No. of Recommendations: 3
<<It sounds very much like a car insurance plan where the company sends you back your premium at the end of the year "if you didn't use it", but nobody explains where the money comes from to pay the extraordinary costs of car repair or medical bills for those who do. >>

Clever exageration of parts of a complex system of benefits.

The retirement benefits portion of the Social Security system dwarfs that of its other parts and functions, and is the reason the system is a dead man walking.

The Congress reasonably objected to private pension systems that failed to accumulate reserves to fund their long term liabilities. Instead of doing the same thing for Social Security beginning in the 1960s or so, the Congress then spent the enormous revenues pouring into the system on raising benefits that hadn't been promised or earned for people who didn't need them. It was good politics ---short term.

But the long term is arriving. I do not expect Gen X,Y and Z to be agreeable to paying ever higher payroll taxes to support a benefit scheme that will not pay off for them.

Why should the younger generation pay so heavily to pay benefits to people that don't need them? Means test Social Security and pay a benefit to the indigent elderly. The rest of us can and should be looking after ourselves.

Seattle Pioneer

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