How/what can our government do to save social security?

Question

Taxpayers are currently paying outragious amounts for social security that we will probably never see. What can be done to save it? Also what happens to the money if someone has paid in for years and then dies without collecting a penny back?

Answer 1

Privatize it. If people want to stay in it, that's fine. But let people choose to leave the system too. Give me the freedom to stop paying SSI tax on the agreement that I will not receive anything in the future. It's my money, I should be free to save it in whatever way I choose. It is unamerican to force me to participate in a government retirement program (unconstitutional too).

Sadly, this will never happen. And don't worry, SS will never go away, if you pay into it now, you will get benefits later. SS is a huge bribe to old people to buy votes, there is no way the politicians will ever give up those guaranteed votes. Tax rates will keep increasing to cover the costs and we'll just keep going further into debt. Our grandchildren will be forced to pay an ~80% tax rate to fulfill the promise of SS, but who cares? Our grandparents our stealing from us, so it's OK for us to steal from our grandkids, right? Oh, didn't you know? There is no lock box, and it's not your money. Every dime you pay in SS tax is spent this year. SS is nothing more than an IOU with only the future generations' tax dollars to pay it off. Your money is long gone. SS is a scam.

Answer 2

What is an outrageous amount? You will gain more actual dollars then what you put into it.

The issue is that there is a higher percentage of people that will be getting benefits vs those that will be paying into the system to sustain it.

Now it is simply propaganda that you will not be able to collect any money out of it. That said there is a real crisis as there will be a shortfall in the future.
So the real question is what can be done to save it.
Several things.

1 Give people in the system a gradated time frame from when they can expect to get benefits. As the the life expectancy increase so should the age when people can actually collect SS. For example. If the age is 65 to collect max benefits then for people currently 45 the age will be 66, people currenly at 35 the age would be 67, etc.

2 Revenues must be increased. A person would have the choice of contributing another 1.5 Percent of Net income per year to Social Security or they could opt for a private fund that could ONLY be used for retirement.

3 Make sure that Government does not have access to the SS fund for other purposes.

Answer 3

Get ready, the Dem's are going to start their usual scare tactic with SS on the seniors, it is election time.
If you are self employed, you are paying the full % of social security. I you are employed, you employer is paying a portion too, so do not complain.
If a person on SS dies, if there are children they will receive benefits up throught 18 years, there may also be education benefits.
Widow may also receive portions of the social security.
If you have been married and divorced after a specified period of time, you may also be able to get a portion of the ex's SS.
It does not decrease what that person will receive.
For further info, check it out on the net.

Answer 4

There were stories a few years ago that the Government dipped into the SS funds. They should repay this money. Unpaid funds stay in the main account.

Answer 5

Try paying back what they took out of it over the years, taking it out of the general fund, and keeping their hands off of it from now on.

Answer 6

Make the government keep their greedy little hands out of it.

Answer 7

it is precisely BECAUSE of government that s.s. is in the trouble it is...do NOT look to government to SOLVE problems...look to the free market, capitalist system that made this country great once upon a time ago...THAT will solve this problem.