People should not count on Social Security

originally posted by: Edumakated

originally posted by: JAGStorm

originally posted by: AndyFromMichigan

originally posted by: jjkenobi
Not only am I not counting on social security. I'm betting all our 401k's will be raided at some point in the next 20-30 years before I retire.

That's what I was saying. They'll pass a law allowing them to "borrow" your 401k or IRA money, and replace it with a treasury note, pushing off the question of how to repay the money onto a future generation of lawmakers.

I have a sick, deep gut feeling about this too.

They will probably tax balances over a certain amount. A big thing that has concerned me in general as that since our banking system is really completely computerized now, we are all at the mercy of govt... bank accounts, investments, etc are all just 0s and 1s on a computer screen now.

I suspect they'll target younger workers (in their 40's) who have retirement accounts. That way, they can at least maintain a pretense that your money will be paid back in 20 years.

a reply to: KTemplar

Different from most?

Lol.

You, my friend, are an anomaly!

Hahaha!

I dare ask, if you were alive during the American revolution, you would have sided with King George???

originally posted by: Aazadan

originally posted by: EternalShadow
Maybe one doesn't want to pay into it, or expect a return and would rather handle their own affairs?

Because when you screw up and are completely destitute (not that Social Security helps you completely avoid that), you're going to ask society to support you anyways. At least this way, it's through a fund you actually pay into.

Foodstamps and welfare are separate from Social Security. You cannot receive Social Security until you work enough to qualify and meet the age requirements. Can you empty your account when you so choose like a 401k with a penalty? No. Your money is allocated for whatever the government sees fit.

Social Security Insurance is paid out in the event you become 100% disabled, or you are mentally/physically challenged. Most times you must hire a lawyer to get it because the SSA practically has a policy of denying your first, second, and possibly third application automatically!

This isn't a benefit, it's a direct tax.

The fact that it can be plundered or "borrowed" from for whatever reason the government comes up with just proves how insecure those funds actually are.

Very few people statistically "screw up" in society. If it were the other way around, Social Security couldn't even be funded. So that's kinda lame as an excuse.

a reply to: Nickn3


This. Or let the heavens fall.

originally posted by: dfnj2015
a reply to: JAGStorm

Is social security is taken away there will be mass rioting and death. No politician will be safe from desperate angry mobs.

They will never do it all at once, it will be reduced one trickle at a time, until the next generation won't even know what it was intended for.

EXACTLY like toll roads. Us oldies were all told they were Temporary! hahahahahahaha

a reply to: JAGStorm
The income tax was supposed to be temporary. It was instituted to pay for World War I. They had to amend the Constitution to allow for it, because the
courts held that Congress had no authority to tax someone's personal income.

originally posted by: dfnj2015
a reply to: JAGStorm

Is social security is taken away there will be mass rioting and death. No politician will be safe from desperate angry mobs.

OMG if ever there would be a trigger to start a massive revolt and civil unrest, if not an outright revolution, it would be TPTB ending social security. A million veterans would march on the capital.

originally posted by: EternalShadow
Very few people statistically "screw up" in society. If it were the other way around, Social Security couldn't even be funded. So that's kinda lame as an excuse.

Really?

Perhaps you would like to tell that to the 250,00 Americans alone each year that are so desperate the only way they can attempt to pay medical bills is GoFundMe.

Perhaps you would like to tell that to the over 90% of Americans that are not on track to have enough money saved to retire by age 70.

originally posted by: jjkenobi
Not only am I not counting on social security. I'm betting all our 401k's will be raided at some point in the next 20-30 years before I retire.

May I ask you what is a 401 k and do you have complete control over it?

originally posted by: musicismagic

originally posted by: jjkenobi
Not only am I not counting on social security. I'm betting all our 401k's will be raided at some point in the next 20-30 years before I retire.

May I ask you what is a 401 k and do you have complete control over it?

