Investment account back up!

MoKelly · Dec 21, 2023

CloverKnollFarms said:
It's not an entitlement. It's the shittiest retirement account you could pay into bar none. When I pay I into it, more than I'll see, it's robbery. Especially considering it's a slush fund for govt spending.

I do not disagree.

In my opinion, it is the classic govt big brother thought process —- 1. people are too dumb to save for themselves 2. We need to help them to avoid disaster in the future 3. We will force them (and their employer) to put money in by required payroll withholding 4. They are too dumb to invest for themselves so we won’t let them have any control 5. We will control everything up to and including how much they get based on when they retire and, of course, we will tax the money as it’s earned and when it’s paid and, what the heck, we will take out Medicare premiums.

We really won’t invest the money but rather fund the deficits by selling Govt bonds. Nevertheless, we will call it the Medicare Trust Fund.

MossRoad · Dec 21, 2023

Personally, I'd like to see the top limit taken off on social security so everyone has to pay the same percentage no matter how much they make over the current $160K'ish. A flat tax, so to speak.

MossRoad · Dec 21, 2023

MoKelly said:
I do not disagree.

In my opinion, it is the classic govt big brother thought process —- 1. people are too dumb to save for themselves 2. We need to help them to avoid disaster in the future 3. We will force them (and their employer) to put money in by required payroll withholding 4. They are too dumb to invest for themselves so we won’t let them have any control 5. We will control everything up to and including how much they get based on when they retire and, of course, we will tax the money as it’s earned and when it’s paid and, what the heck, we will take out Medicare premiums.

We really won’t invest the money but rather fund the deficits by selling Govt bonds. Nevertheless, we will call it the Medicare Trust Fund.

I'd have loved to have been able to invest my SS money myself. Would have come out WAY ahead!

Reality says there will always be people that can't (or won't) take care of themselves financially. We all know many folks that could not handle it for various reasons. Impulses. Common sense. Gullibility. stuff like that.

So what happens to them when they didn't (or couldn't) save anything for retirement?

CloverKnollFarms · Dec 21, 2023

MossRoad said:
Personally, I'd like to see the top limit taken off on social security so everyone has to pay the same percentage no matter how much they make over the current $160K'ish. A flat tax, so to speak.

Not me... I look forward to 5 months of the year without that highway robbery.

CloverKnollFarms · Dec 21, 2023

People never survived prior to SS?

California · Dec 21, 2023

CloverKnollFarms said:
People never survived prior to SS?

Ever read The Grapes Of Wrath?

jyoutz · Dec 21, 2023

CloverKnollFarms said:
People never survived prior to SS?

It was normal prior to SS for extended family living arrangements. When grandpa got too old to work he moved in with the kids.

Torvy · Dec 21, 2023

California said:
Ever read The Grapes Of Wrath?

Just watched the movie...

Torvy · Dec 21, 2023

jyoutz said:
It was normal prior to SS for extended family living arrangements. When grandpa got too old to work he moved in with the kids.

Also, before 1945 or so, the life expectancy was under 65. The US model their system after the German system. If half of the people died before reaching full retirement age, the nation kept most of the remaining money.