What’s the lesser of two evils? Opting out and investing in the free markets, or getting 16% less of what you put into social security in the first place?http://finance.yahoo.com/focus-retiremen…
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Would You Agree To Let Young People Opt Out Of Social Security If They Wanted And Invest That Money Elsewhere?
Posted on September 9, 2011.
As long as 42 is considered young enough to do it. (That’s my age…)
No. SS is a social contract, a guarantee from the people of America to those too old or sick to work.
the option shouldn’t be a question – it’s not the governments business
Then how is the US Government going to meet their social security obligation to older people without money from a base of younger workers?
I’m a young person and I think we should just bite the bullet for our elders. We should just pay into social security knowing we won’t get anything so we should make sure to invest in our 401k’s and IRA’s. A lot of older folks sacrificed for us in WW2, Korea, & Vietnam. We should pay it forward. Then at some point we should establish a cut off line and just abolish it after the last group of qualified people has passed away.
Freedom means choice…so of course so
if they allowed anyone to opt out, but especially young people, their lies would be exposed immediately, as current recipients of SS are paid by current workers “contributions”. I see a time very soon where even the uber rich will have to contribute so that it can remain “solvent” for a few more years
No, because that would have lost billions of dollars if they had approved Bush’s request to replace social security with stocks and bonds.
Maybe people around here don’t remember pensions, and how people were convinced it was better to let them take the money and invest in 401K funds.
Ask how the stock market is doing today.
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 ?
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.
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.