Explain to me why we should pay your social security!

It is a bit too late to punish people for failing to save when they are too old to participate in the workforce. That is just kinda sick.

I believe people should be entitled to their social security and all the gains its made through the 40+ years it has been sitting in "safe" accounts. (Safe is in quotes because the money was originally meant to be untouched, guaranteeing it would be there for the individuals, but the government ended up spending a lot of that money and is now using current payments to pay back owed payments to retirees).

However much you contributed and earned in interest, I believe, you should be able to withdraw and use.

I do not agree that there is a cap on how much you can withdraw in retirement. If I earned the money, every dollar in my hypothetical account should be mine to use.

One of the benefits, in my opinion, to social security is that it is a forced savings. If people were left to keep that money that would otherwise go in their pocket, they might buy things they wouldn't have bought and then not be able to support themselves in retirement.

Social Security is a good idea in theory. We have many people in our country that have proven to be financially irresponsible, so giving them no choice but to save - is definitely a thought out approach. As well as creating a way for people to stay financially supported when they can no longer work is a good thing. The ultimate benefit is doing so without further burdening the tax system. (although it might still be burdened but to a lesser extent since there is a pool of pure social security money)

Obviously the current system has flaw, but most large scale complex systems do, especially when the government is involved :p.

These are all purely my opinions, so please think through what I said and feel free to agree or disagree.

Where do you think the money is generated from to enable seniors to live comfortably in retirement without social security?

You need to pay for Social Security because it's required. It keeps the system viable and there for you when the time comes. You also could get 10 to 30 times back from it than you paid in. It's what every other post industrial country does in some form or other. If you end up being as hard working, thrifty and just generally as obnoxiously superior as you want to seem you'll make enough money that most of it will not be taxed, there is a limit on that, you know. If there wasn't social security you'd have millions of older people staying on their jobs and you'd be whining that they are taking up jobs that younger people need and that they should get out of the workforce. If you just paid everyone back what they paid into the system you'd need to do it in terms of what that money is worth today, not in 1975 or 2000 or whatever and you'd have to include what that money would have earned in interest so you'd be whining about having to pay that. And while you complain about people who collect 30 times what they [aid in you're overlooking the fact that many, many people pay into the system for decades then die before they can collect or before they've collected anywhere near what they paid in. Nearly all of us end up paying for things our governments do that we'd prefer not to.

The "forced savings" thing is a really good point. I get that for someone decades away from cashing in on Social Security the idea of losing part of their paycheck for a benefit so far into the future can seem a crap deal. But the same comment applies to saving for retirement, you need or want the money now and no matter how much you're nagged to save for retirement it seems less urgent than fixing your car or roof, sending your kids to private school or having a nice holiday each year. It's always a thing you're going to get around to "eventually." The stagnation in US workers' salaries that's been happening for about half a century does not help. Take away Social Security without putting something that functions similarly in its place and you're going to have millions of impoverished people needing jobs and flooding the job market.

Rich Ivy leaguers who you referenced also take social security.

I take it this is retaliation for the "why should I pay your college loans off" thread. Difference is, everyone retires...everyone pays into SS. Tell you're government to stop "borrowing" from it and maybe there will be a little in it by the time you reach retirement. Meanwhile, those of us who have paid into the system for decades will continue to receive what was saved "for us." Oh yeah, we also somehow managed to pay off our student loans on our own too. Maybe because we sought degrees in things that were useful and got jobs that actually paid us for a needed skillset. Sorry your liberal arts degree won't do that and you had to borrow $60-100K to get that degree. A little forethought goes a long way.

One of the benefits, in my opinion, to social security is that it is a forced savings. If people were left to keep that money that would otherwise go in their pocket, they might buy things they wouldn't have bought and then not be able to support themselves in retirement.

Boo hoo hoo. Perhaps a little tough love is needed for a generation or two until humans re-learn how to be responsible for their own welfare rather than relying on the nanny state.

The funny thing about your post, is that you are suggesting that you don't want to pay into social security. I would be okay with that as long as I got all the money with interest that I and my employer put into my social security.

