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Posted on 10/10/17 at 11:22 am to 50_Tiger
I would forego every dime owed to me if it would exempt my kids.
Posted on 10/10/17 at 11:26 am to 50_Tiger
What we have in Social Security's Lockbox:
Posted on 10/10/17 at 11:29 am to 50_Tiger
Yes. frick the baby boomers
Posted on 10/10/17 at 11:32 am to 50_Tiger
quote:
Should people under 35 be allowed to opt out of Social Security?
So at 38 I'm what just screwed? frick that!
Posted on 10/10/17 at 11:49 am to Lightning
quote:
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
Well then thoes people were very misinformed about their rights about disabilities, ss, and medicare.
One of the only three ways to collect medicare and ss, is to be 65, have end stage kidney disease, or on disability. So if they are claiming they cant work because they are on disability, and to young to get on ss, and medicare, they are lieing and dont want to work.
Im taking health care remimbursement right now, and just learned this.
Posted on 10/10/17 at 11:54 am to SoulGlo
quote:
I would forego every dime owed to me if it would exempt my kids.
Same here. I've been "paying in" for 13 years if we go from my graduation from college. Why would I want to pay in for a hypothetical 29 more years for something I probably won't see any benefit from? Rip the band aid off now and let people opt out. Surely it will be totally gone within a decade and we can all look back and see how crappy the system was. But none of our kids or grandkids have to be saddled with propping it up so we can get our check in 30 years. Honestly, my family has done quite well taking care of our own elderly and I'd rather it be that way than on the government.
Posted on 10/10/17 at 12:08 pm to 50_Tiger
SS isn't going anywhere. No politician or gov can put Pandora back in her box. I would much rather get to keep my own SS money to invest myself (especially as a higher income professional), but you have to be pretty dumb to think SS will cease to exist in our lifetime.
Posted on 10/10/17 at 12:14 pm to 50_Tiger
quote:
Old people are pretty horrible at money management
You need to understand that most older people wanted to be able to opt out of SS and have the ability to invest the money themselves.
This isn't some new idea you've come up with. We had the exact same thoughts.
Posted on 10/10/17 at 12:20 pm to udtiger
quote:
continue to allow the "employer's half" (or 1/2 of the self-employment taxes) to SS
Well, thank you for "allowing" me to continue to pay SS deduction for my employees and while we're at it I'll "allow" you to GFY.
What a fricking entitled attitude. You don't want to pay your half but you want to "allow" me as an employer to pay the other half on your behalf.
Posted on 10/10/17 at 12:33 pm to VABuckeye
quote:
quote:
continue to allow the "employer's half" (or 1/2 of the self-employment taxes) to SS
Well, thank you for "allowing" me to continue to pay SS deduction for my employees and while we're at it I'll "allow" you to GFY.
What a fricking entitled attitude. You don't want to pay your half but you want to "allow" me as an employer to pay the other half on your behalf.
Yeah I pointed that out a bit ago and kind of chuckled. Apparently he's not on loan from NASA.
Posted on 10/10/17 at 12:34 pm to 50_Tiger
quote:
On top of actually seeing that buck when I turn 60 (God willing.)
Like any millenial will live to see 60 with the long hours for low pay the boomers force us to work. And we can't even get a president that will let millenials get healthcare!
Posted on 10/10/17 at 12:54 pm to Tbonepatron
quote:
Why you hate old people baw?
what hate? they "invested" in the system. if they believed in it so much, surely they believe their "investment" is still there, right?
Posted on 10/10/17 at 1:05 pm to YipSkiddlyDooo
quote:
but you have to be pretty dumb to think SS will cease to exist in our lifetime.
there isn't enough money 15-20 years down the road
either benefits will be reduced dramatically or some insane policy like means testing will be requred...or it will crash
Posted on 10/10/17 at 1:21 pm to SlowFlowPro
Or they will raise taxes, print more money, increase specifically the FICA tax, raise the age (which has already been done once) for full retirement, stop postal delivery on Saturday, eliminate white males from receiving yet raise their tax on it.
I've heard Social Security doom and gloom all of my life. Longer than traffic studies for Baton Rouge. With the exception of tweaks and adjustments everyone posting in this thread - if they live long enough, will receive Social Security. There is no way in hell this country can stop that no matter who is in office.
Millenials need to get married and start having kids because the low birth rate puts a burden on them.
I've heard Social Security doom and gloom all of my life. Longer than traffic studies for Baton Rouge. With the exception of tweaks and adjustments everyone posting in this thread - if they live long enough, will receive Social Security. There is no way in hell this country can stop that no matter who is in office.
Millenials need to get married and start having kids because the low birth rate puts a burden on them.
Posted on 10/10/17 at 1:47 pm to Martini
Interesting notes
What could go wrong? Sounds like a perfect system.
quote:
We have people like Ida May Fuller who was the first person to receive benifits from social security, she put in $49.50 and collected $22,889 . Why? because she lived way passed the retirement age. Which is becoming a greater problem as life expectancy is countinuously growing.
quote:
In the 1930's the retirement age was 62 and the average lifespan was only 55. Statistics 2010- Retirement age is 65 and the average lifespan has increased to 78.
What could go wrong? Sounds like a perfect system.
Posted on 10/10/17 at 1:49 pm to SlowFlowPro
quote:
they "invested" in the system.
They just dont make ponzi schemes like they once did...
Posted on 10/10/17 at 2:01 pm to nogoodjr
I feel like there is an exponentially larger amount of Ida May Fullers today... 
Posted on 10/10/17 at 3:19 pm to Tiger2287
quote:
Well then thoes people were very misinformed about their rights about disabilities, ss, and medicare.
One of the only three ways to collect medicare and ss, is to be 65, have end stage kidney disease, or on disability. So if they are claiming they cant work because they are on disability, and to young to get on ss, and medicare, they are lieing and dont want to work.
Huh? That's what I just said - they are in their early 60s, so not yet eligible for SS and Medicare. There are not a ton of companies looking to hire 60+ year olds with a bad hip, bad knee, arthritis, etc. So these people find a doctor that will work with them to fill out the paperwork to get on disability. That's how they are bridging the gap between their working years and their SS years.
Raising the SS eligibility age to align with actual life expectancy will result in more of this. A 69 year old may have a decade or more left of life, but those aren't necessarily going to be working years. I'm not saying it's right or it's wrong, just something to consider when we talk about raising the SS age.
Posted on 10/10/17 at 3:45 pm to 50_Tiger
quote:
I feel like I can invest that money in better vehicles and get more bang for my buck.
On top of actually seeing that buck when I turn 60 (God willing.)
No, but we should be able to control how our money is invested like you said. If we allow people to opt out, too many people would just opt out and do nothing. Then what do we do when they're old? Can't just say oh well and let them starve to death.
As to your second part, the Social Security system isn't going away any time soon. It's currently running a surplus. The surplus is expected to last until 2019-2020 and if nothing is changed the fund won't be exhausted until the 2030s. I'm sure long before then something will be done to make sure it isn't exhausted without some sort of backup plan.
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