I saw a headline today that said Social Security to run Permanent Deficits. How will retirement be funded for the majority of Americans who have no savings - nothing? It's ridiculous to think that we continue to support something that has already failed.
They've been saying that for years. I'd like them to give back to me all the money they took for my SOCIAL Security and do away with the entire program. Let me do what I want with my own money. Yeah...here comes the argument about "who's taxes are going to support me when I run out of money?" Don't worry about it.
This may be the the solution for real Social Security Reform.
Eliminate benefits for those not in need.
Give option of ...
(A) - refund of FICA taxes paid
(B) - Reinvestment of FICA taxes, give individual an annual dividend, tax
free..reinvestment is inheritable and tax free.
BENEFITS;---SSA would save by making less monthly payments -SS
Trust Fund would incur less debits & as a result of
reinvestments have more contributions.
Social Security hasn't failed. It's the idiots handling it on a massive scale that has made it virtually impossible for it to continue on as it is presently.
Its the idiots that have raided it and not told us the truth about that. Now it has been borrowed from so much it is near ruin.
Make the thieves put the monies back, and fix that part first, then come up a sustainable investment polocy that citizens can live with and support the program so everyone, young and old can have retirment income.
its lies, from thieves who have stole from the fund for a long time now.
Social Security fund has a surplus reserve of 2.5 trillion dollars. The problem is that it exists in the form of IOU's from the federal government which has raided it for that amount...now, obviously, it can't repay that debt.
The shortfall of SS reserve fund income would be relatively minuscule if the fund were left untapped. But, it wasn't.
The money mostly went for "feel good" pork barrel projects. It was a another case of voters being bribed with their own money while thinking that they were getting something for nothing. Now the bill is due.
A little off subject, but has anyone figured what they would have for a nest egg if all the payments (employee and employer) had been invested at, say, the 10% or so the stock market averages over the long term?
This is something I want to do when I get my next statement from them.
Index fund ETFs didn't exist when I first started paying onto FICA. Also, it took 10K just to open an account and the commision on every trade was 1%. If someone followed the advice of brokers at the time, they would have invested in Dot-Bom stocks and Enron. Worthless. Even today, the market is one big slot machine, made worse by globalization. Trying to trade against something as huge as China's Soverign Wealth Fund is a sucker bet.
Warning..warning ..Never disclose your SSN.
..But if you want to apply for a job ,or complete many forms (unsecured) and reputable departments then you MUST fill out all lines
SSN on the increase. No shit.
A lot of forms require a SS# for legit reasons -- tax reporting, background checking etc. Some places, like your Dr.'s office or the dentist only ask for your SSN to make it easier to track you down in case you don't pay their bill.
When filling out forms, if you don't think your SSN is relevant to the service being offered, transpose two numbers of the last four. If they do legitimately need the SSN, they'll get back to you. If they don't, it won't be sitting around in their files for the next 50 yrs.
It's no more crazy then to support politicians who screw up our economy. Maybe the politicians should ditch their benefits in favor of us, the people they claim to care about. LOL Caring politicians, what a concept!
Social Security will have to go through major changes. Any surpluses from the past has already been spent by the fed govt, retirees are collecting for longer periods and the number of workers to collect social security taxes from cannot really support the boomer generation.
I think that its always wise to focus on providing as much for yourself when retirement planning.
The retirement age for males in the UK could rise from 65 to 68. I'm not working until I die.
Instead, most of my money is to be spent on an investment property and private pension funds. My sole life ambition is to retire at 55, if not that then there is no way I am working past 60.
And, as such, I can't rely on state handouts. I met somebody the other day who was 46 and said "I have to start saving for retirement soon".
Nope, he missed that boat. I am 25, I already invest 10% of my earnings into pension funds, and the next step for me is to invest in a second home.
Whilst I largely sympathise with the plight of those who rely on state pensions, I know plenty of people my age who are happy to spend all of their money on iPhones, iPads and MacBooks, but turn their nose up at the prospect of saving a single penny for their future.
by Petra Vlah5 years ago
Through our working years we all paid for Social Security and Medicare, so why are they considered entitlements when in fact we contributed our own money into the system?
by Ralph Deeds4 years ago
http://www.nytimes.com/2013/03/31/opini … ef=opinionSocial Security, Present and FutureBy THE EDITORIAL BOARDPublished: March 30, 2013 6 Comments"In the fight over the federal budget deficit, Social Security...
by LAURENS WRIGHT21 months ago
If the Social Security fund is running out, what are your plans for retirement ?The Social Security Fund is suppose to run out in 2030 and a reduction of 20 % in 2016.
by SparklingJewel6 years ago
I would be interested to hear opposition to the stated "facts" in this video...Has anyone done an extensive research on the origins of Social Security?http://www.youtube.com/watch?v=V4BjLrTq … r_embedded
by Patty Inglish8 years ago
What are the implications for Americans if the Social Security system is eliminated?
by N. Ramius7 years ago
I wouldn't pay in and wouldn't collect in retirement. I wish they'd let me do that.
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