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Looking back at how much I have paid into Social Security in the last 35 years, and looking ahead to the probabilty that there may be nothing there in 15 years, sometimes I have to wonder if I couldn't have done better with the money through the years......either paying down the mortgage or putting into savings, etc.
On the other hand, there are many people that depend on their SS for food, housing and medications. Also, the pictures from the 30's of soup lines and widespread poverty haunt me. Would we be better going back to that??
No. You think the national debt is bad now, imagine how bad it would be if they didnt mask it using SS funds.
As for the individuals, they would be better off if they were required to put funds aside, rather than give it to the govt to blow. I dont think very many individuals do the math on what type of returns they lose out with SS. Thats why I stopped paying into it 12 years ago.
For those that "cant" save without being taxed, imagine how bad these people would be. Its sad that people I know in their 80's, dont have a dime to their name, after working 60+ years.
No. You think the national debt is bad now, imagine how bad it would be if they didnt mask it using SS funds.
As for the individuals, they would be better off if they were required to put funds aside, rather than give it to the govt to blow. I dont think very many individuals do the math on what type of returns they lose out with SS. Thats why I stopped paying into it 12 years ago.
For those that "cant" save without being taxed, imagine how bad these people would be. Its sad that people I know in their 80's, dont have a dime to their name, after working 60+ years.
Social Security is not without its problems, but has been a tremendous success over the decades, especially reducing poverty. If we abolished SS today, the poverty rate will sky rocket, especially among the elderly.
As for a investment policy, SS will not bring you significant returns unless you were stuck working dead end, low paying jobs. Barring any unfortunate economic catastrophes, most people could find a better rate of return for their money. However, SS is defined benefit plan that acts a safety net until you die.
Even if you invested wisely, you could outlive your investment. With SS, you cannot. I think people often forget this important fact. Another fact that people miss, is the SS keep people spending and smooths out their lifetime consumption, which lubes economic activity.
Last edited by A Common Anomaly; 07-23-2012 at 12:26 AM..
No. You think the national debt is bad now, imagine how bad it would be if they didnt mask it using SS funds.
As for the individuals, they would be better off if they were required to put funds aside, rather than give it to the govt to blow. I dont think very many individuals do the math on what type of returns they lose out with SS. Thats why I stopped paying into it 12 years ago.
For those that "cant" save without being taxed, imagine how bad these people would be. Its sad that people I know in their 80's, dont have a dime to their name, after working 60+ years.
Absolutely good points.
I get in such a quandary about it sometimes. I would hate to see the people that need SS lose it, but what about the promises we grew up believing in? Dang government....
Social Security is not without its problems, but has been a tremendous success over the decades, especially reducing poverty. If we abolished SS today, the poverty rate will sky rocket, especially among the elderly.
As for a investment policy, SS will not bring you significant returns unless you were stuck working dead end, low paying jobs. Barring any unfortunate economic catastrophes, most people could find a better rate of return for their money. However, SS is defined benefit plan that acts a safety net until you die.
Even if you invested wisely, you could outlive your investment. With SS, you cannot. I think people often forget this important fact. Another fact that people miss, is the SS keep people spending and smooths out their lifetime consumption, which lubes economic activity.
People who sit back and collect Social Security, are already living in poverty. If you abolished it, you'd
A) Simply change the definition of poverty, not the numbers because SS isnt theirs.
B) Decrease future poverty because people who save up on their own, rather than relying upon SS, wont be poor.. They have an asset that has value, which can be given to their estate to reduce future poverty.
People who sit back and collect Social Security, are already living in poverty. If you abolished it, you'd
A) Simply change the definition of poverty, not the numbers because SS isnt theirs.
B) Decrease future poverty because people who save up on their own, rather than relying upon SS, wont be poor.. They have an asset that has value, which can be given to their estate to reduce future poverty.
Social Security ISNT YOURS, its the government. its welfare, there is no big magical pot with your money sitting aside. Its a promise to pay, if you live long enough. You die, you get nothing, because its a TAX..
If you put money aside, rather than giving it to the government, when you died, your family would receive the funds, and thus, it would reduce poverty among the poor. As it stands now, when you die, you get nothing back.
Social Security ISNT YOURS, its the government. its welfare, there is no big magical pot with your money sitting aside. Its a promise to pay, if you live long enough. You die, you get nothing, because its a TAX..
If you put money aside, rather than giving it to the government, when you died, your family would receive the funds, and thus, it would reduce poverty among the poor. As it stands now, when you die, you get nothing back.
Thank you for clarifying that. Even though people do pay in to SS, it is not theirs to pass on to their children. With you now.
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Absolutely good points. 
I'm confused when you say it isn't theirs.
