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+--- Thread: Would you agree to let young people Opt out of Social Security if they wanted and invest that money elsewhere? (/thread-9318.html)
Pages: 1 2
- flower - 10-14-2012 02:38 AM
Well, as a Social Security recipient I can say I paid much less in SS taxes than I am getting back for a retirement benefit.
Social Security is NOT an investment vehicle. If you want that you have 401K.
Social Security is insurance that both you and your employer contribute to (this year you are only paying 4.2%), in the event of disability, indigence, divorce, death or retirement. Without Social Security insurance how would you and your family be protected with no other income ?
- LV426 - 10-14-2012 02:38 AM
It sounds good, but what happens in the following circumstances:
(1) An aggressive investor loses everything
(2) A conservative investor doesn't have enough to live on
(3) A run-of-the-mill investor finds out he's been defrauded
Hell, how about me? I've invested in average mutual funds for the last 20 years. Now they're in the toilet. Thank God I'm not retiring any time soon. What if I was? Tough luck?
In all of these circumstances, they are going to come crawling back to the government, looking for support. So, now, not only is the pool of money smaller, but we've got people who didn't put anything in, knocking on the door, crying for help because they got hosed taking the reins for themselves.
I'm not a fan of big government, but the average person spends no time reviewing their investments. They just dump some money in a mutual fund, praying it'll be worth more in the future.
- J - 10-14-2012 02:38 AM
the fact that anyone is compelled to pay into a social program that may or may not be there when it is time for them to collect the benefits of that program should be reason enough to let them opt out.