Saw a story on CNBC that there is a proposal to pay everyone the same amount of social security regardless of how much they made during their working career. So if you made more than the average person and paid in more you get the same amount. Hopefully this just dies in its tracks.
It wouldn’t surprise me.
Me either. That is the scary part.Originally Posted by larryhyco
Social Security needs to die. Phase it out and let younger generations invest for their own future, not let politicians hold onto a carrot to dangle around for votes when they need it.
I'm 40 and would take that deal, they can keep what I paid.
Yes, yes, yes!!
depends on the "rate"
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Keep in mind there is a cap as to how much you pay in each year. 2020 was around $137,000 once you make that you do not contribute in SS anyway. So if you made $500,000 and another guy made $140,000 you both get the same thing now.
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I’m 51 and would take that deal.
They should have scrapped it years ago and reimbursed those who paid into it.
Yes please. Rather not have the government responsible for my money.
You would let them keep 12% of your income you paid in for years just to not pay it going forward? At 51 you probably paid in more than you would save if you worked another 29 years.
They don't have the money to pay it back. It is just about insolvent.
True but if they give you $1,500 a month, which is the average, you are getting screwed with how much you paid in. I would be happy to have them give me back what I paid in so I could invest it but that is never going to happen.
Nothing wrong with SS when administered properly. I bet at one time or another every member's congressman has voted to pilfer this fund under some "good" justification. Robbing Peter to pay Paul and ya'll hold none of them accountable but talk is cheap. SS is not what many people think. Most people don't plan to fail but they fail to plan. This fits me somewhat.
GETFISHED !!!
Everyone gets the same...well, it would only be fair! (BAZINGA!)
A Ponzi scheme by any other name will still collapse on itself.
"The man of system is apt to be very wise in his own conceit; and is often so enamored with the supposed beauty of his own ideal plan of government that he cannot suffer the smallest deviation from any part of it…He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chessboard.” Adam Smith, The Theory of Moral Sentiments
If its not what we think then what is it?
Yep. The money I paid in was spent years ago to pay someone else's benefits. The other interesting thing was that these record low interest rates are accelerating the collapse because they invest the funds in treasury bonds. They just should have bought FANG stocks
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