Social Security?

Question

All the years I paid into Social Security I figured it would never last until I could draw a nickle of it. When, to my surprise, it did a couple of years ago it came at a time when I really needed it.

Gratefully, the wisdom of my youthful preference to not have to pay in was not an option.

But I still have a strong suspicion Social Security will go away a long while before I do, and before I get the dollar amount [without interest] that I paid in.

If I'm correct about that, and someone somewhere probably knows the answer, seems to me young people today are justified in being indignant about having to pay it.

But it was always a Ponzi scheme, and the entire shebang will fall apart unless a steadily increasing pool of youngsters pay into it to keep my check coming?

Is there something flawed in my reasoning on this?

Shadow: I know precisely what I paid in, and I know how long I have to live to get that amount back out at the rate I recieve in payments.

It's an old Arabic trick called math.

Answer 1

The money has been used for many programs all along, for all practical purposes, I don't think SS is supporting itself at the present. Money is manipulated and spent throughout government and the deficit gets bigger -- don't know the time table, not just SS, but rather the whole financial setup is gonna come tumbling down like a ton of bricks. (that's my doomsday prediction).

Answer 2

Yes, you are not factoring in
the billions and maybe even
trillions that have been RAIDED from the Soc. Security Trust Fund. Read
those last 2 words. TRUST
FUND. It was put in trust for
the use of retired seniors ONLY.
But certain administrations
have written IOUs for various
reasons and NEVER REPAID
THEM. This latest Administration has been the
worst. They have pilfered the
system and made it look like
we who are now on Social
Security are the reason it is
going broke. The money we
are now getting in repayment of what we paid in is now called "ENTITLEMENTS".
In other words, we are classified as Welfare people.
Did anyone ever really look
at HOW the money would be
spent that supposedly will
be "put into savings on wall
street" for our younger generation????
The truth is, those people will not have a say on the %
that is deducted from their paychecks nor what company
on wall street their investments will go to nor
the inflated costs of the investment counselors and
all the fees attached to said
investments.
The payees will not get any
Balance sheet showing where the money went, how much,
to whom, interest earned,
interest paid, where earned
income is located.
As I see it, they intend to take a portion of every person's income and use it
as THEY SEE FIT. When that person gets to retirement
age---there will then be problems in the system and
they won't have the funds
available to pay them either.
Does any of this sound
crooked to you?

Answer 3

If you want to assign blame to someone, it should be the business owners & employees who defraud the system by using CASH to avoid paying into the system altogether. It is common in states that have a large population of illegal immigrants who do not have the legal documents to seek employment from law abiding business owners. These employers often deduct the taxes & never pay them into the SS fund, creating a double whammy when a worker is injured & needs medical attention or must apply for "welfare".
I am grateful that I paid into the system, but a few of my employers did not & it almost cost me my benefits check. That check means the world to me because the alternative is grim. I don't think the system will be shutting down due to lack of funds...we just need a better way to collect those taxes.
Soon it will be imperative that everything we purchase will have a higher tax placed upon it to defray costs that have been overlooked & understructured by shrewd minds that have found a way around having to pay their fair shrare. The small business person will most likely have to bear the burden by having to pay more just to have a busines...no matter how many employees they have! It's going to HAVE to get stricter to stop people from skimming & defrauding our government!
Young people aren't ignorant...their teachers & parents just don't know or don't want to know what's really going on & many of these adults are a large part of the problem to begin with, contributing to the "me first" philosophy of skimming money off the top, working for cash, or lieing on their taxes!

Answer 4

no not really -- i know with a doubt i could have taken my money i put into ss and made a lot more than i am receiving now and i almost receive the max 2500 a month but i am still strongly against bush or any one else plan to let folks have there own account out side of the ss system -- 80 % would end up broke at 65 and they then would be on welfare and it would really eat away at the ss system -- now if they will sign a contract in blood that states we can shoot them if they do not want to put money into the system and end up broke i will go for it!!! and by the way i will pull the trigger!!!

i would also give you a star but i used them all up!!!

Answer 5

I heard on the news that the birth rate in America is up for the first time in many years. There you are..... a whole bunch of young ones lining up to pay Social Security taxes.

Answer 6

OK - I did the math on my own outlay to Soc. Sec. in the past and now...and my current income from Soc. Sec. [drew down at 62 and still work FT]

It about evens out: re: outlay and income for the next 20 yrs. - not to mention my Soc.Sec income keeps going up because I am still working and no longer getting sanctioned.

Answer 7

The amount to you get out of SS is far above any amount you put in. In just a couple of years you will have gotten back every penny you put in...and will probably collect a monthly check from SS for another 20 or so years.

Answer 8

you forgot about all the people that paid in for a lifetime and died before they could collect. Nobody in my family made it past 60.Shouldn't their payments put in a trust or included in their estate ?

Answer 9

You may be right about that. I just hope to live long enough to retire and then will have to see if it still exists.

Answer 10

NO. TAKES MONEY TO MAKE MONEY. BABY BOOMERS WILL DRAIN IT (THEY?) SAY?

WE HAVE AN IRA, AND OTHER FORMS OF RETIREMENT (401k) SO?

I RETIRED EARLY AT 60 TO TAKE CARE OF WIFE AND DRAW AN ARMY CHECK, A STATE CHECK AND TEACH AND WORK PART TIME. MORE RETIRED THEN WHEN I WORKED?
IF YOU DON'T WATCH OUT FOR YOUR SELF NOBODY ELSE WILL?