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If you could invest it yourself, not only would you likely have far more money, you could give away what is leftover. Because it would be your own money. SS isn't, you die and the money stops. It doesn't matter that you paid in your whole life and you die at 66, your family or your favorite charities don't get the leftovers.
First of all, there aren't any leftovers. SS is not an account that they put money in for you. It's an insurance plan that will pay you X if A, B, and/or C happens.
Second of all, if you die at 66, your current spouse, former spouses, and any dependent children will receive benefits instead of you. If you die instead at 36 when your personal savings would still have been piddly, the same thing is true. You also get substantial free disability insurance coverage over your working career. Nearly 20 million Americans receive either SS survivor or disability checks every month.
If you were given a choice to opt out of Social Security, perhaps on the condition that you contribute to an approved retirement program, that you control what happens with your contributions, would you opt out of Social Security and Medicare?
Yes, definitely, and get a Health Savings Account as well.
But who will pay for those retirees already on Social Security and Medicare? That's where my contribution goes... to a retiree. This is not a savings account. So, what happens to those retirees?
The whole idea is ridiculous. At some point and time the realization that the limited earth can only support so many people will come into play. At that point incoming youth will be stifled and the aging population already here will be reaping the benefits of the innovations of capitalism in the medical field. You will not be able to tax enough to keep this utopian idea in check...
I'm already out.. Have been for 8 years in January..
Quote:
Originally Posted by Greatday
I am one of those who was lucky enough to be able to "opt out" of Social
Security when it was much easier to do - just sign a few documents and away you go. You can still Opt out today, but, it is much harder. I opted out over 30 years ago
Or an individual could start a company which has $0 profits at the end of the year on paper, thereby not required to pay into SS..
First of all, there aren't any leftovers. SS is not an account that they put money in for you. It's an insurance plan that will pay you X if A, B, and/or C happens.
thats what richb said, that if they were investing on their own, outside of SS, there indeed would be left overs.
Quote:
Originally Posted by richb
If you could invest it yourself, not only would you likely have far more money, you could give away what is leftover. Because it would be your own money. SS isn't, you die and the money stops. It doesn't matter that you paid in your whole life and you die at 66, your family or your favorite charities don't get the leftovers. What a rip-off if you don't live long. It ends no matter when you pass on whether or not its 66 or 103.
I am 27 years old. I am paying into Social Security and am pretty sure I won't see half of what I am paying into, back in my lifetime. I rather take that monthly expenditure and add it into my existing retirement fund. Why should I pay for something I will not reap the full benefit from?
I am 27 years old. I am paying into Social Security and am pretty sure I won't see half of what I am paying into, back in my lifetime. I rather take that monthly expenditure and add it into my existing retirement fund. Why should I pay for something I will not reap the full benefit from?
The government needs your SS income to cover the $105,882,000,000,000+ they have promised to pay others in unfunded liabilities. U.S. National Debt Clock : Real Time
The government is so far in the hole, its impossible to recover without breaking promises to pay people back.
If you were given a choice to opt out of Social Security, perhaps on the condition that you contribute to an approved retirement program, that you control what happens with your contributions, would you opt out of Social Security and Medicare?
I voted no because at 76 there is little I could do about my condition. Also, my IRA went to hell with the flame out of our financial institutions.
I see that I am with a bunch of people from the left side of things.
Maybe if I were 20, but not at this point. Couple things would prevent me from doing it now: #1) I've paid into it my whole life. #2) I hate dealing with money. It's a required evil, I know, but the less I have to screw with it, the better.
I am 21 and thinking I might just opt out. By the time I reach that age, I am willing to bet there will be no social security.
I will probably pay in so much more than get back out.
Keep more money with me to pay off things I need for college.
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