Keep your hands off our Social Security

[BigRob]

Social Security just celebrated it's 73rd birthday. With that in mind, a new ad has been released featuring the grandson of FDR reminding people which candidate supports Social Security and which candidate has said "Social Security is an absolute disgrace."

I am 24, and I am not expecting to see 1 penny from social security.

A man like John McCain calls the SS system a disgrace but yet he collects benefits himself. This despite the fact that his beer heiress wife and he have a fortune in excess of $100 million.

Did McCain not pay into the system his entire life? Why exactly is he not entitled to collect benefits?

Though he has flip flopped several times on the issue, McCain's current stance is one of advocating the privatization of SS. Making the system subject to the whims of the stock market. Haven't we been through this all before? I guess it shouldn't be a surprise, after all McCain=Bush.

This is the best idea. Without even trying, you can turn an easy 7% a year in the stock market when you go long term.

Watch the ad and remember that sooner or later virtually all of us are going to need those benefits that Social Security provides.

This does not discount the fact that many people are not going to get them who have paid into it their entire lives.

 

[PLC1]

I am 24, and I am not expecting to see 1 penny from social security.



Did McCain not pay into the system his entire life? Why exactly is he not entitled to collect benefits?



This is the best idea. Without even trying, you can turn an easy 7% a year in the stock market when you go long term.



This does not discount the fact that many people are not going to get them who have paid into it their entire lives.

You will pay into the system, too, maybe not for your entire life, but probably for the next 40 + years. You are also entitled to take your share when you reach senior citizenship. If you keep an eye on the big spenders in Washington, you should get what is coming to you.

Of course, your SS benefits will kick in in another 40+ years, and I'll be 105 in 40 years if I'm still around, so I'm not too worried. Not only that, but I'm not eligible for SS, as I didn't pay into the system (state pension instead, much better.)

But you should be concerned, and there is no reason why you shouldn't get what is coming to you when you reach geezerhood.

And, you will reach it much sooner than you think, trust me.

 

[BigRob]

You will pay into the system, too, maybe not for your entire life, but probably for the next 40 + years. You are also entitled to take your share when you reach senior citizenship. If you keep an eye on the big spenders in Washington, you should get what is coming to you.

I agree, I will pay into for most of my life, but I still am not expecting that to be my retirement plan. Thankfully I am lucky already to know that I will not need the payouts from social security, but I agree, it is bogus to pay into something that I will most likely never see.

Of course, your SS benefits will kick in in another 40+ years, and I'll be 105 in 40 years if I'm still around, so I'm not too worried. Not only that, but I'm not eligible for SS, as I didn't pay into the system (state pension instead, much better.)

Government pensions are much better indeed.

But you should be concerned, and there is no reason why you shouldn't get what is coming to you when you reach geezerhood.

And, you will reach it much sooner than you think, trust me.

Hopefully I will not get old to soon but I agree, I think that I should be paid back for all that I am putting in. I think a perfect way to ensure this is to let me invest it myself.

 

[Dr.Who]

A man like John McCain calls the SS system a disgrace but yet he collects benefits himself. This despite the fact that his beer heiress wife and he have a fortune in excess of $100 million.

Social security is not welfare. It is an insurance policy and everyone who owns a policy is allowed to collect the benefits they have paid for.

If you think the rules are not right as they are written then that would be just one more reason to scrap the system.

But if you think the rules are fine then don't complain about a man who is following the rules and collecting the benefits he has paid for.

 

[Dr.Who]

The Social Security "will be bankrupt" talk is just more fear mongering from the right wing as they use any means necessary to reach their underhanded goal of privatizing the system. A few simple adjustments will keep SS solvent. Obama is considering plans that would ask those making over $250,000 to pay in the range of 2% to 4% more in total (combined employer and employee). What's wrong with that?
.

Well since you asked. What is wrong with that it that forcing some people to pay more than others for what they buy is criminal.

How would you like it if the next time you went shopping at Walmart they told you that your bill was going to be 4% higher than the next guy in line?

