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I can invest my money far better than the government can.
Then why are you here?
If you're such a Wall Street Wizard™ then you should be out there investing and making money.
Quote:
Originally Posted by theatomicbomb90
I (24 year old) already save nearly 25k/year - (already have 80k for retirement). I don't need someone forcing me to save for my retirement and then giving me poor returns after stealing my money.
Hopefully, you don't get divorced and your spouse doesn't take half your money or you don't get involved in a serious auto accident and can't work or you don't come down with some illness that prevents you from working or you don't suffer some other misfortune that rips your life apart and leaves you penniless.
Quote:
Originally Posted by theatomicbomb90
Not to mention, I have doubts I'll even see any social security money because boomers, gen x, and most millennials are not savvy when it comes to finances.
That has zero bearing on Social Security.
And by your own admission, those people need Social Security, since they are not savvy.
Let’s lay out this scenario.....your reach the ripe old age of 30 and you’re lovin' life....maybe biking on a Sunday and bam! You’re hit by a car, your helmet goes flying off....you sustain a head injury...a brain injury....you are permanently disabled, unable to work. Your savings are going to dry up pretty quickly. And if there is no insurance available to you under the ACA, guess what? You are uninsurable. In the good old days, no insurance company would insure you due to your pre-existing condition. Think you’re eligible for social security disability pension....nope. I could list hundreds of other scenarios that could bankrupt you early on.
I understand the cockiness of the those in their 20s. There is so much you don’t know, you have to pretend you know it all. I was that way myself. Developmentally, you’re on track.
But you'll be a far richer....and happier....person if you are able to dig deep and cultivate compassion and gratitude early on in life. But I had to learn the hard way, most of us do.
Nobody is against helping those who REALLY need help.
However, the system is set up easily for fraud.
People who are able to work scam the system and get benefits, and then work below the radar, get paid in cash and do not report the income.
We need a better system... people who are functional need to stop receiving entitlements.
In the world of Obama, the Clintons, and their Socialist Snowflakes, individual effort is not recognized or rewarded, because stupidity is far more common than foresight and reason.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,596,838 times
Reputation: 9169
Quote:
Originally Posted by theatomicbomb90
I can invest my money far better than the government can. I (24 year old) already save nearly 25k/year - (already have 80k for retirement). I don't need someone forcing me to save for my retirement and then giving me poor returns after stealing my money.
Not to mention, I have doubts I'll even see any social security money because boomers, gen x, and most millennials are not savvy when it comes to finances.
The only thing I can kind of get behind is medicare, but even then, if we let the market rule, it would probably be cheaper. Universal healthcare shouldn't be a thing.
The real problem with SS is Congress treating it like its piggybank to pay back (or not) at some time in the undetermined future. That's when it becomes a Ponzi scheme.
I can invest my money far better than the government can. I (24 year old) already save nearly 25k/year - (already have 80k for retirement). I don't need someone forcing me to save for my retirement and then giving me poor returns after stealing my money.
Not to mention, I have doubts I'll even see any social security money because boomers, gen x, and most millennials are not savvy when it comes to finances.
The only thing I can kind of get behind is medicare, but even then, if we let the market rule, it would probably be cheaper. Universal healthcare shouldn't be a thing.
Social Security is not going away, but the main problem is that the government took the money out of the pockets of working citizens and then squandered it, rather than securing it, as it should have. The money belongs to those who paid into the system, with interest. It does not belong to the government to do with it as they wish.
You are very wise to have put that much away at a very young age. You must have a very high paying job, and perhaps be single and no children in order to have done that.
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