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Thread: If Social Security "contributions" became voluntary...

  1. #1
    Vulture of The Western World Eric's Avatar
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    If Social Security "contributions" became voluntary...

    Would you continue to "contribute"?

    I wonder how many Americans, if given a free choice to either continue making payments into the program or opt-out (even if that meant forfeiting any future claim to benefits) would do so?

    My guess is a large number of those under 45 today - perhaps a majority - would gladly give up any claim to a cent in future benefits in exchange for no longer being forced at gunpoint to "contribute" to the program from here on out.

    What would you do if given the choice?

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    I'm probably at the tipping-point, where forfeiting any claims in exchange for better returns on the market vs. staying in the program could go either way. If I were younger, it'd be a no-brainer.

    One potential problem is if lots of people decide not to play the ponzi game, and put their money in the market, that'll result in a flood of money going after the same shares, resulting in a bidding war. Good for those already there, not so good for those who are slow.

    Of course, in reality, very few Americans would shift their money to the markets. They'd use it to have a better lifestyle today, buying fancy new cars & big-screen TVs...

    Chip H.

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    Vulture of The Western World Eric's Avatar
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    Quote Originally Posted by chiph View Post
    I'm probably at the tipping-point, where forfeiting any claims in exchange for better returns on the market vs. staying in the program could go either way. If I were younger, it'd be a no-brainer.

    One potential problem is if lots of people decide not to play the ponzi game, and put their money in the market, that'll result in a flood of money going after the same shares, resulting in a bidding war. Good for those already there, not so good for those who are slow.

    Of course, in reality, very few Americans would shift their money to the markets. They'd use it to have a better lifestyle today, buying fancy new cars & big-screen TVs...

    Chip H.

    I haven't added it up but I suspect my "contributions" thus far (not factoring in interest I might have earned, etc.) run well into the low six figures.

    If I had that money now, I could comfortably retire and never need to work again - decades before I'm eligible for my meager handout via SS.

    I'd like to see the whole thing torpedo'd.

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    That's an easy one for me. I would shit can my future claim on SS. I would use that small sum to finance another rental property and use the rental income to assist with my retirement. I would never enter the stock market. That's funding the hand that grabbed you.

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    If you've got your annual statement from Social Security, about halfway down page 3 is what you've paid into the system over your working life, as well as the amount your employer match has been. (self-employed pay both halves of SSA & Medicare taxes)

    Very-low six-figures is about what mine is. Not enough to stop working today - but would certainly be a nice boost to my 401(k).

    Chip H.

  6. #6
    Id opt out instantly - and put all my SS payments into a credit union account to accrue interest independently. Naturally, that means no payments from the system, but I can deal with that.

    Did you know that if you operated a private retirement pension scheme using Social Security's model, you would go to jail for securities fraud? I find that to be very telling indeed!
    If we should give Abraham Lincoln credit for uniting America, then we should give Adolf Hitler credit for uniting Europe, as both men used the same methods for the same goals.

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    Vulture of The Western World Eric's Avatar
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    Quote Originally Posted by RebelKnightCSA View Post
    Id opt out instantly - and put all my SS payments into a credit union account to accrue interest independently. Naturally, that means no payments from the system, but I can deal with that.

    Did you know that if you operated a private retirement pension scheme using Social Security's model, you would go to jail for securities fraud? I find that to be very telling indeed!
    Absolutely.

    The whole enterprise is despicable.

    First, it's paternalistic. Because some people are too irresponsible or stupid to plan for their retirement, we're all treated (at gunpoint) as though we are just as stupid and irresponsible.

    Second it's immoral. No one (unless you've made a specific contractual agreement, or it's a parent-child relationship) owes any other person a thing beyond goodwill and mutual respect. The idea that government can take your money, at gunpoint, to finance a check to some old coot you don't even know - at the expense of your financial security and that of your family, to boot - is no different than a street mugging.

    But as you point out, when government does it, that which would be a punishable criminal offense if an individual did it becomes legitimate; just another "program" or "service."

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