Am I the only person that thinks social security should be done with??

Question

I think social security is stupid. I dont want the Govt taking away like 10% of my paycheck, just so I can get it back when im 65. For one they are not going to pay me as much money as they took away, and secondly I could be doing much better things with this money. Im an investor and would greatly appreciate that extra money each paycheck to put into stocks. Yet they find it necessary to take it from me so I can be protected when im 65.

Ive got a better idea. How about educate the young citizens of America (like myself, im 15) how to save money, and teach us the value of money and how to make it work for us (stocks, mutual funds, CD's, etc.) so we can retire comfortably??

Am i the only one who feels this way, and am i wrong? If so please point it out to me without being an ***.

Your right Judis, i dont know jack about the market. Bull market? what the hell is that? I think thats when people are buying, but i could be wrong. WOW i would be willing to bet i probably know a lot more than you.

Also, i do have a Roth IRA that i have about $1500 in. And a regular trading account with about $6,000 in it.

Answer 1

I'm 58 and I'm counting on the money I put in Social security to make my retirement a bit easier. Sure I have an IRA and I will probably be OK (knock on wood) but for those of us who have paid into it for years, we want something back.

Now, if I were you, I wouldn't be too thrilled with 7% of my money going to the government. Your idea about educating young folks is spot on - my folks impressed upon me the need for high savings and low debt and it stuck. However, most kids don't think of that at all.

The thing to do as soon as you can is to get into an IRA. (The tone of your question makes me think you already are doing this or planning to, soon.) Do it now and if the Social Security System goes belly up (it probably won't-there is a long line of us older folks waiting...) you will be protected when you get older. If I was 15 I'd be upset too, but at 58...just awaitin' 62!

Best of luck, young person, you have a good understanding of what is what and you'll be fine, I think.

Answer 2

A lot of people feel the way you do. To a degree they're right. The problem is, in a very short period of time, almost half the population will be retired. A vast majority of them will need their social security income for a lot of reasons.
They certainly would be better of if the money taken from social security would have been invested in some kind of fund. But, the money that the government took from them wasn't invested. In fact, the fund the money was supposed to go to was "raided" by the Regan administration to pay for tax cuts. Now, the fund needs you to get a job, contribute your share just to pay the current bills. By the time it gets to be you turn there probably won't be any money left, so, you are right. Start saving from day one.

Answer 3

Its 13% to begin with, they take 6.5 out of your side of the paycheck and your employer "matches it" with another 6.5 - but at the end of the day, its a part of the cost of hiring you so its coming out of your total compensation.

The "return" isn't bad if you look at their "projections," but something the tax has been creeping up (started at 2%, now 13%) and the benefits have gradually decreased relative to the cost of living - in a sense, making it worse as we go along because the voters won't tolerate an honest tax hike or benefit reduction. Everything is deficits and inflation - heck, the fed is so worried about a recession (that already started a long time ago in my inflation-adjusted opinion) that they're still willing to pump more cash into the banks and cut interest rates...

But that's going to raise the cost of living again, and social security will be based on CPI that conveniently leaves out things like food and energy.

This is why in 1999 Bill Clinton said younger workers cannot count on social security. In 2007, Hillary Clinton says "There's no problem with social security," and the only thing that changed was Bush and the American consumer wrecking the value of the dollar through insane non-investment borrowing and artificially low interest rates.

Of course, its all very simple. End the bleeding of the economy to war. The trillions of dollars we could save in the next decades would easily pay for the retirees who were forced to pay into the system while allowing younger workers to opt out. Ron Paul actually points this out as part of his campaign platform, and I think he's on to something.

Answer 4

Its not an investment - get over that idea.
It's a safety net for your future. You are probably unaware that this country goes through a major economic downturn about once every 50 years.
Businesses go bankrupt, banks fail, foreclosures rise (sound familiar?), people become unemployed.

If you have the misfortune to go though a panic, depression or recession at the start of your retirement - the best planning and saving can go right out the window when you are too old to make up for the loss.

Social Security beats being a pauper taking charity in the home of a clergy member, which is what happened to the poor elderly before social security came along...if they were lucky.

Answer 5

of course your no longer the only individual who thinks it would be performed away with. i think of you have it incorrect nevertheless. they are no longer taking it out for you for while your sixty 5, they take it out to pay decrease back the folk who're sixty 5 now! in the event that they did no longer take it from you the place could that funds come from? Whats greater you will no longer get it decrease back while your sixty 5. Assuming that we nevertheless have a social protection software then, you will probable could desire to be greater like 80 to collect through fact as I realize it Social protection is going bankrupt. even nevertheless my entire first paragraph is unfavorable and sarcastic and stuff, i think of it exchange into an outstanding thought and in the event that they could decide the thank you to repair the equipment i could be excited approximately it. some human beings can shop and make investments and retire very actual yet shall we face it maximum of usa is in debt and thats through fact maximum folk do no longer think of forward and shop for the destiny so its valuable that the government could attempt to help us out with that or a minimum of it may be valuable if I had any self belief interior the equipment.

Answer 6

You are not the only person who feels the way you do but I fear it would be impossible to educate people to save money for retirement and this is the best way to protect people from themselves.

Social security is not just for retirement. Part of the taxes that go into the fund pay for disability benefits and to children of workers who die young. Personally, my father died when he was 36 so got zero for what he paid in but I was 10 and my sister 5. We collected on his account until we graduated from college.

Answer 7

No, a lot of people want to get rid of it or vastly change it. They're not saving the money they take from you anyways. It's not going from your pay check to a bank account to collect interest, it's being used to pay for whatever stupid programs and projects the idiots in Washington want. It's basically just another tax.

Answer 8

your 15 and your an investor.....? right you probably dont no anything about playing the stock market .... such as the term bull market...? huh.... and yes getting that money when u are 65 is a very good idea...especially for the people that work for companies that dont have great or any retirement plan at all..... and what is the percentage of americans who really retire off of investments ... out of all the people i know...none

Answer 9

I would never trust my future to stocks and bonds that can be taken away if the economy goes bad!

Answer 10

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