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Started By
Message
re: If social security is doing so great why do we now need myRA?
Posted on 12/28/14 at 12:34 am to SpidermanTUba
Posted on 12/28/14 at 12:34 am to SpidermanTUba
quote:Current beneficiaries have paid their way already.
How do we pay current beneficiaries when everyone opts out?
2
Posted on 12/28/14 at 12:43 am to NC_Tigah
quote:
Current beneficiaries have paid their way already.
Everyone seems to conveniently forget this for some reason.
Posted on 12/28/14 at 12:44 am to NC_Tigah
quote:
Current beneficiaries have paid their way already.
The money to pay their benefits comes mostly from current workers paying into the system.
You have to have fricking known this I refuse to believe you could be that ignorant.
Posted on 12/28/14 at 12:46 am to reverendotis
quote:
Everyone seems to conveniently forget this for some reason.
What people seem to conveniently forget is the money to pay their benefits has to actually come from somewhere. Eliminating Social Security in whole or in part removes the income stream that pays those benefits - yet no one who supports eliminating or reducing SS seems to care to explain how that gap is going to be filled.
This post was edited on 12/28/14 at 12:47 am
Posted on 12/28/14 at 1:02 am to SpidermanTUba
What happened to all the money recipients paid in?
Posted on 12/28/14 at 1:52 am to SpidermanTUba
quote:Nope. As a retirement (OASI) program SS has long run a surplus. The trust fund ratio held "in trust" has roughly grown from 25% to 400% between 1985 and 2008. In fact the federal government "owes" social security trust fund roughly $2.7 trillion from money it's "borrowed" from those funds. Now... currenlty , the "trust fund" is in negative cash flow ($77B) until 2018 (projected) due to the lagging economy. Through 2019, however... the interest earned from the "government" covers the shortfall.
The money to pay their benefits comes mostly from current workers paying into the system.
LINK
You're claim will not be correct until 2033 when the "trust fund" will start eating into principle balances to cover current expenses. That is the beginning of the end of SS.
Now if you intended to say that many receive more than they pay in, because a few pay in far more they will ever get... you may have a point. That situation projects to get far worse over the short and long terms.
Bottom line, if you are capable of making even a slightly above salary, you're going to pay more than you get now and into the future.
And most of all, if you can invest with even modest success the opportunity cost of SS is... enormous.
This post was edited on 12/28/14 at 2:02 am
Posted on 12/28/14 at 2:33 am to GumboPot
quote:
I have a 401k through my employer and I have another through TD Ameritrade. It's my understanding anyone can open a 401k account. I'm nothing special. Just an average white collar employee.
Do you mean an IRA or 401k? If 401k, are you self-employed.
As far as the myRA is concerned, it looks like a poor man's version of a ROTH IRA. Same contributions limits, less investment options. I have no idea why you'd contribute to a myRA when you can open a ROTH IRA at Fidelity and have access to commission free S&P 500 ETFs.
Posted on 12/28/14 at 4:13 am to BBONDS25
quote:
What happened to all the money recipients paid in?
It got stole by democrats. I can't fricking believe you didn't know this.
This post was edited on 12/28/14 at 4:15 am
Posted on 12/28/14 at 5:31 am to SpidermanTUba
quote:Gosh. I'm confused then. That would make it like a Ponzi Scheme.
The money to pay their benefits comes mostly from current workers paying into the system.
quote:I'm just quoting what my government "receipt" says about my SS. It tells me exactly how much I've contributed toward my Social Security.
You have to have fricking known this
You mean they are stealing my social security retirement too? So it's all a charade? I feel so deceived.
Posted on 12/28/14 at 5:40 am to SpidermanTUba
quote:
What people seem to conveniently forget is the money to pay their benefits has to actually come from somewhere. Eliminating Social Security in whole or in part removes the income stream that pays those benefits - yet no one who supports eliminating or reducing SS seems to care to explain how that gap is going to be filled.
Did you even discuss why the system is insolvent? I have no problem with moving the eligibility age, but let's not act like the government didn't squander the trust fund.
Posted on 12/28/14 at 9:07 am to SpidermanTUba
quote:
Just frick em?
Yes
Posted on 12/28/14 at 9:09 am to Asgard Device
quote:
Also: why are so many of you unaware that SS is an insurance and NOT a retirement account.
i don't think you need to tell us that it's insurance. i think you need to tell the millions of people who are using it as retirement, as well as the millions who have saved at rates anticipating SS to be used as their retirement (in the future)
if it was insurance, the vesting age would be like 75 now or some shite
This post was edited on 12/28/14 at 9:10 am
Posted on 12/28/14 at 9:11 am to SpidermanTUba
quote:
How do we pay current beneficiaries when everyone opts out?
they took a bad risk and were a generation of insolvency. not my fault
quote:
Just frick em?
as opposed to supporting a system that will frick me? that's rational or fair?
Posted on 12/28/14 at 11:32 am to SlowFlowPro
"Social Security is the most successful government program in history." ... Nancy Pelosi
Posted on 12/28/14 at 11:53 am to Zach
quote:Outside of military efforts, she's probably right.
"Social Security is the most successful government program in history." ... Nancy Pelosi
Posted on 12/28/14 at 12:03 pm to GumboPot
quote:
You earn less than $129,000 per year
I'm out.
Posted on 12/28/14 at 1:05 pm to SpidermanTUba
quote:
quote:
It is in fact, a classic Ponzi scheme.
Social Security works according to public laws that anyone can read. A Ponzi scheme requires the inner workings of the scheme be kept secret from the investor. Thus SS is not a Ponzi scheme.
Did you know that?
That's quite a pointless qualification for legality when you are forced to invest in the federal government's Ponzi scheme through threat of imprisonment.
Posted on 12/28/14 at 3:20 pm to LeonPhelps
quote:The faith in government is puzzling. I dont' for a moment believe that if it's in the government's best interest to say "frick 'em" to the citizenry, they'd do it.
Just frick em?
--------------
Yes
Posted on 12/28/14 at 3:25 pm to BBONDS25
quote:
What happened to all the money recipients paid in?
It is used to pay the beneficiaries at the time it is paid in. When there is excess, it is placed in the trust fund, when there is shortfall it comes out of the fund, but for the most part Social Security is a pay as you go system and has always been. Even the trust fund equates to pay as you go since it is just government debt, the only difference the shortfall or excess goes to the income taxpayer rather than the FICA taxpayer.
Duh. Seriously come on you had to have know this I don't believe you are that ignorant.
This post was edited on 12/28/14 at 3:26 pm
Posted on 12/28/14 at 3:27 pm to Turbeauxdog
quote:
That's quite a pointless qualification for legality when you are forced to invest in the federal government's Ponzi scheme through threat of imprisonment.
Or you could go work for the the government and not have to pay social security taxes.
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