Tell me why my idea is dumb - retirement nest egg for future generations

What about the option to keep SS tax to put in your own ira but govt owes you zero at 62+?

What to do with the balance of us that have paid into for 30 yrs? We get a check to put in ira?

Its complicated

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What about the option to keep SS tax to put in your own ira but govt owes you zero at 62+?

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GW Bush tried to pursue this concept when in office. For his efforts Congress and the media tried to crucify him.

My retirement plan:

Step 1: Open credit card account

Step 2: Repeat step 1

Step 3: Repeat step 2

Step 4: Live, laugh, love (if physically possible)

Step 5: Die

Step 6: Laugh from Heaven as cc bills rack up in mailbox (ha got em)

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The problem is that future social security taxes are needed to pay the current obligations. We can’t allow future workers to opt out of SS without huge disruption or another huge increase in national debt.

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The government has several names for something like this and they all end with scheme. Ponzi scheme being the most obvious.

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So instead of social security the future generations would get $50,000.00 placed into a roth ira at 18 that they would pay back with yearly contributions($1,250.00) for the next 40 years. That $50,000.00 would be invested in VTI and with an average 8% rate of return and compounding interest everyone would have a million dollars tax free at 58 years old.

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So what are you going to do with the disabled and the orphaned, 66% of the recipients social security was started for?

Social security is not and never was a retirement plan nor account, it is an insurance policy which pays recipients should they get too old to work, too disabled to work or it pays their beneficiaries if their parent or spouse dies.

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The problem is that future social security taxes are needed to pay the current obligations. We can’t allow future workers to opt out of SS without huge disruption or another huge increase in national debt.

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This is bc SS is the ultimate Ponzi scheme.

You are ignoring sequence of returns rate risk. While the market may return 8% over time, it doesn’t mean it’s going to do it for the next 10 years. If you get in at the wrong time you may end up with only $500,000 while someone else ends up with $2,000,000.

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You are ignoring sequence of returns rate risk. While the market may return 8% over time, it doesn’t mean it’s going to do it for the next 10 years. If you get in at the wrong time you may end up with only $500,000 while someone else ends up with $2,000,000

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With a 40 year time horizon, historically it’s almost always equaling out.

He said start at 18 end at 58.

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Well, in order for everyone to have a million dollars by 58 years old everyone would have to also pay a million dollars by the time they are 58 years old

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I think you're thinking of the current SS system was set up, which is essentially why it is failing.