I read that line about the “payroll tax holiday” last year in my hometown newspaper. Holidays have to end, after all.
Why do people like to complain about Social Security and the payroll tax? Some of them are free-market purists, Libertarians, lobbyists, and others who believe that everyone in America can succeed without any government support whatsoever. If you believe that all taxes are ‘confiscatory”, please read no further.
However, I haven’t met any people over 65 yet in the last 25 years who are not claiming their Social Security benefits. Well, there is that one family member who believes that people make rational decisions, all the time. But I digress.
The sub-headline could also have read:
Americans to resume full contributions to Social Security accounts in 2013.
Most of the people I speak to professionally are very appreciative of a lifetime annuity plan, with a cost of living increase, where they don’t have the worry of investment management. (Yes, Virginia, Social Security is that). For many older baby boomers, it will be the only plan like that they ever have. Continue reading