Login  /  Register  | 3 premium articles left before you must register.

Don't discourage saving for retirement

East Lyme

Publication: The Day

Published 11/27/2012 12:00 AM
Updated 11/26/2012 04:59 PM

Regarding Eric Smith's commentary, "Social Security reform we really need" on Nov. 22, while I concur with most of his points with regard to reforming Social Security, I would like to comment on some. Although the cap on the tax for individuals should be eliminated, the cap on the tax for the employer should not be. Eliminating the cap on the employer would be very harmful to small businesses. If we eliminate the cap we probably do not need to raise the tax rate, but I leave that to people who have access to information that I do not have.

I disagree with a means test. I have a fellow worker who makes about the same as I do. However, she is not putting a dime away for the future saying that government will take care of her. Why should I receive less Social Security than she does, just because I have saved? Smith's plan would discourage saving.

Like him, I am very concerned if the fund starts to recover, politicians will start "borrowing" from the fund again. We need some legal way to prevent the money from being taken.

James Lathrop

Town News

Visit Zip06
Submit Your:  Submit Your News Submit Your Photos Submit Your Events
Most Recent Poll
How will you do the majority of your holiday shopping this year?
At the mall or big box stores.
I only shop at locally owned businesses.
I'm getting everything online this year, no hassle.
I'll go antiquing or thrift store shopping.
I don't give in to materialism. My gift is to be of service during the holiday season.
Number of votes: 806

No current items found

No current items found

The Day on Facebook

In the past two weeks our Facebook fans have won tickets to the CT Tigers, Newport Winefest and Mystic Seaport. Become a fan of The Day on Facebook for access to these contests, breaking news, TheDay.com's best features and more!