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+--- Thread: Are the Younger Generation 30 and under prepared to give up Social Security benefits and save on our own? (/thread-9606.html)
Pages: 1 2
- Duke Powerhand - 10-14-2012 08:11 AM
Yes I am ready, although I am over thirty. Personally I think it should be optional, if people want to pay into it and rely on it then that should be their choice.
What bothers me is that if a person dies before they collect SS, then their aires get none of that money. If you have a private retirement account your aires can get every penny that you put into it.
I would rather have a personal account because if i die I want that money to go to my kids so they can have a better life.
- melodiccannon385 - 10-14-2012 08:11 AM
Are you joking?? The AARP would never let that happen; worst case scenario, it would be privatized.
- oohhbother - 10-14-2012 08:11 AM
No.
Social Security is a pay-as-you-go government service - as such it is in financial trouble in this recession the same as all other government offices.
The economy will recover.
The government will return to solvency - provided the temporary tax cuts are not continued. This will include Social Security - which should have the upper limits on withholding raised or removed entirely.
Despite the attempts by Republicans to end it - it is a service Americans provide to their elderly - not an investment. All that talk of replacing it with investment accounts ended pretty fast when the markets tanked in 2008.
- freedomsitizen - 10-14-2012 08:11 AM
Rico's answer....here is the problem we have in america
whats yours is mine
obama and the dems are trying to create a society of sluffers ....whats a sluffer you ask look up on the web "how obama got elected" this a prime example
- Mr NiceGuy^3 - 10-14-2012 08:11 AM
Meh, people have been freaking out about how SS will collapse any second now for over 20 years.
20 years from now, those people's kids will probably still be freaking out about SS imminent, horrific and instant collapse.
I'm thinking we'll be OK
- Kiran C - 10-14-2012 08:11 AM
Present system is sustainable but the current level of benefits is unsustainable. On its current track, benefits will pay out at 100% until 2037. After that, the benefit level drops to 75% and no lower as long as FICA is collected.
http://www.angrybearblog.com/2010/08/destroying-social-security-to-save-it.html
Anyone who tells you that you will not have a Social Security check in the future, even if you are in your 20s, is lying to you or does not understand the financing or economics behind Social Security.
All generations need to save for retirement. Social Security was never meant to be sole source of retirement funds. Make your financial plans assuming it will not be there but it will . It will provide a margin of safety even to people in the six figures.
- flower - 10-14-2012 08:11 AM
Well that is commendable that you have all those assets. You may need them if you lose your job, your house, your health, your marriage, your spouse.
It will take an Act of Congress to eliminate Social Security and it cannot work because those who are contributing now are paying for people who are getting benefits now, and many more groups than just retired people. Your employer matches your contributions and that would have to be changed too.
When I started working there were no CDs, 401Ks, IRAs, and no investment vehicles for an individual so I never had any of those. I had to stop working and live on Social Security only. You are very clever to have all those assets.