Sorry, but the math doesn't lie. Social Security already pays out more in benefits than is collected in Social Security taxes. This trend is only going to continue as more people lose their jobs and as more people start collecting benefits.
If they're going to stop paying out selectively, then they should start with all the other payouts that they now provide (surviving spouse, disability, etc.) and reduce outlays to those that paid so little into the system in their productive years that they are essentially collecting welfare.
Agreed 100%. I just think Social Security should be ended for anyone 40 and under. All the money we pay into the system now is wasted and assuming things do not change, this program will NOT be there when we get to retirement age. Social Security has already reached the tipping point, and like all ponzi schemes, it is collapsing.
I think the best way to get rid of Social Security for good is to simply end it for those of us 40 and under, and provide a means to pay a lower level of benefits for those who are older than 40, and simply pay the existing obligations to the elderly out of the general fund. As they die off, so will all Social Security obligations.
That's because it's paying out money to some people FAR IN EXCESS of what they paid in. Match the payout to what was paid in by each individual and the problem would resolve itself.
If you and your employer paid in $100,000 over the course of your working years, then your benefit should consist of the government paying you back as if you had a $100,000 annuity purchased at the time you declared retirement. If you only paid in $10,000 over your working years, then your payout should be as if you had a $10,000 annuity. Plain and simple. And most of all, fair.
What I'm reading here by others is that those that were successful and saved for their own future should be punished so that the drones (mostly democrats) that worked a total of 5 years out of their lives should continue to benefit as if they had paid in 10 times the amount that they did.
I'm way over 40, I want out of SS. Keep my contribution, but I pay no more FICA. I'd be good with that.
whatever one has paid into SS, there should be some payout.....we pay taxes in this country and their supposed to mean something...
That is the answer. GenX is going to have to be the bridge between generations that receive SS and the ones that don't. Those born in 1969 or earlier get SS, those born in 1970 or later don't. There is still plenty of time for a 40 year old to save enough for retirement, even with the SS taxes taken out. But there should be a reward for doing so. Like their 401K should be made tax free on the back end as well as the front. That would be fair.
Anyone entering the workforce now shouldn't have any SS taxes taken out.They have no hope of getting it anyway, so why make them pay for it?