I dont mean disability. just receive what i have put in so far.and not collect when im older.
2007-07-08 03:06:35 · 7 answers · asked by tucsonaz1970 1 in Business & Finance ➔ Taxes ➔ United States
No. The social security taxes that you paid while you were working went to pay current recipients. When it is time for you to receive monthly benefits, the funds will come from those who are still working and paying the tax. Unfortunately SS is not a savings plan for a nest egg.
If you have a defined benefit pension plan where you work, so much the better. This plus the SS benefit may be enough to live on. If you don't have a private pension plan in addition to SS benefits, you'll need extra private savings because SS benefit isn't enough to live on. If it's a nest egg you are looking for, then see about starting a 401k, IRA, or TSA to supplement your SS benefit.
2007-07-08 03:39:13 · answer #1 · answered by Kraftee 7 · 0⤊ 0⤋
No, there's no truth to that old urban legend whatsoever. The SS taxes you are paying are not for your future benefit but for the benefit of current SS recipients. Once you retire the benefits you receive will come from people paying SS taxes at that time.
2007-07-08 03:49:19 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
No, because your lump sum is paying for someone already retired/disabled. When you retire or become disabled, then someone will pay for you. It a "Give and Take" type setup. Give now, take later.
2007-07-08 03:16:44 · answer #3 · answered by Snaglefritz 7 · 0⤊ 0⤋
Nope, that's not true either. Where are you getting this misinformation?
2007-07-08 06:47:47 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
I Wish !!!!! Good luck getting anything from them even when your old enough too !!!!!
2007-07-08 03:15:46 · answer #5 · answered by crazytrain565 1 · 0⤊ 2⤋
No.
2007-07-08 03:09:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
um. no.
2007-07-08 03:13:48 · answer #7 · answered by Esjae 3 · 0⤊ 0⤋