If Social Security and Medicare are really meant to benefit low income retirees, REMOVE the cap on OASDI for all income earned by all persons of ANY age and REMOVE the retirement earnings test (a penalty of $1 for every $2 or $3 earned by recipients receiving benefits before they reach normal retirement age). Those persons would not receive an increase on their benefit after they reach the normal retirement age.
Contributions to Social Security and Medicare are limited by income. From the Social Security website: "We call this annual limit the contribution and benefit base. This amount is also commonly referred to as the taxable maximum. For earnings in 2018, this base is $128,400." and "The OASDI tax rate for self-employment income in 2018 is 12.4 percent." and "For Medicare's Hospital Insurance (HI) program,..." "After 1993, there has been no limitation on HI-taxable earnings. Tax rates under the HI program are 1.45 percent for employees and employers, each, and 2.90 percent for self-employed persons." Persons who are currently collecting Social Security benefits as retirees can earn an unlimited amount after they reach the normal retirement age.
Do the math. This ensures that older workers who earn a good income from wages continue to pay into Social Security. This protects those who live on unearned income. The amount collected from those who make more than the cap will keep the fund solvent.