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I think the self employed do have the option of "opting out" of S.S. . . . ..do they also have the option of recieving no services (medical, housing, food) if they happen to find themselves in an unfortuante situation? We live in a society that does, to the best of it's ability, take care of the destitute. To be a part of that society, one MUST participate. . . .you can, of course, go off on your own with no communication with the "outside world", where you are totally self sufficient. . . .I've know folks who have tried to do that. . . ..don't know any that survived it. . . .
1. If you work for yourself you are putting in more than 6.2%. It's called the self employment tax.
2. That doesn't matter unless you are retired today. If you retired in 1985 and had a wife that didn't work you would have enjoyed a 9.18% return on your money. If you are working today your return is between 1% and 3%. Along with lower birth rates comes a higher payroll tax burden to support old people.
3. Do what Australia did and guarantee a min level of income for retirement, but require the employer to contribute to the employee retirement fund, restrict withdrawals during the working years. Unless politicians try and destroy the financial markets, the failure rate over 40 years is insignificant.
But I'm not self employed, and I have no interest in being self employed at this present time.
Again, I understand your argument for private retirement savings, but that's not the issue. SS is insurance, and it's cheap insurance. I have other retirement savings, so that's neither here nor there. At the end of the day, I can't get what I get from 6.2% of my income what I get from SS, and neither can you.
I also agree with you about doing something like what Australia or Finland does. But that's not in the cards right now.
I have not paid SS in 20 years.
There is no penalty if I don't. I just won't get a very big SS check, come time the government says I must retire.
The benefits of being self employed.
You haven't paid SSA for 20 years and you want a check? Typical
I expect if we turned over all of the SS taxes to private investors they would steal it all with speculation every 20 years of so just like they did before Social Security. The only thing the "market" can be trusted to do is wipe out small investors on a regular basis. I strongly favor the lower risk social Security system that is separated from the greed driven speculators and other financial manipulators and guilt free thieves.
The USSA is preferable to the U Steal A.
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Are you REALLY capable of the discipline to plan for your own retirement?
Progressives.....ideas so great, you are forced to comply!
Oh STOP with the phony rugged individualalist routine. It's so fricken transparent that it's embarrassing that you'd still attempt it here.
You and the rest of the whiners are gonna do what everyone else in America does...run your butts down to the SSA office and grab your money as soon as you can. You're gonna do it happily, and jump in the air and click your heels in joy that you're gonna be getting the monthly dough you need as an addendum to whatever else you're getting. And chances are, you probably aren't getting anything else.
Yea I know...you already stopped paying in because you're self employed.
Yea...whatever.
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