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Author: PMcMullenCT Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5267  
Subject: Re: The Transition Cost. Date: 1/18/2001 3:57 PM
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I don't believe that a person deserves more SS benefit because they paid more in SS taxes. The SS taxes that they paid went to support the retired people when they (the current retirees) were working. SS Taxes are not saved for your own retirement.

I think most people disagree on this. Why else would the SS administration bother to track your contributions and issue benefits based upon those contributions? People view SS taxes as an investment which will be returned when they retire. Thus, there is no stigma with collecting SS checks to supplement their retirement income. Most people believe that they deserve SS benefits because of the contributions they made throughout their working lives. While their actual contributions may not be held in an account, the belief is that a contract has been entered into with the SS administration.

Once you start applying means tests and using SS to redistribute wealth, then SS checks will become undeserved handouts from the federal government. Then it would be best to abolish the SS administration and consolidate welfare programs for the young and old. The only "deserved" retirement income would come from individual accounts (IRA's, 401K's etc.)
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