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+--- Thread: Should Americans have the choice to opt out of Social Security? (/thread-7099.html)
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Should Americans have the choice to opt out of Social Security? - grandma zaza - 10-12-2012 10:42 AM
A person pays into this fund all of their working years. It is basically a 401K, with the employer contributing half of the contribution.
The government decides at what age you can collect and how much you will receive each month upon your retirement. If you are unmarried and die prematurely, with no dependents, the government keeps 100% of your contributions.
If you should die while married, have no dependents at home and your spouse is also collecting a monthly check, the remaining spouse receives the higher of the two monthly payments and the government keeps 100% of the lower contributions. If you and your spouse die shortly after retirement, the government keeps any remaining funds, funds that should be going to whom you wish.
When you reach my age and look at the amount of money you have paid into SS it becomes VERY clear that had you been able to invest that money you would be a very, VERY wealthy person, likely with millions of dollars.......certainly able to take care of yourself, including your own health insurance.
Consider this.....Say you've got 40 years to retirement. If you start with $1,000 and invest an additional $1,000 each year, and your money earns 10% annually, then when you're ready to retire at age 65, you'll have $532,111.07. The market has gone through many ups and downs, and it always rebounds. The market collapsed in 2008/09, but its rebounding like it always has, and going through the typical ups and downs. Just think!! Now that Obama has signed financial reform, there will never *cough* be *cough* another *cough* financial crisis. Right?)
Shouldn't Americans have a choice?
- Just Started - 10-12-2012 10:50 AM
you already have that option, it's called death
- Waldo - 10-12-2012 10:50 AM
No, Americans should not have a choice.
Insurance spreads risk. The bigger the pool, the smaller the risk.
- imlyn - 10-12-2012 10:50 AM
I heard the Mennonite community doesn't have to pay into it. Don't know if it's true.
- Foghorn - 10-12-2012 10:50 AM
Since it is a Ponzi scheme and near collapse it would be nice to bolt. However, SS, just like 0dingus' health care law, will be an albatross on taxpayers heads until the revolution.
- Vito1964 - 10-12-2012 10:50 AM
401ks don't pay 3x what you put in.
It's not a piggy bank for you, it's to support our elderly today. The workers of the future will supplement your retirement. So no, you can't opt out.
- chubbypicture772 - 10-12-2012 10:50 AM
I think we should have a choice as this system while good at it's inception was inherently flawed because they did not factor in American population shifts. As it stands now, being a Gen Xer, I don't expect to even see a Social Security payment even though I've paid in since I've been 16 years old.
I can do much better at managing my money than the government can.. at least I can balance a budget.
- IChee - 10-12-2012 10:50 AM
they should
- Rock Star - 10-12-2012 10:50 AM
No, I don't want to get stuck with the bill for the irresponsible people who didn't pay into Social Security and then didn't really plan for the future. Social Security is an insurance policy that I pay for you. Seriously how much of your welfare check could you honestly put back for retirement?
- brown9500v19 - 10-12-2012 10:50 AM
You do. Move somewhere else.