Quote:
Originally Posted by Greatday
I believe it should.
Can we have a civil discussion on the issue?
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Sure.
I am probably among the very few that thinks social security is a good (not perfect) program that we need.
I voted no.
The problem with not making it mandatory is there's a large number of people who would opt out when young that are incapable of "taking care of themselves".
The last thing I would want to see in America is a 74 year old grandma living destitute on a sidewalk begging for spare change. If you want to see this then live in Mexico.
We need to remember social security isn't retirement it's a safety net that, while it isn't perfect, works pretty good.
Consider that social security is a lot more than retirement.
A young mother is widowed when her husband is killed in a traffic accident. She receives social security as do her children up to graduating from high school.
True, her husband should have had life insurance and maybe he did for $100k but that isn't enough to last 15 years. Even $250k isn't enough to last 15 years not for a mother and two or three kids with a house mortgage to pay off. Mom pays off the $150k mortgage and the $100k that is left ($90k after she buries her husband) isn't going to last but three or four years if she watches her money.
Everyone's different but three months before your birthday we all get a statement from social security outlining how much you can expect at retirement and
how much your children and spouse would receive in the event of your death. Everyone's account is different but if something were to happen to me tomorrow my wife would receive $1490 per month plus $1490 for any children. We don't have children anymore but the thought of my wife receiving $1490 every month allows me to sleep better at night even though I carry a pretty large life insurance policy.
And then there is illness and disability that can happen to any of us. If I couldn't work I would receive $1490 a month and while the only way I could live on that little would be to cut all frills (like internet, phone and cable television) I know we would do a whole lot better with it than without it.
Try purchasing a long term (call it 30 year) disability policy that pays $1490 a month with COLA increases and see what your premiums would be. You can buy one for 24 months but you can't for 10, 20 or 30 years.
With my statement I received what my contributions have been since 1965 and coupled with my employers contribution it's a lot of money. If I had saved as much investing it in a mutual fund I would have over a half million and be able to retire tomorrow but that isn't the point. The point is what would have happened to my wife and children if I was disabled 30 years ago or been killed?
It isn't an retirement investment savings account it's a supplemental income insurance policy and we need to look at everything it offers and not just what we get should we reach 66, 67 or whatever.
It's supplemental income
insurance and as with any insurance some people "make out" and some don't. You drive for 40 years, always had auto insurance and never have an accident. Does that mean you "lost out"?
Now for some baring of the soul.
If given the opportunity to opt out in 1982 would I have? In a word, yes. The 80's and 90's were great years for me personally and I was fortunate to earn an income that was two, three and for a few years four times the national average. I did real good, I owned my own business and there was a time writing a check for $100k wouldn't have been a problem.
But things change, circumstances change. Without going into the gory details the business didn't bankrupt but it flopped and went it flopped I pumped a lot of my earned money back into the business in an effort to keep it alive.
Not crying one bit here.... some of it was due to my mistakes and my faults and some was beyond my contro but I was fortunate because for 20 years I had more than most. That is the breaks we all can face. While you might want to opt out now, if you are making the equivalent to $200k to $300k like I was you might be well tempted, but you never know what the future holds.
Ok, that is my baring of my soul but don't anyone feel sorry for me. I had a hell of a good ride with lots of things, toys and good times for many years and what else could a man ask for? Given it all to do over again I would do it exactly the same.
I had a high performance airplane and once I flew 800 miles for a Saturday lunch in New Orleans because I wanted cajan shrimp. Like I said, don't feel sorry for me because I don't. I am still a pilot, I still fly but I fly a little Cessna 150 now. Poor me, poor me.
But for everything I am thankful I have social security and I will get $2400 if I wait to age 70 to retire. I am happy I can count on that.
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