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.
Many state and local governments opted out. The same percentages are still saved, but it goes into an account that each individual can manage like a 401k plan. When the employee retires, they can either roll it into an IRA account or get an annuity.
Would you support legislation that would allow Americans at will to completely opt out of SS and refund anything they were forced to pay into the fund? This would be a one time opt out, once you choose to opt out you're out for good and you can't opt back in. If you opt out you get a check for the amount that you paid in, no interest or deductions.
Damn we actually AGREE ON SOMETHING. Yes I totally agree that people should be allowed to opt out especially if they raise the retirement age to 70. At that point that is actually beyond the life expectancy of a significant number of people. Why should people continue to pay into a system when they may not be able get the benefits?
But you were OK with bailing out GM, Fanny Mae, and Freddie Mac for making dumb choices?
I guess you CAN have it both ways.
If I would have had it my way, they would have had the regs and oversight where they (and the banks) would have never been allowed to get in the mess they were in to begin with.
If people opt out of social security and they're destitute, we're still going to give them welfare, etc.--that's reality, and that's why the program is mandatory for the most part now. If we wouldn't have bailed out the banks, credit would have dried up to the point where businesses couldn't have functioned--I have excellent credit, and as it was, I still had to jump through a million hoops to get my revolving line of business credit renewed. I'm not crazy about the GM bailout, but the ripple effect through the economy with suppliers etc. would have been a disaster.
Many state and local governments opted out. The same percentages are still saved, but it goes into an account that each individual can manage like a 401k plan. When the employee retires, they can either roll it into an IRA account or get an annuity.
Hmmmm.....sounds like the Bush plan that a lot of talking heads trashed.
If I would have had it my way, they would have had the regs and oversight where they (and the banks) would have never been allowed to get in the mess they were in to begin with.
If people opt out of social security and they're destitute, we're still going to give them welfare, etc.--that's reality, and that's why the program is mandatory for the most part now. If we wouldn't have bailed out the banks, credit would have dried up to the point where businesses couldn't have functioned--I have excellent credit, and as it was, I still had to jump through a million hoops to get my revolving line of business credit renewed. I'm not crazy about the GM bailout, but the ripple effect through the economy with suppliers etc. would have been a disaster.
So what's going to happen to people like me who have paid in and will never see a dime of that money when it's our turn to draw from SS?
So what's going to happen to people like me who have paid in and will never see a dime of that money when it's our turn to draw from SS?
Hey--I think we're going to have to make changes (like raising the retirement age, etc.) to make it work long term--I'm not disagreeing with you--but if we make those changes I find it highly unlikely that "you'll never see a dime" of your money.
Yes, but they are very good at spending other people's money.
Very true It's easy to spend and waste money they didn't earn.
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.
It's easy to spend and waste money they didn't earn.