But knowing how you were with student loans, you wouldn't pay into social security but then when you were older you would complain that you didn't save enough for retirement and you would ask for a handout like that one you got to pay off your student loan.

Many people would be fine being allowed to opt out and never getting SS at all.

We are/were forced to pay into the system. I'm fine if they just pay me back what I paid in.

I know I could have saved and done better than the government if I had been allowed to do so.

Why should those that didn't go to college have to pay for you to go to college? Their taxes already go to pay for the physical buildings and costs, now they have to pay your tuition and living expenses too?

You claim to love poor people but this is the most regressive tax you could possibly design.

Also, the cost of college is a major determining factor in how people that do go to college make their choice. If you knew it was going to free, then you would probably make very very different choices.

My 62nd birthday is in May, 2022 I will be turning on the SS spigot as soon as possible. We could be heading for a massive currency devaluation as a result of the trillions of dollars in borrowed money that the Federal government is giving away. No sense in waiting .

Government debt will be harder to pay back because the 18 to 64 age group is shrinking as a percentage of the population.

Something like the top 100 richest in the US have enriched themselves by billions since COVID was a thing, thanks nearly entirely to our government policies, with maybe four or five (Musk, Zuckerberg, Page largely), taking the great majority of those funds.

"Those funds" being the tax dollars we all pay, unless you are our former president.

And people on this thread are upset about Social Security paying back what I've been paying into for decades?

Sancta Simplicitas.

This is part of a normal social contract. Yes, sure some live on the benefits of others and they will even try to exploit you. But that is the cost for a more civilized society. You can't just invidualize it. Well, you can and that is not very nice either.

It is not about who were lazy, but those who are unfortunate and those who do'nt have the resources. That's where the collective steps in. Or in my opinion ought to step in.

When one knows that not all people can save, not all people have the opportunity to go to Unviversities even if they are more intelligent than you and me.

Even though we are forced to pay taxes, and we often do'nt agree how the money are spent, whether it is on the military (which I personally favor where I live), that is the cost for a decent culture. Nations, welfare states, often succedes. More trust and less poverty and thriving business.

One of the best indictations for success in life is the number of books in your home in childhood. A formidable advantage. That is not something you choose.

YersiniaPestis wrote:

Many people would be fine being allowed to opt out and never getting SS at all.

We are/were forced to pay into the system. I'm fine if they just pay me back what I paid in.

I know I could have saved and done better than the government if I had been allowed to do so.

There is certainly nothing stopping people from saving above and beyond what they pay into social security, and most people do that. It is really designed as a safety net for those that cannot or did not save. It seems better for people to be forced to pay into social security than to have a lot more old people on welfare or homeless.

+10, laughed out loud, wife wanted to see what was funny!

I’ve been told since I was young not to expect there to be SS left by the time I retire. I still have 20 years before I’m eligible, and it’s not part of my retirement strategy. If I get it, it will be bonus spending money. I’ve been paying into it involuntarily for over half of my life.

Rainy Day wrote:

I’ve been told since I was young not to expect there to be SS left by the time I retire. I still have 20 years before I’m eligible, and it’s not part of my retirement strategy. If I get it, it will be bonus spending money. I’ve been paying into it involuntarily for over half of my life.

Same here. I wonder if it is simply political posturing or a real threat that it won't be there. I hope so, but I am building my own retirement, as best I can, in the meantime.

tumbler wrote:

YersiniaPestis wrote:

Many people would be fine being allowed to opt out and never getting SS at all.

We are/were forced to pay into the system. I'm fine if they just pay me back what I paid in.

I know I could have saved and done better than the government if I had been allowed to do so.

There is certainly nothing stopping people from saving above and beyond what they pay into social security, and most people do that. It is really designed as a safety net for those that cannot or did not save. It seems better for people to be forced to pay into social security than to have a lot more old people on welfare or homeless.

You have a very strong hold on the obvious.

I do save for retirement, anyone so dumb as to think SS is the best retirement vehicle is probably pretty stupid and probably pretty poor and will remain so.

Id be fine if I could have just kicked in half of what I pay in SS, but not get any of it so the dolts can live on it, and let me save the other half. I would have come out MUCH better.