401k's are designed to be retirement accounts. They're tax privileged and Americans can contribute a certain amount to them per year, 19,500 in 2019. These accounts are managed by private investment companies, and the money can be placed in several different types of investments.

There's two main types offered, one lets you invest money now after paying taxes on it, and the other lets you invest your pre tax money and you pay taxes when it's withdrawn. Mathematically they work out the same, but investing pre tax money is easier for most folks. The main advantage to a 401k over other investment accounts is that a frequent perk employers offer in the US is for the company to match your investment up to a certain point.

The real problem is that most people only save for retirement by investing in their 401k. But, even if you were to max that out with a good match it doesn't put enough aside for retirement. And that is why we have such a problem with gen x and younger not being on track to ever be able to retire.

a reply to: JAGStorm

What gets me is all the morons I know who just will not work a regular job with a pay check they only work under the table and surprise surprise now that some of them are getting to retirement age they are finding out why they should have been contributing to social security. But yes do not rely on just on social security invest in your own retirement thru 401k,ira,cars if your company has a pension plan great but invest in other stuff not tied to your company.

People should not count on Social Security

Nice Try, Paul Ryan.

I bought it. I will count on Social Security.

originally posted by: Aazadan

originally posted by: EternalShadow
Very few people statistically "screw up" in society. If it were the other way around, Social Security couldn't even be funded. So that's kinda lame as an excuse.

Really?

Perhaps you would like to tell that to the 250,00 Americans alone each year that are so desperate the only way they can attempt to pay medical bills is GoFundMe.

Perhaps you would like to tell that to the over 90% of Americans that are not on track to have enough money saved to retire by age 70.

And that's my responsibility???

I'm responsible for others life choices????

Call me callous, call me shallow or whatever you want...
Social Security is a SCAM just as much as income tax if not more.

By the way, can I come by your house for the rest of my life and have dinner, enjoy your cable and internet, use your car, use your central air, etc.??

Same thing, only I'm willing to ASK first.

a reply to: JAGStorm

In my country ALL governments since the 1970s have been slowly but continuously winding back the social security system. If its happening in your country and my county, and I know its happening in the UK and the US then its evidence that its a planned and coordinated agenda roll out.

Min you, social security will not go away. As i see it, its just being taken off individuals and being given to the corporate sector.

Who owns the corporate sector. Might it be the policy makers who made the decision to take the welfare system for individuals away??

What evidence do I have for this??

Apart from a bit of tokenism from time to time, corporate welfare is not spoken about in the media whereas the welfare system for individuals is talked about almost continuously and most of the time in negative terms.

originally posted by: EternalShadow

Really?

Perhaps you would like to tell that to the 250,00 Americans alone each year that are so desperate the only way they can attempt to pay medical bills is GoFundMe.

Perhaps you would like to tell that to the over 90% of Americans that are not on track to have enough money saved to retire by age 70.

And that's my responsibility???

I'm responsible for others life choices????

Call me callous, call me shallow or whatever you want...
Social Security is a SCAM just as much as income tax if not more.

By the way, can I come by your house for the rest of my life and have dinner, enjoy your cable and internet, use your car, use your central air, etc.??

Same thing, only I'm willing to ASK first.



I don;t know. Ask Europe.

I am cool if you would show up and sit on my family. I think that helping people is pRiorizty...I'll do that.

I have to deal with your rhetzoric though...because I am human

But I'm guessing Trump will just # on people...

a reply to: Samanth9956

Address?

Lazy intellect...

Noted.

a reply to: EternalShadow

When most people think they’re planning properly and then don’t, yes it is because that situation will likely happen to you too. And even if it doesn’t it’s in your self interest for people to not be destitute in retirement because it keeps the economy moving.

originally posted by: EternalShadow



a reply to: KTemplar

Different from most?

Lol.

You, my friend, are an anomaly!

Hahaha!

I dare ask, if you were alive during the American revolution, you would have sided with King George???

Never met a man named George that I didn’t like