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Started By
Message
1
Posted on 10/10/17 at 10:33 am to 50_Tiger
quote:
Should people under 35 be allowed to opt out of Social Security?
Yes, but liberal progressives/Democrats will never allow it; they thrive on government dependency and establishment politicians on both sides of the isle want those tax dollars to spend as they see fit.
Posted on 10/10/17 at 10:33 am to double d
quote:
Honestly it wouldn't be a bad idea but unfortunately the vast majority of people would never put anything aside and would depend on the Government even more when older.
This right here. You think SS is bad now (which it is), wait till you are taxed out the wahzoo to pay for those that spent their money on other things than retirement planning.
Posted on 10/10/17 at 10:33 am to 50_Tiger
quote:I mean, if they could afford to "throw" $500k at Apple, shouldn't they already be millionaires?
I tried to convince my parents to throw 500k @ apple when their stock did the 7-1 split a few years ago.
My mom was so horrified at the thought, like for some reason they thought that money was literally untouchable.
They would be millionaires today and not working.
Posted on 10/10/17 at 10:33 am to Martini
quote:
So old people didn't pay SS? I've paid in for 50 years. And on top of that I've owned my own business so not only did I pay my 6.2% out of my check I also as an owner paid the 6.2% match.
I wish they would get rid of it to reduce my 6.2% SS mandatory employee match.
You are paying in 7.65% for Social Security and Medicare out of your check. Your employer is also paying a full match of 7.65% for those same two (FICA) so don't think junior is the only one paying for senior.
Are there not other benefits from being a business owner that have not offset your payment?
(FYI im not being obtuse, I legit don't know.)
Posted on 10/10/17 at 10:34 am to 50_Tiger
quote:Taking risks with a half million of other people's money is fairly easy.
I tried to convince my parents to throw 500k @ apple when their stock did the 7-1 split a few years ago.
Posted on 10/10/17 at 10:35 am to shel311
quote:
I mean, if they could afford to "throw" $500k at Apple, shouldn't they already be millionaires?
At that time their 401k portfolio was right around 1mil.
They would of added roughly another ~ 400k by that move after taxes.
They pay right now ~2k a month for health insurance. My Dad's family except for one person has lived to at least 90.
So that extra 400k would of probably sealed the deal.
Posted on 10/10/17 at 10:36 am to 50_Tiger
So your investment strategy for people nearing retirement is to take penalties/taxes and dump half of their savings into a single company?
This post was edited on 10/10/17 at 10:37 am
Posted on 10/10/17 at 10:37 am to Topwater Trout
quote:
do they lose their SS benefits when they opt out?
I think if it were to happen, this would be the opportunity cost.
Posted on 10/10/17 at 10:38 am to PearlJam
quote:
So your investment strategy for people nearing retirement is to take penalties/taxes and dump half of their savings into a single company?
It was Apple. Not some hocus pocus tech company.
I simply saw it as a way to get beyond the finish line.
edit: I get what you are trying to say btw.
This post was edited on 10/10/17 at 10:40 am
Posted on 10/10/17 at 10:39 am to 50_Tiger
Neaux I like my check after 45 years of working and paying.
Posted on 10/10/17 at 10:39 am to Teton Tiger
quote:
Neaux I like my check after 45 years of working and paying.
Was that you that just downvoted the whole thread?
Posted on 10/10/17 at 10:43 am to udtiger
quote:
b) continue to allow the "employer's half" (or 1/2 of the self-employment taxes) to SS;
I'm sure your "employer" thanks you for allowing them to spend "their" money the way you see fit.
And the current retirement age for full benefits if born after 1960-which I'm sure most in this thread were-is 67.
You people need to read up on how social security actually works before spouting off.
Posted on 10/10/17 at 10:48 am to 50_Tiger
No, because those are the people paying for it now. There is no trust fund. It's empty, being maintained only by new taxes. It's a ponzi scheme that should be done away with, or at least phased out. There should be a gradual step down in who gets benefits until they die, delaying when benefits are received, and then gradually reducing the taxes on it to nothing as fewer and fewer people are allowed on it until the program is eliminated completely at the federal level (if states want to take it over, they can do so).
Posted on 10/10/17 at 10:48 am to TheCaterpillar
quote:
It originally was designed to support people the last few years of their life. Now we have people on it for decade plus.
Life expectancy has far outgrown the periodic rise in social security age. Both my in-laws and both my parents are eligible and are all still working and healthy and vibrant.
This is true, but while we have dramatically increased life expectancy, we haven't made huge strides in the health/quality of life of those extra years.
So a 65 year old is likely to live another 15-20 years, but those won't necessarily be healthy productive years for working. Obviously there are exceptions to this and plenty of healthy elderly people who can and do hold a job. But there are plenty of people who can't as well. We'll be trading SS payments for disability payments for those people.
I know of several people (not all deadbeats, though there are a few...) in their early 60s who weren't eligible for SS or Medicare yet but also were not able to find a job/hold a job with their typical old people health issues. They went on disability until they were old enough for SS.
Posted on 10/10/17 at 10:49 am to 50_Tiger
quote:
I think if it were to happen, this would be the opportunity cost.
since you should be fully vested at this time that would be kind of dumb to throw away the SS check
Posted on 10/10/17 at 10:50 am to yellowfin
quote:
I'm 37 and would opt out tomorrow if they'd let me. I'd donate everything I already paid to the cause. Let me out and we'll call it even
It's fricking criminal that you can't do this. If they were truly handling the money properly then they would be thrilled to let people opt out. It's literally like people gifted thousands of dollars to them and expect absolutely nothing in return. But they don't know how to handle their money so they need everyone to continue coughing up the cash for the rest of their lives knowing fully well that they won't see any return on investment. And they can get away with it because they hold ultimate power of you. Sounds an awful lot like the mafia.
Posted on 10/10/17 at 10:53 am to Topwater Trout
quote:
since you should be fully vested at this time that would be kind of dumb to throw away the SS check
There's a high probability that check won't be there regardless.
Posted on 10/10/17 at 10:54 am to 50_Tiger
Fine, just don't look to me to bail you out when you are a lousy investor
Posted on 10/10/17 at 10:55 am to wfallstiger
quote:
Fine, just don't look to me to bail you out when you are a lousy investor
Maybe not me but I understand your sentiment 
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