Skip to main content
No. of Recommendations: 11
I would not mind giving a smaller amount to SS to cover people who are truly in need. On the other hand I do have a problem with funding people who have the means to do without it.

That's basically my thought also. I do think we need, for lack of a better term, a safety net, and that's the responsibility of all of us. Beyond that I'm all in favor of individual choice

The problem with this is it would disincentives saving even more. "You, mean if I don't save anything for retirement, the government will cover me, but if I save some, they won't give me anything? I'm buying that big screen HDTV LCD then!"

People around here wouldn't think like that because we are generally driven to make comfortable retirement for ourselves with more than the bear minimum to get by. But there are plenty of people who would rather get a little for free rather than a lot for themselves - otherwise you wouldn't have abuse of similar welfare, food stamp, etc programs.

I suppose you could be okay with some abuse (I don't mean fraud, I mean chosing to participate by not working/saving, rather than using it as a fall back) as a acceptable consequence.

The bigger issue though, is what happens to the people who have been paying into SS for years, are just retired or about to retire. Where do they get the SS they've paid into for decades if all of a sudden we start letting people keep most of their SS money for themselves?

Its a nice idea in theory, but the transition would be extraordinarily painful, because the reality is that your SS is not 'your money' anymore, it goes to pay today's retirees. And your SS money comes from tomorrow's workers, when you're retired. SS isn't 'savings', the government (Repub and Dem) hasn't saved a penny in its life.
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.