Social Security is a rip off
- Thread starter DamnYankee
- Start date
It takes more than most people invest to actually have real money for retirement. Creating a program with a far better return would not be bad for the US.
I don't think it would be bad, but dismantling Social Security to do it would be bad. Social Security works. It may need some minor tweaking to ensure that projected benefits don't get cut, but it works.
I also don't think we necessarily need another government program to provide for retirement. What we have currently, with tax-favored retirement savings programs, is the way to go. Expanding those programs would be fine with me as long as you're not funneling money from SS.
TexasMeg
the observer
Reprimand for Texas Teachers
As a teacher in Texas this is what i deal with:
"What about my own Social Security benefit? I have heard that there is also a restriction on how
much Social Security a TRS member may receive.
Yes, there is a restriction and it is important to understand both this limitation and the GPO before making a
retirement decision. The restriction on the Social Security benefit of a TRS member (or most people receiving a
retirement benefit from a state or federal plan) is called the Windfall Elimination Provision (WEP).
For individuals to receive a retirement benefit from Social Security they must have worked in positions covered
by Social Security (paying FICA taxes on wages) for a minimum of 10 years or 40 quarters. For members of
TRS to qualify for a retirement benefit from Social Security they too must have worked the required minimum
of years or quarters required by Social Security (paying FICA taxes on wages). The amount of benefit
calculated by Social Security is based on yearly income, age, and other factors. . However, after their benefit is calculated by Social Security, it will be reduced by application of the WEP. The reduction is based on the
number of years during which the TRS member paid into Social Security and the number of years the member
earned at or above the “substantial earnings” level set by Social Security."
I'd love to know what happens to the money i paid in from age 16-22. And collecting spousal SS??? Forget it...doesnt happen for texas teachers. Apparently we're overpaid or something
http://209.85.165.104/search?q=cach...+and+social+security&hl=en&ct=clnk&cd=4&gl=us
As a teacher in Texas this is what i deal with:
"What about my own Social Security benefit? I have heard that there is also a restriction on how
much Social Security a TRS member may receive.
Yes, there is a restriction and it is important to understand both this limitation and the GPO before making a
retirement decision. The restriction on the Social Security benefit of a TRS member (or most people receiving a
retirement benefit from a state or federal plan) is called the Windfall Elimination Provision (WEP).
For individuals to receive a retirement benefit from Social Security they must have worked in positions covered
by Social Security (paying FICA taxes on wages) for a minimum of 10 years or 40 quarters. For members of
TRS to qualify for a retirement benefit from Social Security they too must have worked the required minimum
of years or quarters required by Social Security (paying FICA taxes on wages). The amount of benefit
calculated by Social Security is based on yearly income, age, and other factors. . However, after their benefit is calculated by Social Security, it will be reduced by application of the WEP. The reduction is based on the
number of years during which the TRS member paid into Social Security and the number of years the member
earned at or above the “substantial earnings” level set by Social Security."
I'd love to know what happens to the money i paid in from age 16-22. And collecting spousal SS??? Forget it...doesnt happen for texas teachers. Apparently we're overpaid or something
http://209.85.165.104/search?q=cach...+and+social+security&hl=en&ct=clnk&cd=4&gl=us
uscitizen
Villified User
Apparently you are unable to argue your position against this huge wall of facts that I have presented.
I am well aware of the "facts" as presented by some. The Bushies taught us that.
your facts are full of suppositions and estimates.
I seem to recall the war was only supposed to last 6 months at the most.
Is that Kool-aid cherry flavored or orange? Whatever it is, it must be good because you're lapping it up like a starved puppy.
1) Have you EVER ONCE bothered to question the fact that these insurance companies have billions upon billions in reserves yet pay outs end up being a substantially small fraction of that amount? Aren't you even marginally curious about the insurance black box of rates are calculated? Or are you under the misapprehension that the actuaries at these large ins companies have your best interest at heart.
Fact: Insurance costs a $hit load because insurance companies collectively c harge a $hitload and you seem to think they absolutely have to despite enormous reserves.
2) I'd like to see some references because even by your own fuzzy math its under 3.
uscitizen
Villified User
agreed, but how to go about it is the issue.
And the one that people talk about. Nobody talks of getting rid of SS any longer except those few "stupid" people that Eisenhower spoke of. Everybody else just has opinions on how to make it work better.
uscitizen
Villified User
It will become hotter when we have to start paying back what we stole from the SS surplus in a few years.
Damn our credit card government anyway.
coming up with 2 trillion or so from general revenues is going to be fun.
No kidding.
Epicurus
Reasonable
Better mercenaries than Americans dying.
I never understand the left-hate for Blackwater.
uscitizen
Villified User
Epicurus
Reasonable
Yeah that makes no sense but thanks for trying old man.
uscitizen
Villified User
The ideals of america is not supposed to be unprovoked invasions and using unregulated mercenaries.
you just do not understand what America is supposed to be.
DamnYankee
Loyal to the end
I have proven that the SS program is a rip off no matter what you choose to call it. Where has all that money gone? What happened to freedom of choice? American workers do not have the abilty to opt out.
DamnYankee
Loyal to the end
Why not let individuals decide if they want to "invest" in SS or not? Heck, I'd opt out now if I could, and I've paid those taxes for over 30 years.
uscitizen
Villified User
yeah I have paid car insurance for 30 years with no accident, I want my premiums back !