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You want 3% interest? So what you're saying is that you want to lose money each year due to inflation?
I say let me keep my money and I'll invest in low cost index funds that will yield an average of 8-11% per year over a 20 year period.
I would be happy with 3%, even happier with more. If I just get back what I paid in with NO interest - I'd take it. If they would stop taking more from my paycheck, of course I could do better than 3%. A monkey could throw it into a Vanguard Index fund and do better. The problem is that my elected officials have done a horrible job, much worse than an Index fund, with the money I entrusted them with.
You want 3% interest? So what you're saying is that you want to lose money each year due to inflation?
I say let me keep my money and I'll invest in low cost index funds that will yield an average of 8-11% per year over a 20 year period.
Although those figures are nice but you got to remember mutual funds,index funds,stock are also a big gamble, you could lose everything in there.
But if the government go broke that ALL is lost.
I became disabled at the age of 42. There was no way I could have foreseen that. Funny how life blindsides you at times. I was fully vested in Social Security since I started working at age 14 and I had Teacher Retirement money, too, not yet vested. Thank goodness for Social Security!
A 42-year-old worker, unless she or he was earning very high wages (not a schoolteacher's!), would not have been able to save enough to cover expenses indefinitely. And very few long-term disability policies will pay out indefinitely. With companies cutting benefits and insurance companies being increasingly selective about issuing policies, there has to be a safety net. As daveyjones said, what happens to folks' retirement investments if the stock market crashes? And, even if it doesn't, it takes a LONG time for long-term investments to be highly profitable, as they weather peaks and valleys in the market. So, without Social Security, where would one turn if a serious illness strikes you when you're young?
The problem with SSA is the other government agencies have been tapping into its reserves. That money HAS to be paid back. It's only right. It's funny how we can always seem to find trillions of dollars for this war so they'd best find money to pay back the SSA fund, as well. Maybe from Congressional salaries?
Require those over 45 to continue to contribute to Social Security as they are currently doing.
Allow those say, 45 and under, to VOLUNTARILY decide if they want to take a PERCENTAGE of their "contrbution" - say 15 / 20% and have that money go to approved 401k like investments.
Allow those under say 30 to decide if they want to contribute to Social Security or to have their entire "contribution" go to approved 401k like investments.
I would rather my money go for my retirement which is about 30 years away. I would rather invest or 401k my own money, it is my retirement. Imagine how much I could have after 30 years, SS is alot of my check.
Do you get money back at the end of the year from your health plan when you haven't been sick?
Require those over 45 to continue to contribute to Social Security as they are currently doing.
Allow those say, 45 and under, to VOLUNTARILY decide if they want to take a PERCENTAGE of their "contrbution" - say 15 / 20% and have that money go to approved 401k like investments.
Allow those under say 30 to decide if they want to contribute to Social Security or to have their entire "contribution" go to approved 401k like investments.
So you are saying that those over 45 continue to pay, and, I assume, will get full benefits as currently prescribed? What about someone who is 40, and decides to stop paying - does he get a portion of the prescribed benefits? Sounds like you are making it even a greater mess than it already is.
So you are saying that those over 45 continue to pay, and, I assume, will get full benefits as currently prescribed? What about someone who is 40, and decides to stop paying - does he get a portion of the prescribed benefits? Sounds like you are making it even a greater mess than it already is.
Those over 45 get the full benefits as currently prescribed -
Those under 45, who have chosen to go partly private, would get a percentage of the prescribed benefits from SS - and whatever benis from the 401
I get a rebate from my insurance companies (auto and homeowners) if I have not filed any claims
When SS was first touted, it was touted as "retirement" and is still for only a certain age group -
A rebate isn't usually the entirety of what you paid in.
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Not a great idea.....
