Unlocking Social Security: Rethinking Retirement Age and Taxation

In this episode, Donovan discusses the issue of raising the retirement age in the context of Social Security and the taxation system in the United States. He criticizes the idea of raising the retirement age, arguing that it disproportionately affects younger generations like Millennials and Gen Z. Donovan emphasizes the importance of addressing the cap on Social Security taxes, which currently limits the amount of income subject to taxation, and proposes that all income levels should contribute to the system. He points out that increasing the cap or eliminating it could potentially solve Social Security's solvency issue. Donovan also touches on the concept of trickle-down economics and its historical impact on income inequality in the country. He encourages listeners to share their thoughts on this issue.The episode highlights the following key points:
- Criticism of raising the retirement age.
- The importance of addressing the cap on Social Security taxes.
- The impact of trickle-down economics on income inequality.
- The need for a fair and inclusive Social Security system.LinksNikki Haley Says US Retirement Age Is 'Way Too Low' (businessinsider.com)
Trickle-Down Economics: Theory, Effect, Results (thebalancemoney.com)
Why Is There a Cap on the FICA Tax? (investopedia.com)
Financial Ducks In A Row • Independent financial advice: IRA, Social Security, income tax, and all things financialShow notes generated from the transcript of the episode using ChatGPT.---VM/Text Line: 762-325-1313

Email: show@donovanadkisson.com

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