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View Diary: Raising the retirement age means poor people subsidize rich people's retirements (38 comments)

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  •  Because they die sooner, they collect fewer of (2+ / 0-)
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    Icicle68, howd

    their paid-in taxes, therefore the money is available to the system to pay out "rich people benefits."

    So, the money paid by the poor, who die early, is still there to pay the rich, who live the longest.  It is a transfer of wealth, again, from the poor to the rich.

    "The law is meant to be my servant and not my master, still less my torturer and my murderer." -- James Baldwin. July 11, 1966.

    by YucatanMan on Mon Mar 11, 2013 at 12:12:49 PM PDT

    [ Parent ]

    •  Perhaps, unless the rich paid in more to begin (0+ / 0-)

      with due to the fact that they're rich

      •  Pay in More = Get Higher Benefit (0+ / 0-)

        From the Social Security website:

        Social Security benefits replace a percentage of your earnings when you retire, become disabled or die. Your benefit payment is based on how much you earned during your working career. Higher lifetime earnings result in higher benefits. If there were some years when you did not work or had low earnings, your benefit amount may be lower than if you worked steadily.
        The fact that the more you pay in the more you get is what prevents SS from being labeled as a welfare program that will be easy for demonization.

        Poor man wants to be rich. Rich man wants to king. And the king ain't satisifed until he rules everything. B.Springsteen

        by howd on Mon Mar 11, 2013 at 01:19:18 PM PDT

        [ Parent ]

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