are correct except for two minor points. First the fund shows a 2 trillion surplus on the books, but when you dig a little deeper , there is no CASH in the account (except for current deposits from currently employed citizens). If you recall, just 4 months ago or so, there was a stand off between the President and the Republicans. The President threatened that current social security recipients would not be able to receive their monthly pension if the FICA tax was not collected. So, unless Obama lied, the current recipients are dependent on the cash collected from current working citizens. Secondly, the reason there is no cash in the fund is BOTH the previous Democrat and Republican Congresses have raided the fund, leaving IOU's on the books. So, if you look at at the book balance there is "plenty" of money (that is, enough to carry through until 2037, I think). But if you look at the hard cash in the account, we are essentially living paycheck to paycheck. Don't take my word for it. Do your own research!

Sophocles of MO 1:23AM January 25, 2012

As stated in the Spring of 2010 "Prime Time" News for AFSCME Retirees; In his 2005 State of the Union Address, President George W. Bush said, "Social Security was a great moral success of the 20th century, [but it] is headed for bankruptcy." THE TRUTH. Social Security is the most fiscally responsible and conservatively managed public program in the United States. Not only can we afford its benefits, we should be talking about increasing them. The trustees report shows that Social Security has accumulated a surplus of over $2.4 trillion! That Social Security owes no money to anyone. Not only must it have a balanced budget, it must be balanced with dedicated revenue, none of which can be borrowed. Payroll contributions are only one source of Social Security revenue. It also has interest income earned on revenue not needed to pay benefits and expenses in prior years. Because the interest income wasn't needed over the last few decades it was simply reinvested and allowed to grow. The trustees projected continued re-investment until around 2016. Social Security will pay all benefits in full and on time through 2037. If Congress would simply let the Bush tax cuts expire for the wealthiest Americans-those with annual incomes over $350,000-the revenue produced would put Social Security in balance for a full 75 years. For decade, Social Security surpluses offset deficits in the government's general fund and made them appear smaller. Meanwhile, Congress enacted three big tax cuts for the rich under President Bush, financing two wars on a credit card and bailed out Wall Street. Now some in Congress are looking at 'our Social Security money as a way to bail out their big spending. Ben Bernanke urged Congress to cut Social Security to reduce federal deficits. Ben Bernanke and like-minded politicians emulating a bank robber by stealing the Social Security protections of hard working Americans. Barbara Kennelly, president of the National Committee to Preserve Social Security and Medicare had this to say, "For too long, fiscal hawks have tried to blame Social Security for the nation's fiscal problems even though the program has not contributed one dime to our nation's bleak debt and deficit picture."

deborah paine of NY 9:02PM January 24, 2012