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Feb 11, 2005 -- Clark's Social Security proposal
If you are in your 20's or 30’s, there is no way that the government is going to be able to pay you the social security benefits that they are promising they will. The social security program has no credibility with individuals in their 20’s and 30’s. Why should they have to pay you social security if they don’t believe in it? If Clark had it his way, he would force people under 35 to put 10% of their salary in a personal security account, instead of going towards social security. You would not be able to touch your PSAs until you retired. People older then 35 would remain in the current social security program.
Unfortunately, Clark won't be able to answer any questions submitted via commenting. If you have a question, please try posting it to our message boards.
In 2007 I paid SS $4,000.00 and again in 2008 almost $2,000.00. In the fall of 2008 they notified me that I now owe them over $4,000 for over-payment from 2003-2006 from the start of my widows benefits. They are now taking $123.00 per month from my benefits for payback for the next 3 years. I have no other income at this time. Is it their error they did not do the math or should I appeal about the delay and who should I contact. I did file my taxes every year and went to the SS office but they said I had to pay. Thank you so much.
SOCIAL SECURITY
The math on social security benefits: Top 35 years indexed average is how they calculate benefit. After you hit $4200/mo average income benefit increases 15 cents/dollar for increased income when you reach full retirement age. I was in situation where I could add to my taxable and FICA income or take expense money. For every $1000 I added to income employer and I each pay $76.50 payroll taxes. I pay state and US income taxes also. That $1000 added to my income increases my monthly SS check by 35.7 cents at full retirement age, 26.8 cents at age 62. That income would also be taxable. Does that stink or what ? (I am 61 so I thought it worthwhile to evaluate)
