Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I trust Uncle Sam (us) more than Wall Street (them), so I would never opt-out of SS. I also have a pension from my employer and in addition I "play" a little with retirement investment accounts (I consider that supplemental only to SS and pension, I would never throw all my eggs in Wall Street).
I trust Uncle Sam (us) more than Wall Street (them), so I would never opt-out of SS. I also have a pension from my employer and in addition I "play" a little with retirement investment accounts (I consider that supplemental only to SS and pension, I would never throw all my eggs in Wall Street).
Of course you can't concrete a year when you'll die but if you use the average of say 80 that would be $2500/month.
The important thing is it would be your choice where you put it. Do you think you can get a better yield than 3.94%? If you could get a modest 6% you would have:
Quote:
Your annual contribution of $3,200.00 will total $848,845.14 at 6% interest; by the age of 65.
10%:
Quote:
Your annual contribution of $3,200.00 will total $3,231,306.95 at 10% interest; by the age of 65.
SS is based on the fact that you can't trust people with their own retirements and when they fail miserably you're still on the dole via the welfare state. The problem is you're still relying on the welfare state and some elected official to leave it alone. But why would they want to leave it alone, they have unlimited funds that they can use to get reelected via you, the taxpayer.
All this talk about Social Security, but I have to ask, Who doesn't pay any SS?
Are you given the option to use that money to invest as you see, for better returns?
Havent paid in 10 years, have no regrests
Quote:
Originally Posted by Pandamonium
Yes, I do pay SS.
And I am adamantly opposed to "financial advisers" that are literally drooling over the opportunity to get a hold of that cash.
But have no problem with government "drolling" over getting the cash. The difference, you would expect a return from fianacial advisers, not true of the government.
Quote:
Originally Posted by aspiesmom
I prefer security over yield. There is a reason Social Security is called Social Security.
Yes, its called the SOCIAL security, not YOUR security for a reason. There is NOTHING guaranteeing you ONE RED CENT back from Social Security, its not YOUR money...
All this talk about Social Security, but I have to ask, Who doesn't pay any SS?
When I worked summer jobs during high school and college, yes, I paid into Social Security.
When I worked for the federal government (35 years) under the Civil Service Retirement System, no, I didn't pay into Social Security ... nor will I ever collect Social Security.
Federal employees hired after 1983 are in the Federal Employees Retirement System, and they do pay into Social Security, and will be eligible for Social Security benefits.
I have assisted people in filing the forms to opt out. As such we have discussed it many times, and I decided to stay in SS.
I do pay into SS.
Even now that I am on pension, a bit of my pension continues to go into my SS policy.
If you believe that SS is wrong, then you likely belong to one of the religious faith groups that fought
for 'opting out' decades ago. As such we file the IRS forms which state that you are a member of said group and poof you SS account is gone. Every penny you have paid into your account is gone. No refunds.
The bottom line on the front of the schedule "C" is 0.
Of course, with $0 on the schedule "C", there's nothing to figure that self employment tax (SS) on. But eventually, the IRS is going to take a closer look at the deductions on that "C", especially if that is the only source of income you are filing. They're going to wonder what you've been living on.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
