Posted on 06/30/2017 9:36:27 AM PDT by davikkm
Go ahead and cash the check. In the unlikely event that the checks are still being written when I get to be that age, I'll do the same.
But we have no grounds for complaint when the checks get cut off. Plan accordingly.
If you were forced to pay 14.5% of your income for 45 years and invest it, you would retire with a nest egg that should mean you could go on in perpetuity.
The government pays an insult of a benefit, and when you die they keep the principle that in a sane system would go to your estate.
Simpson is a jackass. Want to talk about a teat...ask him about his Senate pension and benefits.
From an old post on Fr of mine...
But, but we were promised back in 1964!
https://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
And HERE is where your money went. Read and Weep!
https://www.ssa.gov/OACT/ProgData/fundFAQ.html#n4
*****
A few years ago AARP magazine had an article “proving” SS was not a Ponzi scheme. They showed how each was set up, and their proof was ALL Ponzi schemes collapse. Social Security has not collapsed, therefore it is not a Ponzi scheme.
A few pages farther on was an article on Social Security by Jane Bryan Quinn in which she showed that Social Security was set up, just like a Ponzi scheme although she did not say it that way.
SS is a product that a budding Bernard Madoff would be proud to sell-—and get away with it.
Exactly. I get sick of people saying to get rid of it—OK with me IF you give me every penny I paid in WITH interest in one big check with ZERO taxes removed
Agreed. Just as health care and medical care are not rights, but services that have to be paid for.
Wrong. See Fleming v Nestor.
L
You’re too kind. It’s more of a Ponzi scheme.
Sweet, but incorrect.
I know a lot of people think this way — they paid in so they should get money out. Unfortunately, the money was squandered by people who are now dead. Its not there anymore. That’s how a Ponzi scheme works. If anyone is mad that they may not get Social Security, go to the cemetery and shake your fist at the graves of the dead politicians and beneficiaries who used the money that you paid in.
The only question is, do we screw the next generation by keeping benefits high or try to fix it? And I say this as someone who is in his early 50s and will get screwed if the system changes.
I’m not far away from being able to collect SS. All my planning is based on not getting any. I expect them to “means test” it sometime soon, and those of us who saved for retirement will find we don’t have the “need” that the illegal immigrants do, and the injured people who can play sports but cannot work, etc...
“Whatever it is, if the money is not there to pay it out, it wont be paid out.”
That’s a good one. Since when has that ever stopped our “leaders”?
When you get then it’s a right. When someone else gets it then it’s a benefit.
Social Security is welfare.
FDR SAID they called it insurance precisely so that, if anyone tried to touch it, the geezers would be outraged and fight tooth and nail, WITH TOTAL MORAL CERTAINTY THAT THEY WERE FIGHTING FOR SOMETHING THEY PAID FOR.
Sure enough, that’s their rallying cry: “I PAID IN!”
The earliest recipients got out more than they paid in. Most current recipients and future recipients are getting screwed.
Everybody would be getting five times as much if they had been allowed to keep their money and invest it.
This is one of many reasons FDR was a total jackass and ideological fool. He is a myth and the leftists wrote the history books about him.
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