I have an idea, actually collect SS taxes on wealthy people who get to structure their income so it gets taxed at the capital gains rate and avoid paying SS tax and raise the exemptable income level up to $250k. I bet that would solve the problem without raising retirement age. SS and medicare are very popular government programs that work to provide security for our elderly and are pretty successful at it.

 

and I want to make sure the elders who paid into SS get back what they put in. But I do not want to pay into SS, and I definitely do not want my children paying into SS. I have full confidence in myself and my future children that we can effectively manage and save our own income. I do not want to be 70 years old and relying on the Federal government to give me my check.

 

At least give young Americans the option to opt out of it.

What we know is real: SS is a tax, and it's a failed government program disguised as a false sense of financial security.

 

It is the most successful government program ever. It has provided a decent retirement for generations of Americans. It will continue to provide retirement income to future generations - if we can keep Republican hands off it.

It is the most successful government program ever. It has provided a decent retirement for generations of Americans. It will continue to provide retirement income to future generations - if we can keep Republican hands off it.

 

:lol: :lol:

CBO warns of Social Security insolvency by 2033 | The Daily Caller

Hasn't the government borrowed all the access that is in the 'lock box' (in a best Al Gore voice)...

 

There really is no excess funds are there? Does the Treasure pay this back like they do the bonds that were printed a sold like crazy over the last few years?

 

The problem is that the excess is not there. And the government can not pay back the Fed, the Chinese or the Social Security payees. So like any bankrupt entity who gets it in the end - the retiree who is dependent on these funds.

 

Sorry to so glummy. But, again, the numbers do not work. This thing will crash hard with in a decade.

Hasn't the government borrowed all the access that is in the 'lock box' (in a best Al Gore voice)...

 

There really is no excess funds are there? Does the Treasure pay this back like they do the bonds that were printed a sold like crazy over the last few years?

 

The problem is that the excess is not there. And the government can not pay back the Fed, the Chinese or the Social Security payees. So like any bankrupt entity who gets it in the end - the retiree who is dependent on these funds.

 

Sorry to so glummy. But, again, the numbers do not work. This thing will crash hard with in a decade.

 

Sorry, but your gloomy scenario only happens if there is a general default by the US government. Not going to happen. Under a worst case condition, where NO action is taken to shore up SS, benefits would be cut to about 3/4 of promised benefits in a little over 20 years.

It is the most successful government program ever. It has provided a decent retirement for generations of Americans. It will continue to provide retirement income to future generations - if we can keep Republican hands off it.

 

And without it Americans wouldn't be able to provide their own savings for retirement?

Sorry, but your gloomy scenario only happens if there is a general default by the US government. Not going to happen. Under a worst case condition, where NO action is taken to shore up SS, benefits would be cut to about 3/4 of promised benefits in a little over 20 years.

 

And that will happen within the decade without major changes. I may happen even with all the available options executed.

And without it Americans wouldn't be able to provide their own savings for retirement?

 

You ever hear of the Great Depression? Folks is my family were/are ministers who do not pay into social security, they were very smart with their investments AND got less risky/more conservative as they got older and still have not recovered from what the market did to their savings and are having to work WELL into their 70s. Had they been truck drivers or construction workers who were not able to continue the physical labor work they have been doing they would be screwed right now and either out of money or at least running out of it by this point. It has nothing to do with how smart they were is had to do with GLOBAL ECONOMIC markets over which they had no control.

You ever hear of the Great Depression? Folks is my family were/are ministers who do not pay into social security, they were very smart with their investments AND got less risky/more conservative as they got older and still have not recovered from what the market did to their savings and are having to work WELL into their 70s. Had they been truck drivers or construction workers who were not able to continue the physical labor work they have been doing they would be screwed right now and either out of money or at least running out of it by this point. It has nothing to do with how smart they were is had to do with GLOBAL ECONOMIC markets over which they had no control.

 

You ever heard of the 65 years that followed the great depression?

Sorry, but your gloomy scenario only happens if there is a general default by the US government. Not going to happen. Under a worst case condition, where NO action is taken to shore up SS, benefits would be cut to about 3/4 of promised benefits in a little over 20 years.

 

Oh, is THAT all?

I wish you guys would get real. The privatization of SS would have went over real well in 07 & 08 with the largest generation of American's ever a year or two away from retirement when the market tanked.

 

You do know there was an opt out option involved, right? Do you think those under 40 might have been interested? BTW, were you not one of the ones trumpeting the fact that the stock market is back at a high? How do you think those investments would look now?

You ever hear of the Great Depression? Folks is my family were/are ministers who do not pay into social security, they were very smart with their investments AND got less risky/more conservative as they got older and still have not recovered from what the market did to their savings and are having to work WELL into their 70s. Had they been truck drivers or construction workers who were not able to continue the physical labor work they have been doing they would be screwed right now and either out of money or at least running out of it by this point. It has nothing to do with how smart they were is had to do with GLOBAL ECONOMIC markets over which they had no control.

 

Sorry but it does have everything to do with how smart they were with their investments, not the global economic markets. Long term stock market investment has been golden no matter what period you start and what period you stop. My guess is your family was too aggressive at the wrong time and too conservative at the wrong time. It does point out the fact that private investment would not be for everyone of some type of investment help would need to be provided.

I have an idea, actually collect SS taxes on wealthy people who get to structure their income so it gets taxed at the capital gains rate and avoid paying SS tax and raise the exemptable income level up to $250k. I bet that would solve the problem without raising retirement age. SS and medicare are very popular government programs that work to provide security for our elderly and are pretty successful at it.

 

Are you willing to have their benefits increased to meet their increased contribuitons or are you merely wanting "the rich" to provide another benefit for you?