BigDaddy Rich
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thread 1/8
Hi folks, it's my first Spout! And my first Spout Thread!!! 😁I'm gonna start off by channeling my inner policy wonk with some ideas on using two tried and two initiatives -- Social Security and U.S. Savings Bonds -- to boost both regular and retirement savings. Let's begin:
09:16 AM - Dec 21, 2023
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BigDaddy Rich
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thread 2/8
1.) Expand Social Security by creating a built-in extra savings account within Social Security, funded by diverting 2.5% of employer tax and 1.5% of employee tax (4% from self-employed) and allow employees to voluntarily contribute certain dollar amount or a percentage of salary. (continued)
09:18 AM - Dec 21, 2023
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BigDaddy Rich
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thread 3/8
The diverted employer/employee taxes will come from current 12.4% combined employer/employee S.S. tax; to ensure the Social Security Trust fund is not diminished and a new tax not imposed to fund new savings account, Congress should increase the S.S. tax on incomes up to the first $350,000.
09:19 AM - Dec 21, 2023
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BigDaddy Rich
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thread 4/8
2.) Have Treasury Department create automatic Treasury Direct accounts from Social Security number, with accounts funded with refundable tax credits up to $750, split between Series EE and I Bonds and Certificate of Indebtedness holding account (continued)
09:21 AM - Dec 21, 2023
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BigDaddy Rich
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thread 5/8
Account holders could use prepaid debit cards as well as bank accounts to buy additional bonds, so people can save for short-term medium and long-term goals, including retirement (continued)
09:23 AM - Dec 21, 2023 (Edited)
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BigDaddy Rich
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thread 6/8
"I Bond Manifesto: Why inflation-linked savings bonds can work as part of your emergency fund" (https://tipswatch.com/i-bond-manifesto/)
https://www.forbes.com/sites/stevevernon/2021/12/03/3-more-ideas-for-strategically-using-i-bonds-in-...
09:24 AM - Dec 21, 2023
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BigDaddy Rich
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thread 7/8
3.) Restore U.S. Individual Retirement Bond (https://www.treasurydirect.gov/savings-bonds/historical-retired-bonds/#id-read-more-about-this-bond-... with denominations beginning at $50, maturing when owner reaches 70½ years old but can be cashed without penalty at 59½ years (continued)
09:27 AM - Dec 21, 2023
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BigDaddy Rich
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thread 8/8
(NOTE: U.S. Individual Retirement Bond can be purchased optionally either through automatically-created Treasury Direct accounts OR within Social Security with small portion of employer/employee tax)
09:27 AM - Dec 21, 2023
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