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Started By
Message
Do you believe in Social Security choice?
Posted on 7/7/14 at 3:06 pm
Posted on 7/7/14 at 3:06 pm
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.
I support this and am pro-choice when it comes to Social Security.
I want to hear reasons why this is a bad idea.
20
Posted on 7/7/14 at 3:08 pm to goldennugget
quote:
I want to hear reasons why this is a bad idea.
Because then the government can't use our retirement money for something else, duh.
Posted on 7/7/14 at 3:09 pm to goldennugget
It isn't, frick SS. If they told me I could opt out today and not receive a penny after retirement I would. I could do a way better job investing my money. I could honestly give two shits about the boomer's retirement as well.
Posted on 7/7/14 at 3:10 pm to goldennugget
I would forego all of the money I've already paid in if it meant I didn't have to pay another cent into SS.
Posted on 7/7/14 at 3:13 pm to goldennugget
It's a bad idea because anyone with a brain will opt out and the rest will not be able to fund it. It is already unsustainable...imagine if 60% opted out.
The Feds will never give up money from their pockets. It's too much of a vote-buying slush fund to give up.
The Feds will never give up money from their pockets. It's too much of a vote-buying slush fund to give up.
Posted on 7/7/14 at 3:14 pm to goldennugget
Personally, I would love to be able to opt out of it and invest the money myself. I'm young so I could throw everything into a Vanguard target retirement fund and end up with a lot more money than the current Social Security system will give me.
Reasons why it might be a bad idea:
Most people are not savvy investors, and some people would become victims of investment fraud.
The government would need some way to ensure that people who opt out of SS have actually invested the money for retirement. Otherwise, if the citizens spend the money, they're going to be a burden on everyone else when it's time for them to retire.
How could the government be sure the system isn't abused?
Reasons why it might be a bad idea:
Most people are not savvy investors, and some people would become victims of investment fraud.
The government would need some way to ensure that people who opt out of SS have actually invested the money for retirement. Otherwise, if the citizens spend the money, they're going to be a burden on everyone else when it's time for them to retire.
How could the government be sure the system isn't abused?
This post was edited on 7/7/14 at 3:15 pm
Posted on 7/7/14 at 3:16 pm to goldennugget
Yes.. SS should never have been put into place. It's a Ponzi Scheme.
Posted on 7/7/14 at 3:18 pm to goldennugget
Nope, choice is only important when it comes to kill babies or deciding what sex you want to be.
Posted on 7/7/14 at 3:19 pm to goldennugget
quote:YES X INFINITY
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.
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
Posted on 7/7/14 at 3:22 pm to goldennugget
Yes. As others have said, I believe I can do a better job saving/investing for my retirement than the government can. I would opt out tomorrow if allowed.
Posted on 7/7/14 at 3:24 pm to goldennugget
When social security was passed, the retirement age was the same as the the average life expectancy. Today, people are living much longer. If the retirement age for social security more closely matched the average life expectancy, it would be solvent.
The issue is that having Social Security there for retirees does two things:
It reduces workers' abilities to save as more of their income goes to taxes.
It incentivizes not saving because citizens are guaranteed income at the end of their lives whether they save, work, or not.
The issue is that having Social Security there for retirees does two things:
It reduces workers' abilities to save as more of their income goes to taxes.
It incentivizes not saving because citizens are guaranteed income at the end of their lives whether they save, work, or not.
Posted on 7/7/14 at 3:31 pm to goldennugget
Hell yes
I don't see why this isn't a choice
I mean I know why it isn't, but it's stupid
I don't see why this isn't a choice
I mean I know why it isn't, but it's stupid
This post was edited on 7/7/14 at 3:32 pm
Posted on 7/7/14 at 3:37 pm to goldennugget
Yes. Absolutely, positively for.
And the fact that Progressives use it as a tool to bludgeon elderly voters into compliance only reinforces my position.
And the fact that Progressives use it as a tool to bludgeon elderly voters into compliance only reinforces my position.
Posted on 7/7/14 at 3:40 pm to goldennugget
quote:
Do you believe in Social Security choice? (Posted on 7/7/14 at 3:06 pm) 0 0 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.
No. You already have an option to invest your own money into a personal retirement account.
Social Security works because it's mandatory.
Posted on 7/7/14 at 3:42 pm to goldennugget
When I was in my mid 20s I thought about this a lot and believed opting out would an excellent idea.
Now in my late 40s, I see the wisdom in having younger generations supplementing my retirement one day. Soon you will understand.
Now in my late 40s, I see the wisdom in having younger generations supplementing my retirement one day. Soon you will understand.
Posted on 7/7/14 at 4:52 pm to goldennugget
The problem with individual investment accounts is that most people just look back at the history of the stock market and figure they will get average returns with dollar average investing.
They fail to consider the fact their personal income will be subject to the same market forces that cause recessions and booms. In recessions, when the stock prices are lower - people, on average, save LESS for retirement - because they have less income. During booms, conversely, when stock prices are highest - people on average save MORE for retirement, because they have more income.
(IN fact - that's part of what drives recessions and booms!) So while dollar averaged investing sounds good on paper in practice the average person is going to have trouble implementing it.
So presuming you will be able to continue dollar averaged investing until retirement is just naive.
They fail to consider the fact their personal income will be subject to the same market forces that cause recessions and booms. In recessions, when the stock prices are lower - people, on average, save LESS for retirement - because they have less income. During booms, conversely, when stock prices are highest - people on average save MORE for retirement, because they have more income.
(IN fact - that's part of what drives recessions and booms!) So while dollar averaged investing sounds good on paper in practice the average person is going to have trouble implementing it.
So presuming you will be able to continue dollar averaged investing until retirement is just naive.
This post was edited on 7/7/14 at 4:54 pm
Posted on 7/7/14 at 5:23 pm to goldennugget
quote:
Do you believe in Social Security choice?
Yes
Posted on 7/7/14 at 5:49 pm to goldennugget
Every time I see that SS withheld it burns me up because I know I'll never see a penny of it.
Tens of thousands of dollars taken against my will that will never be returned to me.
Tens of thousands of dollars taken against my will that will never be returned to me.
Posted on 7/7/14 at 5:57 pm to goldennugget
quote:It is a way for the government to force the populace to fund its debt, and thank the government for providing the opportunity. The government giving that up would be inconceivable.
I want to hear reasons why this is a bad idea.
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