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Old 01-11-2008, 10:27 AM
 
Location: San Antonio Texas
11,431 posts, read 18,916,964 times
Reputation: 5224

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Quote:
Originally Posted by yakijy View Post
Some people say that we should abolish Social Security because it is a form of Welfare. I don't want or need Welfare, but I want back what I put in. The government can just pay me a straight 3% compounded interest on what I ALREADY PAID.
I know for a fact that financial planners are now not even figuring in SS benefits, saying that you cannot count on receiving them.
Will the politicians will use the war in Iraq as an excuse not to pay Social Security?
When Bush began his presidency, the National Debt was $5.727 trillion. In 7 years it has risen to $9.233 trillion, an increase of 3.56 trillion dollars, that we as Americans are responsible for. (A trillion is 1,000 billion.) The money has been used to start a war with a country that never attacked us, kill over a million people, injure and displace millions more, and provide us with thousands of disabled veterans. Anmerica's infrastructure is crumbling. Did Bush use the thousands of billions to rebuild it and provide American jobs? No. Did he use the money for healthcare or education? No. But he did provide trillions for his buddies on the coporate oil and defense boards. I guess we should be happy about that. Way to go Bush!
The national debt is currently going up by 1.48 billion dollars a day. ...
Absolutely, that is the taxpayers' $$. you may not realize this, but the savings rate in the late 80s/early 90s was 9-10%. 3% would not be enough to compensate for the rate of return for $$$ extorted during that period. they should take an average of the contribution years. unfortunately, social security is about income "redistribution". the gov't like to take from those who work and give to those who did not work or did not plan for their retirements, penalizing those that do.
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Old 01-11-2008, 10:28 AM
 
Location: Florida
384 posts, read 284,065 times
Reputation: 43
Quote:
Originally Posted by Nea1 View Post
So will there be any for me? And it should be a persons choice what they do and get for retirement. I am fairly good with my money, I don't trust the government with that money so I started saving in my early 20's. It is my responsibility to make sure I am taken care of.
Look at it this way...you are saving money, which very few people do nowadays, you are paying into Social Security. So now that means you will be OK when you retire.
If your company give 401K and you're not on it then you're losing money right there, its practically FREE money in your account.
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Old 01-11-2008, 10:36 AM
 
2,141 posts, read 6,881,997 times
Reputation: 595
Quote:
Originally Posted by yakijy View Post
I agree that most Americans are terrible with money - look at the number of bankrupcies and foreclosures. Social Security was instituted with this in mind, because many elderly were living in abject poverty. I don't blame the average American, I blame the politicians who squander taxpayer's money for their greed and idelogical warfare.
One of Bush's goals was to replace SS with corporate 401K accounts. He wanted to deny SS payouts. He already boosted corporate healthcare profits with his Medicare bill.
Lets add food and fuel to the mix when we talk about inflation. How in the world this won't affect the average American I don't know! 401K accounts won't be worth a dime on the dollar if the fed keeps cutting rates. True inflation is killing the people on social security.
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Old 01-11-2008, 10:37 AM
 
Location: Colorado
9,986 posts, read 18,617,317 times
Reputation: 2178
Quote:
Originally Posted by daveyjones View Post
Look at it this way...you are saving money, which very few people do nowadays, you are paying into Social Security. So now that means you will be OK when you retire.
If your company give 401K and you're not on it then you're losing money right there, its practically FREE money in your account.
I keep being told, there will be no money for me as far as SS, that I am paying for those retired today. And my company doesn't offer a 401K, it has been all me.
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Old 01-11-2008, 10:44 AM
 
Location: Albemarle, NC
7,730 posts, read 14,096,171 times
Reputation: 1520
Quote:
Originally Posted by firemed View Post
Lets add food and fuel to the mix when we talk about inflation. How in the world this won't affect the average American I don't know! 401K accounts won't be worth a dime on the dollar if the fed keeps cutting rates. True inflation is killing the people on social security.
and housing costs. And medical costs. and defense, and taxes.
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Old 01-11-2008, 10:46 AM
 
Location: Wallace, Idaho
3,353 posts, read 6,639,147 times
Reputation: 3589
No, it's not welfare, it's money they're taking from you, with the promise that you'll maybe, possibly, get it back someday, if the program doesn't become completely insolvent.

People say the average Joe isn't smart enough to handle his own money. But is the government any better? Not as far as I can see.

