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re: Do you believe in Social Security choice?
Posted on 7/7/14 at 3:20 pm to goldennugget
Posted on 7/7/14 at 3:20 pm to goldennugget
quote:
Meaning being able to opt out of mandated social security and invest your own money into your own personal retirement account that politicians can't dip into.
I support this and am pro-choice when it comes to Social Security.
I want to hear reasons why this is a bad idea.
You're proposing that we replace an insurance program with a savings program.
That would kinda defeat the point of having an insurance program.
If you know any history it also means every few decades millions of people will become destitute in retirement all at once.
Now - if you want to ADD individual retirement accounts to the program I'll all for it. Take the regular, what is it, 12% combined EE+ER SS insurance contributions and add in another - say - 4% required retirement savings contributions - and I think that's a good idea.
This post was edited on 7/7/14 at 3:22 pm
5
Posted on 7/7/14 at 3:23 pm to SpidermanTUba
quote:
If you know any history it also means every few decades millions of people will become destitute in retirement all at once.
So, what's your point?
Posted on 7/7/14 at 3:25 pm to SpidermanTUba
quote:Ah shite, I always forget it's Social Security Insurance. It makes a little more sense that we can't control the investments.
You're proposing that we replace an insurance program with a savings program.
That would kinda defeat the point of having an insurance program.
If you know any history it also means every few decades millions of people will become destitute in retirement all at once.
Now - if you want to ADD individual retirement accounts to the program I'll all for it. Take the regular, what is it, 12% combined EE+ER SS insurance contributions and add in another - say - 4% required retirement savings contributions - and I think that's a good idea.
I agree that adding a savings/investment program to SS would be a good idea. I don't know about tacking on another 4% that gets taken from your paycheck... but restructuring SS to allow for investing sounds like a nice thing.
I think Australia has a mandatory retirement savings program and it seems to work reasonably well. I'm not an expert on it, though.
This post was edited on 7/7/14 at 3:29 pm
Posted on 7/7/14 at 3:38 pm to SpidermanTUba
quote:
You're proposing that we replace an insurance program with a savings program.
Insurance
Social Security is barely enough to live on
Right now its about $1100 a month for a retired person. That's not much to live on. So you are screwed if you didn't save anything before hand.
Posted on 7/7/14 at 4:00 pm to SpidermanTUba
quote:
You're proposing that we replace an insurance program with a savings program.
That would kinda defeat the point of having an insurance program.
For someone with such a self reported high IQ you don't have a damn clue what the term insurance means.
Obamacare and SS are not forms of insurance. Insurance may or may not get paid out for a specified risk. Obamacare and SS get paid out no matter what and the premiums are not calculated based on said risk.
Posted on 7/7/14 at 4:02 pm to SpidermanTUba
quote:
Now - if you want to ADD individual retirement accounts to the program I'll all for it.
Two words:
frick NO
This post was edited on 7/7/14 at 4:07 pm
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