Quote:
Originally Posted by jeffbase40
I'm glad that I'm working hard to pay for their retired lifestyle. Unfortunately, the future generation won't be paying for my social security. The system will be bankrupt by then. So how is that fair? I donated hundreds of dollars each month to the government and in return they give me a maybe promise that I'll get some of that back in my golden years? I rather keep that money and deposit it myself into something that earns interest. Now that's fair.
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Say what pal?
I worked hard all my adult life, forever paying into the funds that supported the same programs for the seniors in my day. That's how it works! You pay in during the higher income earning years to cover expenses for those now too old to be working, hopefully so that when your retirement years come along, the same sort of support and/or insurance is there for you too, medical insurance too. I paid in when I was young and healthy and not needing medical attention like older folks did then. Now I'm older and the younger folks today figure differently? Like they don't need coverage when they break their head riding their skateboard? Like they won't need medical attention when their gray hairs start to show too, after they are "put out to pasture." Oh HELL no!
Not sure your plan or strategy, but I always worked under the assumption SS wouldn't be there for me, or that whatever would be there for me was not going to be enough. I'm still not collecting SS and fortunately, I'm not needing it, hopefully never will, but of course I'll take what I'm due, again as I also paid in all these years not knowing how solvent the program would be when my day came (see number of times the SS Act has been amended to remain solvent since 1935, well before I was born).
All that aside, if keeping that SS deduction rather than worrying it may not be there in your "golden years" makes all that much difference to you, then I suggest you look at what other financial challenges you face, because that's not where or how you'll enjoy your "golden years" either way.
PS: You nor I may need that additional "savings account," but all too many Americans have proven they can't save for retirement worth a damn. You and I would far rather have those seniors getting that pittance that keeps them from begging in the streets than dealing with the alternative. Believe that!
Nearly half of Americans can't afford to pay a $400 emergency bill!