I am trying to figure out how the proposed SS changes might affect me, given my age, income bracket, etc. I am 48 years old, earning close to $150k per year, married (my wife is 46 with about $30k in annual income). I'll probably start drawing SS in 14 to 17 years. Can anyone comment on whether the changes have more of an upside or downside for me? Would the ability to move part of my SS taxes to a private account be a benefit? I'm a conservative investor, so unless the late 90s reoccur, it's not likely that I would invest in stocks. Perhaps mutual funds, but chances are that I would go for fixed-income corporate or government bonds. Also, since I earn more than the FICA ceiling, any proposed increase in the ceiling affects me directly. Would a raised FICA ceiling eliminate any potential advantages? Are there other considerations that I am not taking into account? Thanks for any comments and/or advice.
-Dave H.