There are plenty of financial-education sites out there to help you manage your money, and lots of employers offer 401(k)s. At the very least, I'd prefer the option to opt out of SS. I'd much rather be investing the money myself. I have no doubt I could make a better return on it.
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Old 01-11-2008, 10:48 AM
 
Location: Albemarle, NC
7,730 posts, read 14,096,171 times
Reputation: 1520
Quote:
Originally Posted by YoAdrian View Post
There are plenty of financial-education sites out there to help you manage your money, and lots of employers offer 401(k)s. At the very least, I'd prefer the option to opt out of SS. I'd much rather be investing the money myself. I have no doubt I could make a better return on it.
And lots of nonprofits that can help too.
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Old 01-11-2008, 11:05 AM
 
Location: DFW, TX
2,935 posts, read 6,693,028 times
Reputation: 572
You want 3% interest? So what you're saying is that you want to lose money each year due to inflation?

I say let me keep my money and I'll invest in low cost index funds that will yield an average of 8-11% per year over a 20 year period.
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Old 01-11-2008, 11:11 AM
 
20,187 posts, read 23,737,926 times
Reputation: 9283
Quote:
Originally Posted by yakijy View Post
Some people say that we should abolish Social Security because it is a form of Welfare. I don't want or need Welfare, but I want back what I put in. The government can just pay me a straight 3% compounded interest on what I ALREADY PAID.
I know for a fact that financial planners are now not even figuring in SS benefits, saying that you cannot count on receiving them.
Will the politicians will use the war in Iraq as an excuse not to pay Social Security?
When Bush began his presidency, the National Debt was $5.727 trillion. In 7 years it has risen to $9.233 trillion, an increase of 3.56 trillion dollars, that we as Americans are responsible for. (A trillion is 1,000 billion.) The money has been used to start a war with a country that never attacked us, kill over a million people, injure and displace millions more, and provide us with thousands of disabled veterans. Anmerica's infrastructure is crumbling. Did Bush use the thousands of billions to rebuild it and provide American jobs? No. Did he use the money for healthcare or education? No. But he did provide trillions for his buddies on the coporate oil and defense boards. I guess we should be happy about that. Way to go Bush!
The national debt is currently going up by 1.48 billion dollars a day. ...

I will be honest with you. The money you put in is GONE. There isn't enough money for the people that will be retiring in the near future. Therefore the government is relying on UNBORN americans to pay sociali security for your share. You will not be getting any money back, and if you are, you aren't going to get interest with that. Big surprise, that you loaned the U.S government thousands of dollars interest free. And the U.S. government might default on your loan and you get NOTHING back. The problem is that the U.S government dips into your savings to use for "other" things. I don't know how this is legal. Lets say your fianancial advisors takes some money from your 401k or IRA account and use it to buy a mercedes, would that be illegal? Of course it would be, the government it seems is above the law since they consider themselves the law itself. Should we get rid of social security. Absolutely, I make MORE money by putting it in the bank, stock, or even a CD. However, we can not totally get rid of it, we have to support those who are already in the system and free others from putting any more into the sytem. Its a balancing act. We should get rid of it but with a good plan to cover those who already put stuff in it or are using it right now and in the future.

Last edited by evilnewbie; 01-11-2008 at 11:23 AM..
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Old 01-11-2008, 11:28 AM
 
Location: Near Manito
20,170 posts, read 24,225,373 times
Reputation: 15284
To all the younger folks fussing and fuming here prior to the arrival of saganista who will prove to you that nothing -- nothing -- is really wrong, and that it is all under control and that if you just keep looking at this watch, this pretty pretty watch, see how it ticks, yes, like that tick-tock, keep watching, yes, yes, Bush has ruined the economy and oh the Republicans are bad and oh private investments can go boom and oh just keep giving me -- I mean the government -- all your money to put into social security funds and soon Bush will be gone and all will be well and social security will be okay, and the rich people will have their taxes raised because they don't need the money they just use it for tips for their gardener and maid and to light big cigars and won't notice it anyway and so no one has to worry social security is A-okay, and this watch is so very very pretty tick-tock, tick-tock, see it shine -- anyway, all you youngsters, whatever you do, take second jobs or whatever at least for the next thirty years, okay? Cause I've sweated till I'm wrinkled and gray and I want a few years to soak up the sun on some sugar-white beach before I cash in my chips. Deal?
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