Social Security that I pay, and will never get?

Question

So, from what I have learned through reading news and etc... social security benefits are supposedly ending about three years before I hit my retirement age...
I fall within the age range where there is a very good possibility that I will never receive social security benefits.
My only question is....
Why do I have to pay social security every payday for the rest of my life, and when it is time for me to retire, I will never get it. Will I get a check reimbursing me for everything that I have already paid in?
The government is taking my money every paycheck to supposedly "SAVE IT FOR ME TO RETIRE" but I will never get it.
Why can't I save my own social security money? Why can't I stop them from taking it from me and put it into my own account that I know I will have later in life?

Why do I have to pay social security my entire working life and never receive it once I retire.?
What a wonderful country we live in.....

Answer 1

"President Bush should be commended for promising to address the looming Social Security crisis during his second term, a crisis that Congress and successive presidents have ignored for decades. Hopefully Americans will realize that the notion of Social Security as an insurance program is a lie, and that Congress has not put their Social Security contributions into any trust fund." - November 9, 2004

Answer 2

You forget that you pay into the social security system and that you get an amount back based on what you payed in. But I suppose that you believe that people who worked but are now old or disabled should not have phones. The fact that this gentleman was concerned about his bills is a good sign. They are a priority for him. He wants to pay them. I can understand that some people believe that the poor, old, sick, or disabled are not entitled to have any comforts or enjoyment in life. I will never get upset at a disabled person for buying a $5 chocolate cake when he can get by with a $1 package of crackers. That man you saw is hardly living a better life than you are if he is worrying about being able to pay the electric bill. Cell phones cost at most $30/month more than a land line, hardly living the good life. I believe a $350 vacation once a year is acceptable for someone who lives in government housing watching a cheap TV day after day. That's saving $30/ month for a brief period of enjoyment. Do you seriously believe that disabled people should be made to have harder lives so that you can have your taxes lowered 1%? Your disabled friend lacked patience. Did you stop to think that a hard life and living with a disability can affect your mood? Show some compassion for handicapped people in the future. All we need is for the government to come in and tell us how to live our lives.

Answer 3

Good question. Paying into SS is something that you are more or less stuck with, so there's no point in getting your shorts in a knot about it. There is a very common myth about SS that, unfortunately, too many people have bought into, and that is that SS is supposed to support your retirement. It was never intended, nor designed to do so. It was only intended as a retirement supplement, nothing more. Interestingly enough, the retirement age for which retirement benefits could be collected,(65) was set at a time when the average life expectancy in the U.S. was only about 70. Pretty convenient huh? Add to that, the unexpected post WW11 population explosion (Baby Boomers), and the gradual life expectancy increase due to higher living standards, better medical treatments, diet improvements, and reduced demands of high intensity labor, and it is easy to see how the system comes under increased stress over time. This problem is not new. But, add to the mix the lack of political will in congress;(let's not forget that CONGRESS, not the president, holds the purse strings) to address the issues for fear of taking what may be an unpopular stand, and it's plain how the problem only festers.
Remember that until the 90s Democrats controlled congress for 40+ years and had no problems with borrowing money to finance a raft of social programs SS was never intended to provide for.
Starting with Johnson, and his "Great Society" fiasco.
The moral of the story? Don't ever depend on the gov"t to fix a problem. Clinton campaigned on fixing SS twice and what did he accomplish? Nothing, just kick that can a little further down the road.
The good news is, there are always alternatives. If you are skittish, as a lot of people are about investing, there are ways to put money away that involve little, or no risk. and you don't need a whole lot of help to do so. One is to start buying bonds. They mature over a long period of time, and can be purchased at your bank or the post office. CDs, (Certificates of Deposit) can be had at your bank, or,shop around. The rates are very good right now. Money Market Accounts are also available. Both CDs and MMAs are insured. If you haven't already, start to put a certain amount of every check
away, not just for savings, but to use towards the purchase of these investment instruments. Over time, you will see the growth in your net worth. When you become comfortable with the thought of making market investments, it will be time to make an appointment with a reputable financial planner. Think of yourself as hiring somebody to make money for you.

Answer 4

First - learn this, memorize it, tattoo it on the inside of your skull so that you never, ever, forget it:

SOCIAL SECURITY IS NOT FOR YOUR RETIREMENT INCOME.

It's a supplement to it, but it's not your primary retirement income. At least, it's not if you have half a brain, and 2 spoonfuls of ambition.

YOU are responsible for your own retirement, not the government. The government isn't there to support you when you get old and feeble. And you better hope that it never decides to, or that enough people don't vote to make it your guardian.

YOU need to save money for your retirement. The sooner, the better, and the longer, the better. Go study compound interest. Also, if you're in high school, take an economics class. If you're in college, take 3 econ classes. It'll be the best way you can spend your tuition dollars.

YOU need to decide how to invest it, how much to save, how often to contribute, when to change the plan. If you want to retire a millionaire (and you better, in this world and time, or you'll be eating cat food and living in a cardboard box), it's going to happen only if you make it so. That means that you stop whining that the government isn't doing it, and get busy doing it yourself.

Consider this a kick in the pants to get yourself moving. Now show us whether you're smart enough to do something about it, or if you're going to whine some more.

Answer 5

Workers have paid into social security for 70 years. The idea is that current workers contribue to the retirement of former workers. It's not certain that you'll get nothing, but even if you don't, your grandparents and your perhaps your parents will collect it and be less of a burden on you.

This is the lockbox Al Gore was derided for talking about. He wanted to keep the Social Security Trust fund separate. As of 2000, enough money was coming in to keep SS going for 80 more years. Bush continued to comingle the funds, and he spent them on the war and whatever.

It's still possible to save Social Security, and the Democrats will try.

Answer 6

If the dems would just let people privatize social security and quit touching the funds, the baby-boomer generation put in enough money to pay for their retirement and the next generation's.

Answer 7

I have too paid in to Social Security and have 40 quarters but because I moved to Illinois to teach, I can't collect social security because Illinois teachers pay in to the state teacher retirement.

It is considered double dipping in Illinois.

Answer 8

The money you put in now goes to the people on it now.

You'll probably never see that money when you retire, and definitely no reimbursement.

You just gotta love a government that makes a deal with its people, and then screws them.

Answer 9

It's been funding the anchor babies of illegal aliens for years.

They have enjoyed their free WIC

They have enjoyed their free $450.00 food card every month for having two kids.

They have enjoyed their free $530.00 per month AFDC check courtesy of the Department of Economic Security

So at least someone has enjoyed our tax dollars before they are gone.

Just think, when the amnesty goes through about 6,000,000 more will get on welfare.

Such a joy to be a legal American tax payer and my Government doesn't give a crap about me until april of every year! Tax deadline

Answer 10

Why stop there? Don't pay any taxes. You're never going to eat from the food stamp program, hopefully. Hopefully, you'll never stay in a federal prison. You're never going to drive over that "Bridge to Nowhere" in Alaska. You're not going to get to ride on a nuclear submarine, or hang in the situation room in the basement of the white house. So why pay for any of it, just so your neighbors and the community benefit? You're obviously a chump (sarcasm).