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I don't want to pay into Social Security. Why should I pay into it?
5thColumn 5thColumn 26-30, M 8 Answers Aug 20 in Politics

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No. Because, in general, the system works.

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Yes, it does.

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Because social security benefits the citizens as a whole. I suppose that you think you can do better with your own investing?

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I can do better with my investing but that is not really the issue at this time. The issue for many young people is that we are paying into a system at a time when we need money, not the promise of Social Security, especially since we think it won't exist when we are old. It is a Ponzie scheme. We fear we will get the tail end.

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SS will still be around. Some politicians try to end it in public, but know that it is needed in private. So, you are saying that you would have fared better by investing your own money during the 2008 meltdown? You know some magic formula that even seasoned financial advisers do not know about then. Your employer pays an equal amount into the SS system on your behalf. Are they supposed to give that to you too? You are saying "at a time when we need the money" which is the same as saying I'll worry about retirement money when I retire.

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The employer could still pay in and our contribution could be voluntary or they could both disappear. I'm saying in an unstable market place, liquidity is better than Social Security. Also, my private Retirement accounts have grown fine on their own without Uncle Sam raping me to invest.

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Your private investments will be gone in a heartbeat with another financial market collapse. Liquidity is better than SS? Not when it is spent, and that is what most people will do with the money. Spend it now and worry about retirement money when they want to retire. So, exactly how is Uncle Sam raping you to invest? If you retire at 67 and live to 87, you will draw benefits that far exceed your contributions and your employer contributions. Unless you are in a defined benefit plan, and I doubt you are as they are dying away, your benefits through a personal retirement plan will be at best maybe 50% more than you contributed - as long as there are no more financial meltdowns and just based on normal ups and downs in the financial markets. The markets are due for a correction soon anyway, and your growth will likely be reversed for a while.

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Liquidity is better when you are young. I am not in a stable employment environment and that money would be better off in my savings account. Uncle Sam takes it out of my paycheck and I am not allowed to touch it. I could do better on my own, including just letting it sit in a Bank account building interest. You support it because you have been paying into it your entire life. I haven't I have only to lose through its existence. It is my money, why shouldn't I control it?

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In your unstable employment situation, the SS is your safest place. When a $1 million CD will draw about $29K in one year, I see no way a typical bank account drawing less than 1/2 of 1% will make you more than your money in the SS system. In fact, it is impossible. I support SS because I am an American that believes we help each other and not out for myself as an individual. My personal worth and investments far exceed by personal retirement funds along with and SS benefits I may receive. Why shouldn't you control it? Because you won't, that is why. you will spend every penny of it and when you hit 70 you will have nothing. Absolutely nothing. You're the same person that will complain about taxes, then complain if the roads are not in good shape or the water mains break or the fire department or police have to cut back services because they do not have the funds. Finally, if your employment is not stable, you likely aren't paying much into the SS system anyway. For every $100 you make, SS will take $12.40. Your employer will match that, so you will contribute $24.80 for every $100 you make into the SS system. That doubles your contribution.

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You are not understanding me. Young people got shafted by the economy. Currently I have no need for retirement. I need cash to get myself stable. As do many in my age group. My employer pays 10% my gross into a private account. It works exceptionally well for me. I had over $5000 after 10 months through their contributions. Social Security needs to be reformed. We don't want to hedge our bets on a system that won't exist in the future.

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When the next correction hits the stock markets, and it will probably next year, your $5000 will be less than $3000. The only reform SS needs is to remove the limit on the wages subject to SS withholdings. This year that is $117,000. After that, SS is no longer withheld from the persons wages. I pay myself very well from my engineering firm. I paid out my SS in July. My company still pays their part, but it is no longer withheld from my wages. Remove that ceiling and make all wages subject to SS withholding and the solvency of SS will extend out another 100 years. Do not listen to those that cry wolf about the demise of the SS system. Those are the same people that have been trying to destroy it since its inception.

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SS needs to be like a credit union. We pay in, the government borrows against it and we get interest payments. This would encourage fiscal responsibility and balanced budgets. SS is a ponzie scheme. There are going to be too many people withdrawing and not enough paying into it.

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Balanced budgets have nothing to do with SS. do as I suggested an eliminate that maximum withholding and it will be solvent for another 100 years. It was $113,600 last year and went to $117K this year, It sat at $106 K for years. Make all income subject to withholding - and that movement is growing. People making that kind of money will never miss it, and it all goes for the common good of the citizens. Real Americans should be glad it does.

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I guess in your opinion, if you don't have kids you shouldn't support the school system....

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Tony: Your idea works for you, mine works for me. Why not have multiple systems?

KeyMann: Public schools are important to the overall economy. Social Security is a different beast.

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People that depend upon SS benefits the most spend every penny of it each month. Every dollar spent in a local economy turns over an average of six times in the local economy. $1 turns into $6. All the businesses benefit and their businesses grow. SS is withheld from all of their new employees as their businesses grow.

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Good point - great question.

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Why can't I opt out? It works for you because you already paid into it. It will be bankrupt by the time I can withdrawal. My plan for my money is better for me. You don't honestly think politicians will save it? They can't agree to do anything but raise their own pay.

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SS is solvent for years at least 40 years without changes. Raise the top withholding level and it moves it out another 100 years. That will happen before long. Don't be fooled by the alarmists who scream about it failing. They have an agenda and that is to destroy it. That has been going on since its inception. Your plan is to spend it now, you already said you need the money. The financial disaster will take at least half of what you have in your current retirement system. The SS system will keep chugging along. It will be there when you retire unless those opposed to it in the first place succeed in destroying it. Those same people never discuss destroying SS in any election year though. Once again, I do not need SS benefits. I am fine if it goes to help others. That is what an American does.

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13 More Responses

no you can't do that unless you're a wealthy christian

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I guess you'd opt out of Income tax too...LMAO

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Nope. Part of doing business on American soil.

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Maybe we should opt out of them all and have a free-for-all?

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Explain.

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Just don't pay taxes... Work for cash

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I believe there are some civil service jobs that aren't required to pay into SS

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They have a separate system. Up until the early 80's they paid into a system that was not connected to the SS system. After that they paid into a system that was called something else, but is still a part of the SS system. I know several GSA employees and they have told me about this.

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I don't see why not.

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