"If we don't make some radical changes to Social Security, now, myself and people like me are going to get screwed." Hell, you're already screwed! But so is everyone else except the current recipients. This is one reason I HATE Liberals so much! Ever since Reagan tried to fix it and wound up putting only a bandaid on it because of Liberals, it has just been a matter of time before benefits are cut severly and taxes are raised. And they continue to play political football with it year after year after year making it worse and worse and worse. You'd best plan around it, and try tp get rid of the Liberals whose fault all of this is!

Social Security is not retirement. If you can work, you shouldn't be eligible. That's how it was intended to function: as a last resort.

By actuarial adjustment, the cutoff age should be around 80 now.

That's what they're talking about when they speak of means-testing for benefits. If you've saved your money, have a pension or 401K you will lose every dime you put in the system. If you bought shit, like a boat or a Lamborghini and now you are penniless, you get my dough. How messed up is that?

The problem with just saying everyone should work until 80 is that employers are fully aware of the rising costs of older employees, especially in health care, pensions, and while they bring experience, they do have a certain lack of flexibility.

That is why there are a massive amount of age discrimination lawsuits and why laid-off older workers have greater difficulty in getting jobs.

I see two solutions: (1)Go with universal health care so employers are not so reluctant to take on the medical financial risk of hiring a 58-year old breast cancer survivor; (2) Freedom to hire older employees, but pay them what they are worth in light of declining mental and physical performance.

Even then, age puts limits on jobs. There aren't any 68-year old cops, roofers, special forces members, long-haul truckers. Or even nurses in demanding medical specialty areas anymore.

The revolutionary alternative is to admit Social Security is not a "Trust Fund" but a pay as you go social safety net and eliminate both the rich man's cap and the use of SS as welfare for immigrants, and so-called disabled. The rich man's cap is why I pay less total taxes in good years than some schmuck making 88K or less. Once I make enough money, the 12.4% tax on earnings goes away completely, whereas lesser wage earners are stuck paying it on every dollar they earn. Eliminate the rich man's cap, and Social Security is instantly both solvent and the 12.4% rate can be reduced.

But everyone ignores the real unfunded liability is Medicare, not Social Security.

While that's true TALLDAVE, we have all become accustomed to the idea that SS is our retirement income and have stopped saving for it. SS has been oversold by Liberals who kept adding to it over the years leaving the impression that it would be more than it actually is. And I can't recall LIBERALS ever seriously trying to warn people that SS was just a supplement. But more importantly, anyone could have done far better in private accounts as S corporations have demonstrated for decades. And Liberals have demonstrated their willingness to play games with our retirement by demogouging it for decades. LIBERALS made SS the "3rd rail" issue. I can still hear "Reagan wants to throw old people out of their homes" "Newt Gingrich wants to get rid of orphans and widows!" LIBERALS ARE VERY MUCH RESPONSIBLE FOR A LOOMING CRISIS OF TITANTIC PROPORTIONS THAT IS GOING TO HURT US ALL!!!

Having said as Ann Coulter says: "the short answer is, it's all Liberals' fault" I must say the Bush plan sure seems to have some obvious holes in it (or so Liberals say). I read more thoughful, innovative sounding ideas on blogs like Cedarfords. The level of discussion in government on both sides is appalingly shallow and leaves me with no confidence for the future.

The health care cost problem is a direct result of the other problems. Health care costs way way way more than it should. Why? Because consumers have little to no incentive to shop for effective care at better prices and hospitals feel little or no pressure to cost-differentiate or improve efficiency; in fact, they do everything they can to create MORE expensive treatments. This is due to third parties (insurance and gov't) footing the bill, who in turn pass the cost on to everyone else in taxes and premiums.

Unfortunately the whole mess is going to get a lot worse before it gets better.

When speaking with financial planners I simply tell them "$0" when asked about expected Social Security benefits.

The only nice thing is that I've managed to top out my income beyond the cutoff for Social Security deductions.

Brian, congrats on eliminating that 12.4% drain on each dollar you earn! Now think of how Bill Gates feels after the 1st hour of the first workaday each year not to have to pay a silly tax the rest of the year!

It's a dirty secret....the advocates for tax cuts for the wealthy say that only the federal income tax should be considered and the wealhy pay too much....but the nasty news is that when you factor in state, local taxes and fees and the idea that the rich don't deal with taxes only the little people pay all year long (social security) - their TOTAL TAX RATE is lower than the boobs making 80K a year.

It gets sweeter if you own a business. Lotsa cream to skim, tax-free, in bennies. Plus oodles of deductions, plus creative book-keeping, plus a chance to get rich if it grows, plus in many ways it is your retirement boom via sheltering investment money and profits back into the biz. Real estate also has some sweet things...and certain businesses have special deals from greasing willing public officials.

Mere wage-earners are stuck with income they don't have the ability to shelter, actually have to buy their own car & insurance, and pay for the vacations that many of us pull off as business trips.

Cedarford, are you promoting a flat tax structure?