Is being in social security program a good thing?

quote:

---

Now teachers in 12 states -- Alaska, California, Colorado, Connecticut, Illinois, Louisiana, Maine, Massachusetts, Missouri, Nevada, Ohio, and Texas --
don't have coverage arrangements with Social Security.

---

The only way they can opt out of social security is if they are participants of a state pension plan that pays at least as much as social security would pay them.

In Louisiana, teachers get more than double the amount they would receive if they retired under social security.

My wife contributes to the Texas retirement plan in lieu of social security.

I prefer Texas retirement system. I believe we'll get a better return on money contributed as social security benefits are certain to decrease by sheer demographics of number of retirees and those working to pay money into the program.

Any defined pension benefit plan state, federal, or private is subject to decreases in benefits payout down the road unfortunately. Politicians and constituents want the dessert today and kick the the big problems down the road which will have to be paid for at some point.

Never put all your eggs in one basket.

quote:

---

Would I opt out of paying into a program for which I will likely never see a penny when I'm old enough to receive it?

---

This has been commonly said for years. Is there anything to back up this claim?

quote:

---

Is there anything to back up this claim?

---

Per the 2017 Social Security Board of Trustees report, the Old Age, Survivors, and Disability Trust (OASDI) will begin paying out more in benefits than it's generating in annual revenue by 2022. Just 12 years after that, in 2034, the OASDI is expected to have completely exhausted its $3 trillion in asset reserves.

Factors at play include on-going retirement of roughly 4 million baby boomers a year, a relatively steady lengthening of life expectancies, and a growing income inequality where well-to-do retirees live substantially longer thereby receiving a high monthly payout for an extended amount of time.

Having said all that, since Social Security is funded by payroll taxes it theoretically won't go bankrupt. However, the current payout schedule is unsustainable. That means, the government will modify the program by increasing the age at which you can get benefits, lowering the amount of benefits, and/or reducing your benefits if you have "too much" money.

In short, responsible people will earn a negative return on all of those dollars they were forced to provide. Irresponsible or unfortunate people will likely get more.

In summary, the government sucks.

quote:

---

n short, responsible people will earn a negative return on all of those dollars they were forced to provide. Irresponsible or unfortunate people will likely get more.

---

So when someone says they will never see a penny, they are probably being a bit of a drama queen? That was kind of what I figured

Jeb Bush honestly had the most sensible plan. Extend SS full retirement age by 1 month for every year that passes.

When SS was created and full retirement age was established, the average life span was only like only 8 years beyond that. Since then, it’s extended dramatically.

It's called math. I haven't heard any politician calling to do anything because they don't have to. They'll wait until the thing is about to fold before they do anything -- and by then there will be a new "they" that has to do something about it. So, much like President Obama lied when he said that "you can keep your doctor", there were those of us who saw that it was complete bullshite because the forces in play would absolutely affect that happening. So, they can keep the law "as is", and you can say "see there, the bad man is wrong because they aren't changing the law", but when the piggy bank is empty then the shite hits the fan.

Make sense?

quote:

---

Make sense?

---

No.

I fail to see what Obamacare has to do with Social Security.

Nothing at all. It was an analogy telling you not to hang your hat on what a politician says or doesn't say. Don't let anyone do your thinking for you.