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get rid of it, the amount of money I put into it I shall never see, plus if I die my child will not even get anything close to what I put into it.
retirement is unconstitutional and should be stricken from tax rolls.
of course it will never happen, as liberals just could not stand to see that much money not being in the general fund.
Saganista is an outright Marxist. There is no point in even having dialect with someone that worships at the alter of federal bureaucracy.
Anyway, SS is nothing but a ponzi scheme. The only way to get out of it is to give up your citizenship to become a US national. I'm looking into this myself, but the vast majority of my income isn't subject to FICA anyway (under the table). SS paved the way for the nanny state and along with medicare, it's a 55 trillion dollar liability for this country. The money will be there for you, but it won't buy you a loaf of bread. The only option is for the government to issue some worthless treasuries for the "federal" reserve to "buy" with a simple computer entry, and then the dollars will come off the government printing presses. Welcome to America. Enjoy it while it lasts.
I am looking at my paycheck right now, and the tax rate for social security is seriously depressing. I can't believe how much money is taken out.
Is social security worth this much? I doubt that anyone has ever felt good when they saw how much money was taken from their paycheck for this.. It's a defunct sytem that will have to be abolished soon. It doesn't pay for itself. It's too costly. It's too big daddy. Defunct, ABOLISH IT.
I have the completely opposite opinion. I look at my paycheck and can't believe how little is taken our for Social Security. It's 7.5% of my check. I have a good amount of older relatives in my family that are on Social Security and Medicare and don't feel upset about my twice a month contribution to their well being.
I have the completely opposite opinion. I look at my paycheck and can't believe how little is taken our for Social Security. It's 7.5% of my check. I have a good amount of older relatives in my family that are on Social Security and Medicare and don't feel upset about my twice a month contribution to their well being.
if I took that 7.5% of my check and put it into a mutual fund, my retirement would be alot more than what social security coule ever give me, plus if I die my child would get it. but with the current socialized system, if I die, my child will not get anything close to what I put into it.
if I took that 7.5% of my check and put it into a mutual fund, my retirement would be alot more than what social security coule ever give me, plus if I die my child would get it. but with the current socialized system, if I die, my child will not get anything close to what I put into it.
I agree with this. But as we both know, too many Americans are lousy with their money. The recent mortgage debacle is testament to that. They live well beyond their means and then one day realize they're 62 and have nothing, except for maybe their house. We can say that that is their problem. Now they have children who will inherit nothing and the family does not grow any generational wealth. So with that, we have a problem. Do we let these people who did work for 40+ years go into extreme poverty or pay into the Social Security system so that their monthly check will at least cover their food and utilities? This is my struggle. People who have done well with investing, typically feel the way that you do. But my brother who is an MBA from Harvard and who has authored many books and travels the world to train people on how to invest, told me that the average American can't be relied upon to make wise investment options. It takes education and years of regular regimented contributions. I'm amazed at how many people don't contribute to 401k's or IRAs and don't understand how the length of years of investment impacts their post retirement return. I hate to sound pessimistic, but I don't have a lot of faith in many people's investment savvy and I don't feel prepared to scrap Social Security and leave them in a horrible situation later. I make less than $100k a year and am comfortable contributing 7.5% of each check to the system. Perhaps this is because I don't live check to check and this contribution does not negatively impact me. All I know is that the investment that I do have took a huge hit but I opted to not sell anything and know that they will come around.
I agree with this. But as we both know, too many Americans are lousy with their money. The recent mortgage debacle is testament to that. They live well beyond their means and then one day realize they're 62 and have nothing, except for maybe their house. We can say that that is their problem. Now they have children who will inherit nothing and the family does not grow any generational wealth. So with that, we have a problem. Do we let these people who did work for 40+ years go into extreme poverty or pay into the Social Security system so that their monthly check will at least cover their food and utilities? This is my struggle. People who have done well with investing, typically feel the way that you do. But my brother who is an MBA from Harvard and who has authored many books and travels the world to train people on how to invest, told me that the average American can't be relied upon to make wise investment options. It takes education and years of regular regimented contributions. I'm amazed at how many people don't contribute to 401k's or IRAs and don't understand how the length of years of investment impacts their post retirement return. I hate to sound pessimistic, but I don't have a lot of faith in many people's investment savvy and I don't feel prepared to scrap Social Security and leave them in a horrible situation later. I make less than $100k a year and am comfortable contributing 7.5% of each check to the system. Perhaps this is because I don't live check to check and this contribution does not negatively impact me. All I know is that the investment that I do have took a huge hit but I opted to not sell anything and know that they will come around.
it is not my duty to pay for other americans stupidity. if they are not willing to stick money aside for their future, then they have no one to blame but themselves.
it is not my duty to pay for other americans stupidity. if they are not willing to stick money aside for their future, then they have no one to blame but themselves.
And for those whom life has dealt misfortune absolutely beyond their control? What should happen to them?
How do you envision an economy in which those who have contributed their entire working lives into the SS fund were unable to participate in said economy upon retirement?
I guess all of us who've been contributing (44 years in my case, since I was 16 years old) are extremely fortunate that "privatization" schemes didn't win out. I've been imagining a great many scenarios since the colossal debacles in the financial markets and the economy in general. Having what might be one's entire future flushed down the toilet, the handle of which is operated by the Omnipotent and Honorable Makers of Imaginary Money from Other Imaginary Money from . . . What a miserable outcome.
Thanks but no thanks to that so-called privatization.
Abolish it! It is just another evil socialist program intent on giving the government more power over the people. I do not know how the widow and orphan fund transformed into a "right to retire on the dole". Well played by the pinkos in Amerika though on their war against freedom.
Remember people that it costs 15% of your paycheck and not the 7.5% that you see. Never lose sight of what you are losing because they hide it in your employers grief.
One news show this morning said the trend is that a vast majority of Americans are saving much less for retirement than ever before. So, why then do some posting here maintain they *will* save given the opportunity to exchange SS for a personal retirement savings account?
Besides everyone should know by now Social Security is a committment from one generation to the next. That's why it has worked! My parents paid in so I'd receive retirement security and I'm paying in so my children someday will receive the same benefits. I guess some might call it a ponzi scheme. I prefer to view it as America's families and workers helping one another to feel secure in their old age.
You have entirely too much common sense for this forum. Any idiot knows that he would be far better off if he invested 15% percent of his market value privately rather than giving it to the idiotic Godvernment that simply throws our money into evil social engineering.
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