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I don't know why you shouldn't be able to, but it's certainly STUPID to opt out.
None of you "I wanna opt out" fools can get a better deal for $6.20 for every $100 bucks you make, and if you say you can then you're just lying your asses off. It ain't possible.
And if it is possible, then take another 6.2% and invest it, since so many of you are so rich.
I have not paid into the SS system for over 3 decades. I have however privately invested the same amount that I would have paid into SS over that period. I am now approaching the time that I will "need" those retirement monies - and the amount I'm going to get is far greater (FAR GREATER!) than if I had waited for / paid into, social security.
I'm very happy NOT relying on Social Security. I'm very happy that I did not pay into social security.
I have not paid into the SS system for over 3 decades. I have however privately invested the same amount that I would have paid into SS over that period. I am now approaching the time that I will "need" those retirement monies - and the amount I'm going to get is far greater (FAR GREATER!) than if I had waited for / paid into, social security.
I'm very happy NOT relying on Social Security. I'm very happy that I did not pay into social security.
Sure. Whatever you say.
That 6.2% of your income invested privately made you THAT MUCH dough? Just that tiny amount? Really?
Guess what, I'm paying my SS tax, AND I'm putting away other money for retirement.
What's so bad about doing that? After all, I'm still 20 years from retiring...what if I suffer a debilitating illness or injury and I can't work? Is Fidelity gonna send me a stipend for the rest of my life and give my minor children (if I had any)an income should I die in unforeseen circumstances?
SMH...life inside the Ayn Rand bubble must be nice.
Like I said, I'm not unhappy with my decisions. You are happy with your decisions. That's the way it should be, don't you think?
My comment was a snarky attempt at making it clear that there's no way that 6.2% of your income over 30 years is giving you a comfortable retirement. Not on this planet.
But hey, if you like it, then I love it. I just don't believe it.
Social Security is both a good and bad thing. The bad is that many people, of course, will never get out the 12% they pay in every year (you 6% and your employer 6%). It also benefits some groups of people such as upper class and middle class white women far more than it benefits working class or poor people because they live longer. Many blue collar males die before 65 and never get a dime.
The good of Social Security comes in the form of the cost of living adjustments. Social Security is adjusted for inflation. That might not mean much right now in an era of low to no inflation but with Ben and Co printing up $85 billion a month trying to reinflate the economy, it may mean a whole lot in the near future. Unlike other types of retirement investments, you don't have to worrk as much about inflation eating up your savings. Another good thing is that Social Security last you whole life. You don't have to worry about ever running out of money as you do with savings and investment programs. The final good is that, since Social Security is a public program not linked to stocks and bonds that might fall in value, you don't have to worry about it getting wiped out by market crashes.
Overall it is a good program.
My comment was a snarky attempt at making it clear that there's no way that 6.2% of your income over 30 years is giving you a comfortable retirement. Not on this planet.
But hey, if you like it, then I love it. I just don't believe it.
As a self employed individual, it's more than 6.2% - essentially its the amount paid by the employee and employer. Did I add to the amount? Sure I did. That's only the smart thing to do. But the point is, I do not have, nor ever will have, social security. And personally, I'm not unhappy with that decision.
As a self employed individual, it's more than 6.2% - essentially its the amount paid by the employee and employer. Did I add to the amount? Sure I did. That's only the smart thing to do. But the point is, I do not have, nor ever will have, social security. And personally, I'm not unhappy with that decision.
I hear ya, but everyone on C-D is self employed and so on and so forth. So at a certain point, I gotta let it go in one ear and out the other.
Yes it is and has worked for 80 years. As has been proved by the 2008 downturn.
A lot of people will have SS to fall back on after paying in for about 40 years or so.
So its a govt. plan which works and is effective.
Really?
and just how many people in their 50's could have used THEIR money over the past few years to stay afloat?
Look....it's really this simple....just send me 1% of your earnings each week and I'll hold it until you're 62....if you die before then, I'll keep it. If you live past then, I'll decide on how much of it I want to give you monthly.
There we go with the "taxes are theft" mantra. Taxes are the dues we pay to have a civil society.
I read two opposing arguments from conservatives. One side says that recipients are a drain on the system, as they receive far more than they pay in. The other side says that most won't get back what they pay in. Get your stories straight.
Taxes are not theft.
However, what politicians spend it on is mostly illegal.
How can you claim liberty when you have a government that can reach into your pocket because of someone elses need?
Both arguments are valid.
My father in law has been collecting SS for 27 years. He has collected far more than he ever paid in.
How is it fair that another persons labor, who didn't live to collect a dime of what they paid in, has their money taken from them to give to another?
I want a choice in where my money goes....anything else is plunder.
Wrong, See how the system works before you brand it welfare. The system is and will continue to be sustainable.
Any time that there is a system that takes from one and gives to another is welfare on the part of the recipient.
I would say that at this point, my father in law is a welfare recipient.
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