Put on Social Security cap for millionaires

After 50 years of monetary inflation, millionaire prestige has understandably declined. A 2014 study found that fully 5 percent or 14 million of contemporary American adults were worth seven figures or more.

But if it takes a billionaire to turn heads today, millionaire standing remains a useful economic yardstick. Retire with that much in assets, you're undoubtedly comfortable without Social Security. And that's why, along with various pension reforms now under way, I would strongly support the adoption of a net worth cap of $1 million for retirement benefits.

Hereunder, all applications to the Social Security Administration (anyone of requisite age still has to formally file) would be screened for financial position, and those above that figure deferred.

This proposition certainly wouldn't be popular with the affluent. But what's Social Security plainly for, if not security? If you're financially set, why burden the running-on-empty SSA further?

And as for the standard, "I paid the money in, I'm entitled to it" claim, that doesn't always hold, given a longer life span and/or early retirement.

My nonagenarian mother effectively retired at 32, quitting work after her only child was born. She's been collecting thirty years, her actual contribution exceeded long ago.

Granted, refusing millionaires is a measure unlikely to be implemented soon if ever. So meanwhile, I urge all responsible members of the now-sizable millionaires club to consider the greater good - via an SSA savings of billions - before applying for retirement benefits they don't need.

Tom Gregg

Niles