re: Social Security's insolvency date is now a year earlier

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It sure would be nice if I could opt of SS

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Go work for a state that opted out. They don't pay into Social Security.

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government employees not covered by Social Security in selected states

State % Noncovered
California 42%
Colorado 76%
Connecticut 64%
Georgia 22%
Illinois 42%
Kentucky 29%
Louisiana 87%
Massachusetts 100%
Missouri 20%
Nevada 100%
Ohio 100%
Texas 35%

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^This. There are two older ladies both 80 in our local community who never worked a damn day in their lives but have been drawing their dead husbands Social Security for nearly 20 years, yet my 78 year old mother who worked her arse off and paid into that shite for 40 years can only draw her check and not my father's also who died over 10 years ago and paid into it for over 40 years also. Total bullshite.

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They are drawing survivor's benefits, which is legal under social security.

Your mother is drawing hers based on what she paid in; your father got to draw his based on what he paid in.

I responded to AugustaDawg with your mother can likely only draw the maximum of the two. SS has never allowed one person to draw the full amount from both their own and their deceased spouse.

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average everyone will collect what they have paid within 11 years of retiring. If your FRA is 67 now your life expectancy is a little over 78....that means most people live longer in retirement than it takes to collect every penny of what they paid during their lives into social security

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Now imagine if you will, that money earning 6-10% returns over that time period. Wow, even if it outlived me, I could leave it to my kids. I'd select option B all day long. But hey, you got your money back now that it's worth 1/3 of what it was when you paid in

SS has no Constitutional basis....

but it isn't going anywhere...

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I was being very facetious. I'm ~ 15 years into dumping money into that garbage arse program.

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I wasn't necessarily replying directly to you but to your generation and the generation behind you that seemed to share the sentiment of your previous post.

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- Is there actually an 8% ROI on money paid into SS? I thought it was much lower than that? - Are you going to get anwhere close to 1.3M back out of it?

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Of course not. My model was based on the assumption that if I took the money paid into SS and invested it in my 401K then when I retired my portfolio would be $1.3M greater assuming I avg 8% ROI on those investments. Keep in mind that calculation isn't 100% accurate due to the nature of compounding interest calculations over time.

Avg ROI on SS is 2.5% according to marketwatch.com.

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It needs to completely go away. I'm offering to give up my ~ 15 years of paying in to make it happen. What will you give up to help make it happen?

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I'm going to disagree with you here. I think it needs to be "privatized" which means that the money put into the system is NOT put into a general pool but into an account with my name on it. Either that or Gov't force you to put whatever the equivalent of FICA Tax payments into your 401K or something to that effect. This account would be transferable to designated beneficiaries upon your death.

GW Bush tried to privatize it in 2000's and it was DOA as democrats and the media propaganda machine spewed their garbage message. This was the point when I lost complete faith in our government to ever fix a problem in this country.

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Opt out of both I guess.

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I've retired years ago. Was opting out possible?

These SS threads are hilarious. Filled with people that don't understand what SS is and how it is supposed to work. One poster claimed people were contributing $5000.00 a year for 40 years to SS. That means that person was earning over 80k a year for 40 years.

So we can enact a bipartisan $1.7 trillion Infrastructure Bill several years ago but we can't infuse say $100 billion into SS? Things that make you go hmmmmm.