UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: ahatcher Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75375  
Subject: Re: Social Security Series Date: 10/21/1998 3:18 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I would like to suggest another alternative: Get the government out of the retirement/Ponzi scheme business altogether and allow adult citizens to provide for their own retirement as they see fit. I am 47 and have paid into the system for over 25 years, but I would be perfectly happy to get back what I have paid in so far (even without interest, just adjusted for 25 years of inflation) and opt totally out of the system. Allow me to receive the 15+% that I am currently forced to send to Washington (my "contribution" and my employer's matching payment), and I will expect nothing from the government when I retire at whatever age I choose.

I'll go even further. I'm 38 and I would be willing to give up all the money I've ever paid into SS and all future retirement benefits if they will allow me stop contributing. I've maxed out the SS deduction for a number of years too.

It aint gonna happen though.

There is no easy solution that will please everyone. We elect congress people to solve these problems for us, but they pay more attention to pleasing people in the short term rather than solving long term problems.

I think the only solution is to phase out Social Security (as it exists today). All the ways to do that are dependent on people NOW paying more or receiving less. IRA's and 401k plans help by making fewer people dependent on social security payments. Forced IRA's may be a solution, but that brings up all sorts of issues about who is going to manage all those accounts and how many fees are going to be collected to do it.

Another big gap is what happens to those who make poor investment choices? Does the government have a duty to provide subsistence level existence for the elderly? When does someone become eligable? This is basically the same issue as welfare, but a larger proportion of people in this group can't work.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Value Hounds

Not Cheering the Shire Deal
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement