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Again, this was 20 + years ago - I filed a "CO" (conscientious objector) status. I had to go to SS – IRS gave me a hard time for a while – but eventually, I got all the money I had paid into the system back.
I started investing a similar percentage of my income as would have been withheld / paid into the system (I’m self employed) – and boy, am I farther ahead. Additionally, whatever is left over when I die, I can pass on to my heirs – you can’t do that with SS
Sheesh, what if you live to be 110 and your money runs out for some unforeseen reason, then what?
How would low wage earners that barely earn enough to survive save enough for retirement? In the end there would have to be program for those people anyway...
He kills puppies
He sells heroin to kids
He spits on moms
He is evil
That sonofa....
Don't hold back, tell us what you really think.
You already said it... LOL!
According to retirement calculators I have access to via my company the social security amount my wife and I are estimated to receive at 65 via today's numbers is nowhere near enough to live on in retirement even with paid off mortgage, total healthcare coverage, and food stamps. Fortunately we're socking away a massive percentage of income today planning for the future, but if Bush cuts social security he is truly misguided. I hope he has more reason than to do this.
Sheesh, what if you live to be 110 and your money runs out for some unforeseen reason, then what?
How would low wage earners that barely earn enough to survive save enough for retirement? In the end there would have to be program for those people anyway...
It won't run out -
And, it was a personal choice - not the governments. And, what I call the "matching" account (the amount equal to ss witholdings that I do) - that account alone is going to pay me 8 times more than Social Security would have ever paid me.
I am not suggesting everyone do what I did - please understand that.
Sheesh, what if you live to be 110 and your money runs out for some unforeseen reason, then what?
How would low wage earners that barely earn enough to survive save enough for retirement? In the end there would have to be program for those people anyway...
why should i have to support them? as a single male, i am discriminated the most in the social security system. not only is my life actuarily shorter, but i have NO spouse NOR dependents who would benefit from the funds that were extorted from me during my working years. I may not even live to be old enough to collect from those funds! Social Security is a crap shoot with big winners and big losers. there are some who contributed very little, but b/c they are married to someone who did contribute, they will draw on that all of their lives, well beyond the original extorted amount. then there are those who contribute and in a cruel irony, die in their 40s, 50s or 60s and and NEVER get to collect. It is the biggest socialist redistribution of income know to mankind, taking from those who work to those who choose not to.
As far as I know, the only way you can "withdraw" from the SS system is if you do not declare your income. Everyone that is employed has to pay into SS and those that own their own business, also have to.
Not true - when I did it, you filed a "CO" status.
I have my own business - I am self employed - I file tax returns - I pay taxes - heck, I even have gone through a few audits - and I have not paid one dime into Social Security for over 20 years.
why should i have to support them? as a single male, i am discriminated the most in the social security system. not only is my life actuarily shorter, but i have NO spouse NOR dependents who would benefit from the funds that were extorted from me during my working years. I may not even live to be old enough to collect from those funds! Social Security is a crap shoot with big winners and big losers. there are some who contributed very little, but b/c they are married to someone who did contribute, they will draw on that all of their lives, well beyond the original extorted amount. then there are those who contribute and in a cruel irony, die in their 40s, 50s or 60s and and NEVER get to collect. It is the biggest socialist redistribution of income know to mankind, taking from those who work to those who choose not to.
You will support them anyway...in some way, wether is food stamps, welfare - whatever. At least this way you would get something in return for all the money you paid in.
What if everyone starts investing into 401K's, or real estate and the market bottoms out when you are ready to retire, then what?
Not true - when I did it, you filed a "CO" status.
I have my own business - I am self employed - I file tax returns - I pay taxes - heck, I even have gone through a few audits - and I have not paid one dime into Social Security for over 20 years.
Well, I don't know about the laws 20 years ago. I do KNOW that now you can only file to be exempt from SS taxes if you are clergy...
from Crown.org
Conclusion
Unfortunately, withdrawing from Social Security is an option available to only a very few—the American clergy; and even they cannot withdraw for any reason except exemption based on religious conviction. If ministers opted out of the Social Security system for conscientious reasons, they need to test their motives for seeking reentrance into the system. If the original decision was one based on economic convenience, the motive was wrong and deceptive in the first place and was dishonorable to the teachings of Christ. As such, correcting the wrong should be considered. However, if by signing Form 4361 ministers asked to be removed from the Social Security system because they were religiously opposed to government welfare intervention, and they still are opposed to government welfare for conscientious reasons, then they should honor that vow, irrespective of any financial gain. “When you make a vow to God, do not be late in paying it; for He takes no delight in fools. Pay what you vow! It is better that you should not vow than that you should vow and not pay” (Ecclesiastes 5:4-5).
Interestingly enough, when it suits their purpose these same people can then enter the SS again to collect MEDICARE Benefits. They must have a good lobby....
more from the website
Reversal of exemption
Many clergy who opted out of Social Security have wanted to rejoin the program, often to qualify for Medicare benefits. Normally, once the exemption has been approved, it is irrevocable. However, in December 1999, President Clinton signed the “Ticket to Work Act” into law. This act permitted clergy to revoke an exemption by filing an exemption repeal with the IRS by April 15, 2002. Although the Social Security Administration has not yet determined whether there will be any back Social Security tax liability, because of the three-year statue of limitations, the IRS very well could assess three back years of Social Security tax against ministers who nullify their original exemption.
Well, I don't know about the laws 20 years ago. I do KNOW that now you can only file to be exempt from SS taxes if you are clergy...
Frankly, I am not concerned with that (although, you can become a member of the "clergy" fairly easily).
All I know is, I could do it - and I did. And, it was irrevocable then as well. I have NEVER been concerned, apprehensive or anything but happy that I did
OK - but this begs the question: How come the same prediction was made during the Clinton administration? That the Social Security system is going broke?
And, frankly, this issue was brought up before the current Iraq war (2003) - so, I have to say that, IMO, the war is not the issue - it is the Social Security system itself that needs to be revamped - modernized. It is an 19th century system in the 21st century -
Okay, yes the SS system has been in trouble for quite some time.
There was money before Bush took over. Clinton Balanced the budget with a surplus to boot.
Where is that surplus now??????????? In a war that was started to finish what his father started and oil.
How does one man decide to go to war and campaign on his behalf for personal reasons.
SS could have been fixed...........Definately.
One thing, I dont' want this fixed by the republicans......No way. They will manage to screw it up and take what little we have.
I am so angry with the mess that has been made of this country the past 7 years.
Now we will be paying for another 20 years if we survive that long.
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