I am 23 years old and social security takes out more money then everything else except federal. Should we really have to pay social security when we might not ever see it?
2007-07-12 06:15:06 · 9 answers · asked by cwop357 1 in Business & Finance ➔ Taxes ➔ United States
It's unlikely that the entire Social Security system will collapse before today's 20-somethings retire. Although the predictions are dire, it's more likely that the system will be revamped or reconstructed than completely scrapped, so you'll see your money eventually.
Don't depend on Social Security for your retirement though - that should be your padding, not your primary income, during your retirement. You should be contributing at least 10% of your paycheck to your 401k or Roth IRA.
2007-07-12 06:20:46 · answer #1 · answered by teresathegreat 7 · 3⤊ 1⤋
Yes you should still be paying. If you stopped, the system will fail for sure. I’ve been paying a lot longer than you have and have not seen a dime of it. Make sure you are taking advantage of your employers 401K, and/or you have an IRA set up. Even with social security you will need your own investments to retire. Starting early is the best strategy.
Wait until you start making more money and find out that taxes get higher and higher of a percentage, not just a high dollar amount because you make more money. Plus you start to loose write offs. If you are really lucky you’ll get to learn about AMT as well. Trust me; social security will be the least of your concerns.
2007-07-12 06:26:54 · answer #2 · answered by Robin C 5 · 1⤊ 2⤋
The Social Security taxes you pay fund the current retirees benefits. The premise of SS is that the young workers pay for the retired workers.
Social Security will be around for the indefinite future. What your benefits will be is impossible to predict. But you are also covered under the SS disability program, which is a very valuable benefit. If you are disabled, you, your spouse, and children will receive benefits.
2007-07-12 06:21:58 · answer #3 · answered by ninasgramma 7 · 3⤊ 0⤋
Although i'm 55, I'm with you.
Social "Security" and Medicare have always been ways for politicians to purchase votes today by giving out 'benefits' that people who can't vote today will have to pay for in the future.
The proper and honest thing to do is to tell the truth. The programs are bankrupt and should be abolished -- together with their taxes.
What?? You say people don't believe in the government telling the truth and spending only what it currently taxes?
Be danged -- there goes the whole Democratic platform out the window.
We'd best alert Nancy Pelosi right away. She's living a lie.
:-)
2007-07-12 06:26:01 · answer #4 · answered by Spock (rhp) 7 · 1⤊ 2⤋
Of course you should have to pay it. The fact that you "might never see it" is rather irrelevant to the continuing existence of the program and whether you should contribute to it.
Although I am considerably older than you are, I have paid into the program all my working life, and I "might never see it" either, should I happen to die before I am old enough to collect.
2007-07-12 06:19:34 · answer #5 · answered by acermill 7 · 6⤊ 0⤋
I think that social security should be completely phased out. Maybe take money out until we are 25 or something. I am 24 and I totally feel your pain. Just make sure that your job has a good 401k program and sign up. You want to put at least what they will match and then maybe a percentage or more than that.
2007-07-12 06:19:16 · answer #6 · answered by Amy_S 3 · 0⤊ 5⤋
Doesn't matter if you'll ever see it or not. Your withholdings and mine are used to pay current SS recipients.
2007-07-12 08:45:31 · answer #7 · answered by Bostonian In MO 7 · 0⤊ 0⤋
yes because it's not only for us, but also for those that have already worked so many years and are retiring...its not all about you you know!
plus you get a bunch of it back when you file taxes...or at least i do!
2007-07-12 06:24:38 · answer #8 · answered by suavi29 3 · 0⤊ 4⤋
But we will see it when we retire. i think it should be optional.
2007-07-12 06:17:52 · answer #9 · answered by Anonymous · 0⤊ 3⤋