when I reach the age to actually need it. If that's the case why am I still being required to throw hurdreds, if not thousands of dollars into something I'm never going to use? Is there anyway I can get all that money early?
2007-02-12 10:33:28 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
This is a common scare tactic that has been thrown about on and off for decades. The reality is that Congress is not going to allow that to happen.
The current administration isn't likely to move on it due to their misguided attempt at partial privatization of Social Security. Therefore it's likely that it will be at least another 2 or 3 years before any movement is made on it. Sadly, this will exacerbate the situation somewhat but it's not a death blow at least yet.
You don't directly receive the money you pay into SS. Your retirement will be funded in part by the contributions of the workforce after you retire. The money that you are paying in today goes to current retirees; it is not held for your retirement.
There is no way to "opt out" of SS, nor should there be. Nor is there a way to "remove" your contributions, aside from becoming totally and permanently disabled.
2007-02-12 11:21:25 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
The SS that comes out of your paycheck goes to those that are on SS today. That's why its mandatory for you to pay. You can't get anything early. They have age limits for a reason. The government has emptied out the SS fund so that's why the people who work today ARE the SS fund.
2007-02-12 18:57:44 · answer #2 · answered by rae2569 1 · 1⤊ 1⤋
You are paying the benefits to current recipients. There is no money there to get early. Just like every other tax, the money was spent before you paid it.
2007-02-12 18:54:23 · answer #3 · answered by STEVEN F 7 · 1⤊ 1⤋
Technically Social Security is voluntary, but once your in it's very hard to get back out. If your parents signed you for it sorry but you're probably screwed. All you get out of it is probably going to be your tracking number.
2007-02-12 18:43:22 · answer #4 · answered by chesster415 2 · 0⤊ 4⤋
Yuppers. Yer heard right.
2007-02-12 18:37:37 · answer #5 · answered by JiveSly 4 · 0⤊ 2⤋
no chance...you'll be screwed until the day you die. your only fleeting hope is to not vote for liberals, honestly...they like the current system and refuse to see the forest throught the trees...sorry
2007-02-12 18:37:48 · answer #6 · answered by Anonymous · 1⤊ 4⤋