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It's a "deal" if you want to work until you're old and live until you're withered and sick, I guess. It's not any deal I would make voluntarily. And no I'll never see the $150K in SS tax I'll have paid in by the time I retire.You just wanted to disparage someone who saves and basically call me a liar. I get it Par for the course with that guy.
What a gloomy outlook you have on life. Of course you work. And usually until an older age. Personally, I enjoyed my work very much and still miss it even though I am now retired.
But why wouldn't you see the $150k you will have put in SS? I have received more than that from it since retiring 10 years ago at age 62 SS IS a very good deal.
What is this withered and sick thing. Just because you age doesn't mean that's your fate. Most retirees that I know are in good health. I am. Life is good. And enjoyable. Even at my advanced age it is.
True some die early but your comment that the "overwhelming percentage of people who pay in don't get that amount back" is horse ****.
In addition all those estimates include inflation on those taxes paid plus 2%. So not only do they get it back plus inflation and more this is about as risk free of a pension as you can possible get and best of all it is automatic and open to everyone.
The big test was 2008. No one lost a dime with their SS benefits.
You obviously have zero concept of risk, sorry I can't continue try to have a rational conversation with you.
As a doc I have managed patient risk for 4 decades.
I personally and professionally stay fully insured because of risk.
I've been investing since the late '70's and have considered and encountered financial risks all along the way. I've won big, lost big and all in between. But I'm retiring rich because I stayed mostly invested in mostly the right things and at the right time.
The only risk with SS is if the pols screw it up. Unlike all my other investments the markets have no effect. There is no risk of administrative fraud. I've lost out to that on at least three occasions that I can remember. And there is no risk of the Federal Gov't going BK. I've lost out on several occasions to that too.
So yes there is risk. But it is very low IMO. Our aging demographics will continue to insist on SS.
As a doc I have managed patient risk for 4 decades.
I personally and professionally stay fully insured because of risk.
I've been investing since the late '70's and have considered and encountered financial risks all along the way. I've won big, lost big and all in between. But I'm retiring rich because I stayed mostly invested in mostly the right things and at the right time.
The only risk with SS is if the pols screw it up. Unlike all my other investments the markets have no effect. There is no risk of administrative fraud. I've lost out to that on at least three occasions that I can remember. And there is no risk of the Federal Gov't going BK. I've lost out on several occasions to that too.
So yes there is risk. But it is very low IMO. Our aging demographics will continue to insist on SS.
OK, good, so finally, we can agree there is definitely risk. Shame that you are the doctor, yet I'm the one forced to be pulling teeth here.
I don't see any alternative. Low income people hardly pay any income tax. Any tax cut for them would be meaningless.
The relation between SS taxes, the trust fund, and benefits was severed long ago. And the deception that everyone has an individual SS account is believed by virtually no one. The SS tax is just another tax like the tax on gasoline (which is no longer dedicated to the highway trust fund) or the taxes on tires or cell phones, etc.
All taxes are just money raising mechanisms that collect money for the government to spend on the things it wants to spend it on.
SS will never be cut. It's spending is just another part of federal outlays.
Anyone who is relying on SS for retirement is the big dummy. It was never meant to be that. It was meant to be a SUPPLEMENT not to live comfortably on.
Easy to say and maybe even true, however, half of Americans couldn't come up with $2000.00 in 30 days. Half. These same people will eventually get old and be unable to work. Maybe they'll have a little savings by then, but they are going to absolutely rely on Social Security. They are not going to suddenly have more money and know how to invest it. People who already have nice investments can survive the payroll tax while half of Americans cannot survive losing Social Security. I think it's morally wrong to hurt the poorest people for the sake of greed. Almost Half of All Americans Can't Generate $2,000 in 30 Days | TIME.com
How is it not sustainable? The retirement age simply needs to be adjusted to have a sane worker to retiree ratio. Its a 3rd grade math problem.
The problem is not automation. The problem is a monopoly on things of value that cannot be supplied with labor. That is why gold does not fall in price. Now large amounts of capital intensity can mimic this effect for a short time.
Easy to say and maybe even true, however, half of Americans couldn't come up with $2000.00 in 30 days. Half. These same people will eventually get old and be unable to work. Maybe they'll have a little savings by then, but they are going to absolutely rely on Social Security. They are not going to suddenly have more money and know how to invest it. People who already have nice investments can survive the payroll tax while half of Americans cannot survive losing Social Security. I think it's morally wrong to hurt the poorest people for the sake of greed. Almost Half of All Americans Can't Generate $2,000 in 30 Days | TIME.com
Part of the reason people are in that position is because they are duped into believing that SS is some sort of retirement solution, the other part is that we don't provide people with basic elementary education in grade school as to what personal investing and personal finance means.
You prefer the model where people are irresponsible and lavishly spend most of what they earn and then cry and moan about their profligate decisions later? I don't expect anyone to take care of me. I don't / won't be able to work forever. Therefore, it is my responsibility to make good decisions, live way below my means, and save everything I possibly can.
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Par for the course with that guy.