 

[PLC1]

I agree, I will pay into for most of my life, but I still am not expecting that to be my retirement plan. Thankfully I am lucky already to know that I will not need the payouts from social security, but I agree, it is bogus to pay into something that I will most likely never see.



Government pensions are much better indeed.



Hopefully I will not get old to soon but I agree, I think that I should be paid back for all that I am putting in. I think a perfect way to ensure this is to let me invest it myself.

Unless you invest it in Enron, or something similar, or in TMI (defunct, now, but it cost me $2,000 when it went belly up. It was a southern California real estate company, which was (seemed) to be a sure thing. )

There is no guarantee of getting a return on any investment, but yes, if you were to put your money in the right places, diversify your portfolio, you most likely would beat the SS return.

Still, just allowing the government to take 8% out of your check every payday, while not expecting a return, really does suck. You should expect and demand a return on that money.

Wait another 40 years, look back, and you will see that time passes much more quickly than young people imagine that it does.

 

[Dr.Who]

Watch the ad and remember that sooner or later virtually all of us are going to need those benefits that Social Security provides.

Social security was and is never intended to provide you with what you need. It should supplement what you are already saving for your retirement.

If you are planning on needing it then that is not a wise choice.

You have been given ample warning now that it is likely to fail. I suggest that you stop counting on Uncle Sam to give you stuff and work for what you need.

 

[BigRob]

Unless you invest it in Enron, or something similar, or in TMI (defunct, now, but it cost me $2,000 when it went belly up. It was a southern California real estate company, which was (seemed) to be a sure thing. )

Yea, there is no "safe" investment, but if would take a total collapse of the US economy, Europe, and Asia to lose it all.

I have a separate account that I just use to play around on my own. My two recent winners were ABK and RDN. I got in on them both at around $1.00 and have made 500% on one and 450% on the other. Made for an easy 200,000 profit in the last few months off those two alone. There are a lot of good deals out there right now.

There is no guarantee of getting a return on any investment, but yes, if you were to put your money in the right places, diversify your portfolio, you most likely would beat the SS return.

At the rate it keeps getting cut, you can beat the return in a normal savings account.

Still, just allowing the government to take 8% out of your check every payday, while not expecting a return, really does suck. You should expect and demand a return on that money.

I am not happy about it, but I am not banking on it.

Wait another 40 years, look back, and you will see that time passes much more quickly than young people imagine that it does.

Yes, sad to say.

 

[PLC1]

Yea, there is no "safe" investment, but if would take a total collapse of the US economy, Europe, and Asia to lose it all.

I have a separate account that I just use to play around on my own. My two recent winners were ABK and RDN. I got in on them both at around $1.00 and have made 500% on one and 450% on the other. Made for an easy 200,000 profit in the last few months off those two alone. There are a lot of good deals out there right now.



At the rate it keeps getting cut, you can beat the return in a normal savings account.



I am not happy about it, but I am not banking on it.



Yes, sad to say.

Not so sad really. Life gets better as you get older, so long as you make good decisions while young. It looks like you have a good plan for financial solvency. The other two factors are family and health. Take care of your body, take care of your relationships, and life is really better at 65 than at 25.

I have more optimism about SS than you do, but it still is not a good deal. It could be, but won't so long as we allow the feds to abuse the funds as they have been doing ever since LBJ put the money in the general fund to pay for his little war.

Consider this: I paid 8% into State Teacher's Retirement, matched by 8% from my employers, for 38 years. At the age of 61 and a half, I was able to retire on nearly 100% of my final salary. Compare that with SS benefits. The difference is that the State of California doesn't put the money into the general fund, but invests the surplus. The other difference is that the money is not given away in some ill conceived welfare scheme, as social security is. The bottom line is that people who pay into social security should be able to retire with similar benefits. It's a darned shame, and we should hold the government's feet to the fire until they take the SS funds out of the general fund and start paying back those IOUs.