$ 285,600
is the maximum anyone should have to pay for Social Security.
Anyone who has paid more than that is obviously entitled to their money back.
And yes of course it would/will be retro active.
This number is based on;
If a person starts collecting Social Security at the age of 62,
And they start off with $1000 a month for the first year,
And they get a $20 increase every year,
It would be $285,600.00 for 20 years.
I looked it up on the internet and the national average life expectancy rate is 78.8 years according to the National Center for Health Statistics website. I based this number on 20 years of collecting Social Security. So I rounded it up just a little to make it even and to maybe cover any unforeseen expenses. According to the National Average, it would only be 16.8 years of Social Security, however, we all know some people will probably live longer then 82 years and even if they pass 82 years, they will still be entitled to continue to collect social security at the same rate with the $20 a year increase.
There is a bit more to this issue, such as, what about the people who don't live long enough to collect all of what they payed into it. (? Should they be able to leave it in their will to someone.)
Or, what about the people who didn't make that much money and didn't pay alot into social security.
(For example, My grandmom and grandpop were both born in 1911. They got married when they were 21 years old in 1932. They were married for over 55 years until my grandfather past away in 1988. They had an old fashioned marriage where my grandfather went to work to make the money and my grandmother stayed home and raised the kids and did the cooking and cleaning of the house. My grandfather didn't even want grandmom to work, but when they got up in years and the kids were all grown, he let her get a job. She was a lunch lady at one of the local schools in Trenton, New Jersey. I don't know how long she worked there but it is likely she didn't pay that much in Social Security. When she became 65 and was able to collect social security, she only received a little more then $300 a month.
My grandfather on the other hand quit school in the sixth grade to get a job and work to make money to help his family out. He became an oil burner man, which means he worked on and installed oil burning heater furnaces. I don't know exactly when he started in that trade, but I know he was working as an oil burner man from at least the age of 19. I saw an old picture of him when I was a kid. He didn't even want to retire or collect social security because he could still work and make more money then he received on social security, but they kind of forced him into retirement. He only got about $700 a month from social security to live on. (He could have made that in a week). I don't know how much social security he paid into it, but I know he should have gotten more then that. (So together, for 2 people, my grandparents only got about $1000 a month for the both of them.)
They didn't even have social security until about the 1950's or 1960's. I don't know specifically when they came out with social security. I did look it up on the internet, but I am not sure I believe the information that I had found. Guess I will have to check into it more thoroughly and verify things. (When I am the boss.)
My preliminary assessment, as published here, I consider to be fairly reasonably, however, there may be some more details and,or circumstances to take into consideration. I will be able to publish a more concise path when I have access to the account books and such.
(Legally speaking, everyone has a right to access the account books on all taxation and there is no reason why they shouldn't be able to do it, at home, on their computers, through the internet.)
All policies are subject to public approval by the vote of the majority of the people, as is the American way by law and Constitution. It is also the right way and the only way it should and can be done. Otherwise it is tyranny and we can't have tyrants running the government and the country. (Especially magical invisible homosexuals who live in the basement and remote control society and reality with SMARiTT.)
The current age to collect social security is 65, however, I believe you can apply for it and get it at 62. For my example above, I just started with 62 as the age. We the people, by majority can decide at what age it should be to collect social security.
The current, and for many of the last decades, the government takes/collects 13.5 percent of a person's wages and their employer also has to pay 13.5 percent of the wages their employees make for social security tax. (That's 27 percent of a person's total income per year.) (This can be amended by majority.)
Social security income should be tax free, especially since you already paid taxes on it in the first place, and a person can and should still be able to work if they want to without any financial penalties from the government for receiving social security. After all, social security is already your own money you are getting back from when you paid it in.
Every year around tax time, the government should send everyone an account slip showing them how much is in their social security account.
Also, the government should be required to do your taxes for you. They already do everybody's taxes anyway and they are required to do so by law, "if you ask them too". Unless they rewrote and reprinted the law book and say it is not true. I have some more in-depth articles to write about the subject of taxes, but for right now I am just mentioning it to say that they should send you your social security accounting along with your tax accounting at the beginning of each year.
(Originally I had Social Security and Disability in the same square, however, I decided, (became cognizant of), that they should be separate.)
If I haven't covered everything, I will be able to do a much better job when I have some staff and employees. Plus, I will need to check and see what the public opinions are before I will be able to come to a more definitive determination. Again, all policies are subject to public approval.