Social Security

[Grumpy]

In Tyme’s post about retirement, there were several comments about Social Security, one of which mentioned that it takes three working people to support one retiree on Social Security. That brought to mind, the biggest thing I don’t understand about today’s Social Security mess.

Why is it that today’s young people (those under 40) are not in open rebellion over the high Social Security taxes they have to pay?

It is not unusual to see a working husband and wife with two or more children paying much more in Social Security TAXES then they pay in Income Taxes. And since most of them will be paying this for 40 to 50 years or more, they will never get back what they paid into the system.

I started paying SS taxes when I was 16 and paid until I retired at 62. I got back all of my “payments” within three years after I retired and I have been living off of those young people ever since. And I am not going to stop taking it either, but as I said, I don’t understand why the young people are not up in arms against this unfair system.

Another thing I don’t understand is that when George Bush tried to change the system so that the young people would be saving for and paying into their own Social Security retirement system—EVERYONE OLD AND YOUNG RANTED AND RAVED AND SAID NO YOU CAN’T DO THAT. And the system is going broke faster than ever.

Yet, if Obamacare passes, it will decimate Medicare and yet the older people are hardly saying anything—AARP even endorsed it (but that is understandable since they will make billions from selling their medical insurance as part of the government plan, but don’t get me started on how bad AARP is).

Grumpy

[Tyme2fish]

I've got about two years to go to collect SS, IF IT STILL EXISTS THEN.

Like Grumpy and everyone else here, I've paid into this Ponzi scheme my entire life. I don't think it was ever meant to be one's sole means of income upon retirement. It sure does make it rough on the lower wage earners to try and save any money at all on their own.

But try and save now regardless of your income. Even $5.00 a paycheck in a Roth IRA will add up over 30 years. However, our government does not want the people to be independent. The government still wants all the people to feed somewhere, somehow from the government's feed trough.

[know1]

I'll tell you a deal that I would take in a heartbeat:

I'd sign and agreement to not collect one single dime of social security that I've already contributed, but let me opt out and keep what they are witholding from now until I retire.

[greenriverman1]

I'll tell you a deal that I would take in a heartbeat:

I'd sign and agreement to not collect one single dime of social security that I've already contributed, but let me opt out and keep what they are witholding from now until I retire.

You could end up like myself and many others and suffer from illness or injury and then how much money would you have to support yourself and family? What about medical? Not to slam you but just a thought.

[Hlleonard]

I also paid SS from the time I was 16 or so ....Most folks in the retired population now have gotten their money put in back ....Know1's retirement idea might work for a lot of folks but like GRM said ,if you get disabled then your plan would come up way short ..Another thing that would make a bad situation worse is homeless people of the future. A lot of people have no concept of "saving for their future" ...At least with Social Security , we would have fewer people with no place to live ...living on social security is no picnic for folks with only that to live on but at least they have a roof.

[Grumpy]

I'll tell you a deal that I would take in a heartbeat:

I'd sign and agreement to not collect one single dime of social security that I've already contributed, but let me opt out and keep what they are witholding from now until I retire.

Know1, that is exactly what George Bush wanted to do and he got shot down big time because the pols on pundents all said that there was no way people could handle thier own retirement funds without screwing it up. He was vehement in stating that no one (I think over 40) would be forced to go to the new SS and if they wanted they could stay with the old system. But, by and large, the young people didn't stand up and say Oh yes we can!! So it never got off the ground. It just made a lot of sense to me ESPECIALLY FOR YOUNG PEOPLE JUST STARTING IN THE WORKFORCE.

Grumpy

[know1]

Know1, that is exactly what George Bush wanted to do and he got shot down big time because the pols on pundents all said that there was no way people could handle thier own retirement funds without screwing it up. He was vehement in stating that no one (I think over 40) would be forced to go to the new SS and if they wanted they could stay with the old system. But, by and large, the young people didn't stand up and say Oh yes we can!! So it never got off the ground. It just made a lot of sense to me ESPECIALLY FOR YOUNG PEOPLE JUST STARTING IN THE WORKFORCE.

Grumpy

And that's the thing-I'm not even that young and I would take that deal in a heartbeat. I'm pushing near halfway through my working like and I really would sign those benefits away if they'd stop taking it out from this point forward.

I was/am lucky and maybe a bit wise in that I have contributed 15% to 401K or Roth's since the very first day I was eligible. It should be well over a million by the time I retire.