Social sercurity January 13, 2021 05:37AM
Which party wants to delete our social security Lets Hear it. .
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Re: Social sercurity January 13, 2021 08:31AM
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J BeGone
Which party wants to delete our social security Lets Hear it. .

Not sure but I sure hope it happens.

By the time I retire I will have paid $750,000 in to a system that MAYBE will pay me $288,000 (BEFORE taxes) if I live to 78. I would have much rather had control of my own money.



Edited 1 time(s). Last edit at 01/14/2021 06:11AM by TripleAlphaProcess.
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Re: Social sercurity January 14, 2021 01:15AM
Where do those numbers come from? Max contribution is ~$8500 a year. 45 years of contribution would be $380k. Say you draw $3k per month for 25 years, that is $900k.

Not arguing that we should all have the right to manage our own money and retirement. I would opt out if I could. Just curious about the numbers.
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Re: Social sercurity January 14, 2021 04:00AM
LSSFAN, you need to get a clue, most people draw less than 1500 /mo.
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Re: Social sercurity January 14, 2021 04:34AM
The national average of ss income is $1500/mo. Over 3000 is top end. If TripleAlphaProcess paid in 3/4 of a million then I'm guessing he's paid in over maximum amount and if he retired at full retirement then he would get over $3000/month.
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Re: Social sercurity January 14, 2021 07:05AM
I am 47 and I have been comfortable with the idea never getting any Social Security since I was in my twenties because I understood the economics of it all brewing even then. Honestly I don't think I will ever quit working, I might change the pace but in the end Social Security is not in my future or the futures of those my age and younger. We will likely pay into the system for many years regardless, making the need to self-determine our own nest egg all the more important.


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Re: Social sercurity January 14, 2021 06:10AM
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LSS Fan
Where do those numbers come from? Max contribution is ~$8500 a year. 45 years of contribution would be $380k. Say you draw $3k per month for 25 years, that is $900k.

Not arguing that we should all have the right to manage our own money and retirement. I would opt out if I could. Just curious about the numbers.

I guess I'm including both SS and Medicare payments so ~$15,000 per year and growing each year. I've been maxing it out since I finished school at 21. By the time I retire the full retirement age is likely going to be around 70. That's where I got $750,000. The average lifespan is 78 years. I doubt I will make it to that given my previous medical history but at 78 I would have been paid ~$288k. I missed an 8 for a 0 (Hence the $200k vs $288).

Understand this might not be the average case for everyone but it's likely the case for me.



Edited 1 time(s). Last edit at 01/14/2021 06:12AM by TripleAlphaProcess.
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Re: Social sercurity January 14, 2021 06:37AM
And taking into account that if I would have been able to "invest" all that I have paid into SS, I'd have made even more.

My investments have done pretty darn well over the years, so not being able to invest that money , has cost me "more" money ..

SS is nothing but taking from one, and giving to another
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Re: Social sercurity January 14, 2021 09:42AM
Ya well if you would have, - NOT MANY SAVE ANYTHING, when the economy tanked in 07-08, the number of people with any amount of savings was less than 3 percent, and just check the average person's credit card debt, ,just saying.
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Re: Social sercurity January 19, 2021 11:39AM
What I'm trying to say , is that "I" would have put my money to better use and done more with it than the freakin' gov. did with it and that's a fact...( the money that was taken from me , called "social security'').....what a joke.
What others had , or didn't have, is another issue. I'm only speaking for myself.
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Re: Social sercurity January 20, 2021 11:22AM
That's still a form of socialism
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Re: Social sercurity January 14, 2021 01:39PM
Joey idc about what other people do.... You take care of you i'll take of me.
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Re: Social sercurity January 19, 2021 04:16AM
F-30,practice what you preach, keep your mouth shut, mind your own business if you can't be positive with nice replies,people don't like the truth, we are in a helluva mess and most can't smell the roses.
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Re: Social sercurity January 19, 2021 11:32AM
Lol really? Ok Joey.....
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Re: Social security January 20, 2021 06:52AM
Since so many people are over extended on high interest credit card debt, upside down on their home mortgage and even likewise on their vehicle, how do you expect them to save any money?
I am not a government proponent. But it has always appeared to me, to be that Social Security is a means to make certain that every paying taxpayer has something for income, come retirement.
If it was not for many people receiving SocSec, they would really be destitute financially in their old age. And the government's social welfare program would likely need to be even much bigger than it currently is.
Just pay attention to all the elderly senior citizens that are so often a door greeter at the stores. I assume, they are ones I am really talking about. And thus SocSec is not even enough for them to survive on.

I am in the camp that I would have rather invested the mandatory pay check deductions, to be in my own managed 'retirement' fund account.
And likewise for health insurance. That sure has been a big time losing financial proposition. Made vastly worse by obummercare !!!

Is there a funding problem versus disbursements, with SocSec? Certainly. Same with a lot of company pension plans. And many of them in about 3 years will be exhausted financially. Will Congress finally come together in a workable partisanship to resolve this big looming crisis? Only time will tell.
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Re: Social security January 20, 2021 07:10AM
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time out
Since so many people are over extended on high interest credit card debt, upside down on their home mortgage and even likewise on their vehicle, how do you expect them to save any money?
I am not a government proponent. But it has always appeared to me, to be that Social Security is a means to make certain that every paying taxpayer has something for income, come retirement.
If it was not for many people receiving SocSec, they would really be destitute financially in their old age. And the government's social welfare program would likely need to be even much bigger than it currently is.
Just pay attention to all the elderly senior citizens that are so often a door greeter at the stores. I assume, they are ones I am really talking about. And thus SocSec is not even enough for them to survive on.

I am in the camp that I would have rather invested the mandatory pay check deductions, to be in my own managed 'retirement' fund account.
And likewise for health insurance. That sure has been a big time losing financial proposition. Made vastly worse by obummercare !!!

Is there a funding problem versus disbursements, with SocSec? Certainly. Same with a lot of company pension plans. And many of them in about 3 years will be exhausted financially. Will Congress finally come together in a workable partisanship to resolve this big looming crisis? Only time will tell.

I'm all for mandatory retirement plans but make them such that people can manage their own money. People complain about socialism but SS is Socialism just like those stimulus checks only some people received.
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Re: Social security January 20, 2021 03:00PM
" I'm all for mandatory retirement plans but make them such that people can manage their own money." Those are called 401(k) and similar numbered derivatives. (As if you did not already know that, Jeff.)

" People complain about socialism but SS is Socialism just like those stimulus checks only some people received." Yep, that is what Social Security is - socialism. Not much different than a big wealth of oodles of other social entitlement programs that permeate every aspect of life and business in this country. Thus, as a result, This country has been a socialist nation for quite some time. Today, the US entered a new era. To the next level - communism. Yessirreee, Joey, the most inept and corrupt president ever, sure did a fine job this afternoon, of destroying “building”, “healing” and “unifying” in those17 executive orders he signed today. We are in BIG TIME TROUBLE!!!!!!!!!!!!!!!!!!!!!!!!! I sure do not see any bright horizon for 4 years.

Better sell those pulling vehicles, while there is still some sort of a market for them.
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