Quote:
Originally Posted by redpoint5
I've said it before, but I'd be happy to forfeit all contributions thus far and get zero SS benefits in the future in exchange for paying nothing into it going forward.
We're living longer than in times past, which creates a new problem. In the past, family would support the elderly the few years until they die. Now that retirement is 1/3 of a lifetime, that becomes a much greater burden.
SS should be an opt in program. What business is it of the governments to force one to set aside retirement savings at essentially zero percent interest or less?
|
Social Security isn't a retirement program and it isn't a savings program. Zero dollars are being invested or set aside for future use. The cost of today's retirees are being paid by taxes collected from today's workers. No different than Medicare, Medicaid, or SNAP. The only difference is that the tax comes out on a different line but at the end of the day SS taxes go into the general fund like anything else and have done so since day one. The Social Security "Trust Fund" is an accounting gimmick. It is full IOU's (US Treasuries) that the federal government owes to itself.
Social Security is social safety net to insure at least a basic level of living for the elderly and disabled. Without it many would live in abject poverty or be dependent on other social programs. Given the option to opt out most would and yet many of those would not save anything or they would save and then have that savings wiped out by some life event. Taking care of the old and sick is a basic part of the social contract of living in a modern society.