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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.
So you think it is worth it? Even for people who are in their early 20s?
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Originally Posted by roysoldboy
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.
Why? What do we know now?
Sorry but please clarify. What exactly are you trying to say?
My recommendation is that you don't read web forums. Anyone can say anything about themselves on these kind of discussions. When they resort to personnel anecdotes this usually means they don't have any rational argument to make on the subject at hand and thus present something that can't be argued against. Note that lack of any significant detail that you can independently verify.
This isn't an endorsement of the current system though it is the system that is in place. Social Security and Medicare are systems just like income tax the government has said that you have to pay into. I would take the advice from anyone, especially one on a web forum, who has found a way to "beat the system" with a grain of salt. Bottom line, don't let this kind of stuff worry you.
SS would have been viable for years if the Congress hadn't spent what they called SS surplus for over 50 years.
There wasn't any "surplus" in the sense that the word is used today until the law was changed in 1983.
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Originally Posted by roysoldboy
It was well planned by the FDR Brain Trust and would have worked...
As originally planned, SS would have switched to being funded out of general revenues starting in 1965.
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Originally Posted by roysoldboy
...but Congress had to spend all that wasn't spent every year rather than raise taxes to where they needed them to be.
Social Security is required by law and simple fiduciary responsibility to invest its surplus funds so as to earn a competitive rate of return while acting to conserve principal. That is accomplished by investing in US Treasury securities -- those things that everybody ran to in a "flight to safety" when the markets tanked a year ago. Just as the issuers of corporate bonds use the proceeds for corporate purposes, and the issuers of school bonds use the proceeds for school purposes, the issuers of government bonds use the proceeds for government purposes. The only rational reason to issue bonds at all is to raise funds to use for something.
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Originally Posted by roysoldboy
They were robbing all the trusting people all those years...
Anyone with any sense knows that the folks who opt out won't bother to save for their old age. I foresee millions opting out, but ending up penniless in old age, with Uncle Sam being called upon to save their stupid asses from starving or freezing to death.
I've several family members who haven't a cent to their names except for their monthly SS payments as they spent and/or wasted every cent they ever had. Tens of millions of people will drink, smoke, gamble or waste every available cent they have and we cannot let loose any "experiment" of allowing these millions of no-count, no-discipline type people blow their money and expect the rest of us to pay their way 30-40 years down the road.
Only possible way this can work is if there is mandatory payroll withholding of an amount at least equal (and hopefully more) to what SS would withhold and that amount gets put into a 401-k account for those who opt out of SS. It has to be non-negotiable, cannot be withdrawn for any purpose until retirement age is reached, and in the case of death any remaining balance goes into the estate of the deceased. Anything else will be a disaster.
I'd love to see the 401-k scheme go into play, but Congress would hate it as then there really would be a "lockbox" that Congress could not touch, and it would drive them wild (I love it). No more budgetary smoke and mirrors, no more "off budget" double talk. This could go a long way to restoring fiscal sanity to that mob in DC and the 33,000 lobbyist ho's who call K Street home.
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A substitute teacher? Right. When do substitute teachers send people to jail?
No one is talking about duties...it's the nature of the employment arrangement. Neither substitute teachers nor per diem pro tem judges are self-employed.
And you're expecting those people to be collecting?
Other than that you seem like the perfect little communist. your post is disgusting in it's disdain for the human spirit.
Making people pay their own way for retirement is commie? Glad you have such a high regard for me.
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No one is talking about duties...it's the nature of the employment arrangement. Neither substitute teachers nor per diem pro tem judges are self-employed.
Ever hear of Independent Contractor Agreements?
My service was as an independent contractor. I was paid as such.
I was not an employee.
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