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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...
SS would have been viable for years if the Congress hadn't spent what they called SS surplus for over 50 years. It was well planned by the FDR Brain Trust and would have worked but Congress had to spend all that wasn't spent every year rather than raise taxes to where they needed them to be. They were robbing all the trusting people all those years and now are left with about $3 trillion of debt to the people of the nation. Of course, they never meant to pay that but didn't have the guts to stop spending that money but were willing to keep taking it and treating it as normal income taxes. Hell, they got more by taking from employers, also. Every living Congressman deserves to be put in prison for that crime that they commited.
thats what richb said, that if they were investing on their own, outside of SS, there indeed would be left overs.
THIS is what <richb> said...
...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.
Only if you have no employees and pay yourself no salary
Indeed thats the way they are.
Company borrows money to buy property. Property is leased out and mortgaged so there is $0 profit. (i.e. 100% of the cash flow goes towards covering debt).. Properties builds equity faster due to the 100% income to loan payment ratio, meaning they free up equity to reborrow to reinvest and live. Since there is no profits, there is no taxes due, and since borrowed funds are also tax free.. No tax liabilies..
Mortgage interest rates are a writeoffs, meaning they actually create defits yearly on the tax returns, hence on paper, its a yearly loss.
This year might be the first year in a very long time that taxes / ss will be due.. Insuring others stock trades is becoming extremely lucrative.
...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.
I know, he is correct.
If you pay into SS and you DIE, there is no leftovers..
The end game has only one result. In a finite world there is no other outcome other than all-out socialism, hence the name 'social' security. It may not be in this century but the end result is the same either way. The only way to solve it's abject problems is to tax more. You'll only be able to tax so much... Social engineers came up with this backdoor plot in the name of compassion.
I'm with you Roy. If I was 25, I'd say hell no but I'm pretty happy I paid what I paid and got what I got.
I have been on SS for nearly 15 years since I went at 62. I didn't draw much that first year because I had already made too much in the first three months, but my boys each got a check in excess of $400 till they reached the age of 18 or senior in high school. The youngest got about $550 when the other got too old. That was for 4 years. They both came out with enough to go to college and the one with the most, didn't go to college. It was pretty interesting seeing people howl about that money because so few knew that the original program was for retirees, AND survivors or children of retirees. I couldn't not go on at 62 since I was drawing nearly $900 for myself and about the same amount for my kids.
There have been several users saying "maybe if I was 20 I would opt out."
I am 21....lol.....now I am really wondering if I should opt out.
You have so little in there right now and they are taking so much that if you take what you would pay and put it into any kind of decent investment on a monthly basis you will be way ahead when SS goes bust. I wouldn't hesitate if I were 20 knowing what we know now.
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