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man just when I was completely agreeing with you this happens.
and while I'm on it..what's with the sense of en lement? Why does the government owe you or anyone money? This is what is going to F up social security- people that make $175k a year and don't need the money at all, but feel they are en led to it because they paid into it. Everyone has the right to live comfortably, and I'm all for people making as much as they can, but there has to be a point when someone can be respobile and say to themselves 'you know what, I have plenty of money, I don't need $1500 a month from SS" My generation (20somethings) will have a big argument because we pay into it and we won't see a dime of it. So who is right here? The guy that has made 200k a year for the last 20 years and takes it because he paid into it, or the 20somethings that pay into it and won't see a single nickel because the generation before them was a)too greedy or b)wasn't responsible enough to take care of themselves when it came time for retirement--they needed the government or the company they worked for to hold their hand and walk them into retirement with bags of money
And I know that the Government officials wrote this rebate plan so they could take advantage of the situation- but you know what: the government is corrupt, but whose fault is it? Is it them for being corrupt? or is it us for turning our backs on it, acting like nothing can be done and still voting for them everytime an election comes. People about all they want, but you know something, things CAN change, being a government official takes nothing more than running for office.
man just when I was completely agreeing with you this happens.
Why is that thought dumb? Why did both Bill Gates and Warren Buffet publicly speak out again receiving their own personal Social Security money? They want to raise awreness that you don't have to take the money just because it's owed to you. If you don't need it don't take it. Did you know that if the top tax bracket didn't take their social security, it could delay the social security flush for almost 15 years. Think about that, just by a bunch of rich people saying "you know, I make millions I don't need the money" it can extend the life of the social security funds for a bunch of years---that small number of people would benefit thousands and thousands of people. Not only that, Social Security is just like a personal mutual fund: the longer you leave it in the more it grows..so if a guy that has plenty of money decides he doesn't need SS, it could help 2-3 families that do need the money years down the road.
Don't get me wrong I see the vision and appreciate it. I agree that richers will always stay rich but its not their job to provide a certain lifestyle for the lazy or less fortunate. We can't put the responsibility on the richers to help fix America especially considering they helped tear it down.
I don't owe anyone a damn thing regardless of my incoming being 40k or 540k. You can't cut it then too ing bad.
Easy to be noble when you're a multi-billionaire.
And could you please cite your claim regarding the 'top tax bracket not taking their social security' extending that disaster for 15 years.
SS is NOTHING like a mutual fund, and that's the whole problem. It is a s game being run to kept the gov't afloat.
So all the money the "rich" have paid in shouldn't go to them, but to someone else.
Without any compensation to those who are now "giving" their hard earned money away.
I think I read about this a long time ago, something by a fellow named Marx I believe.
I will find the article, it was from Business Week back in the summer of 2006 I believe
You mean to tell me that they stash the money they take from SS and put it into none interest bearing en ies? If that is true that goes against everything I learned in 5 years of college studying finance. That was how I was relating it to a mutual fund- once you take money out of your MF you can never get back in where you were
I was waiting for this answer, thanks. So now argue me how it is fair that I am 24, paying into social security each year when a) I will never see it (so ultimately I am paying for others that couldn't take care of themselves) and b) could go to my own IRA or 401k to better the future of this country. But as it works now, I have to pay for myself AND pay for others. Now why is it too much to ask billionaires to not take money they don't need?
Its not fair just like your idea isn't fair. Nothing fair will ever happen. The system needs to be torn down but it will never happen. Just like nearly everything this country does that doesn't make sense. We're ing stuck with it. However taking more from others who are well off is definately not the answer.
Quick answer: Because it is their money.
If they elect to not withdraw it than that is their choice, but forcing them to abandon money taken from their wages smacks of socialism.
And as far as you being 24 and paying into a busted and ed up system; I'm 40 and have been doing it as well. Don't rely on the government to take care of you and fund your own IRA or 410(k).
Jimbo coming across sounding like a spoiled, rich dentist.
here is fair
right now at 24 years old, I pay roughly 7% of my income to Social Security, 5% to a 401k, and 3% to a IRA I have on the side. So basically I'm paying almost as much for someone else's retirement as I am for myself- and why? because they couldn't do it themselves when they were my age so they needed the government to step in and hold their hands through the whole process. The government needs us 20somethings to a) pay into it to keep it a float just long enough so it doesn't crash on their watch and b)stay dumb to the whole thing and not question it.
lets look, Assuming I made 40k a year for the rest of my working life (lets hope not) but 7% a year that I pay but won't see I would have $595,000 at the age of 60 assuming I only returned 9% a year, now add that into the money I am already am setting aside and I have a very nice retirement fund even though I didn't earn a ton of money during my working life.
no you got me wrong, I'm not for forcing anyone to not take it, I just am wishing people would be responsible and realize when they don't need it
It needs to be torn down, but it can't be torn down. It would be nearly impossible to relocate those funds in a way that satisfied everyone.
So, is Jim going to loan me the money for a down payment on a home?
I'm down with privatizing it, and paying a small amount (2-3%) towards what used to be social security for the people that can prove they are in dire needs of checks each month. I don't think there would be much objection to this, it's just change, and people are resistant to change.
I actually don't like the idea of privatizing it. I think that the social security program, as originally designed, is quite sound. The problem is that in the 80-ish years since it was established, the funds have been used to bail the country out of financial trouble without being replenished, and that's why you and I and others our age likely won't see any of it.
OK, I see where you were coming from. But to answer the question:
http://www.nasi.org/publications3901...id=7&cat_id=77
What happens to the funds that are not used immediately to pay benefits? By law, the funds are invested in special-issue Treasury securities that earn interest. In effect, the funds are loaned to the Treasury, which borrows the money just as it borrows money when it sells Treasury securities to the public. In other words, the surplus money collected by Social Security helps pay for the rest of the government. In return for the funds it loans to the government, the trust funds receive Treasury securities bearing a market rate of interest. The average interest rate on the portfolio held by the Social Security trust fund is about 6 percent.
Mutual funds invest; SS funds are being loaned to a creditor whose ability to pay the full amount back is increasingly in doubt given ever-expanding deficit spending. Trillions of dollars of debt is going to catch up with us one of these days; it could be argued that the recent fall of the US$ is due, in part, to this situation. What's amazing is that uber-creditors are still willing to loan the US money for such small returns. If China puts the brakes on financing US government debt things are going to go to in a handbasket.
God, I only hope so.
that's the biggest misconception of what's wrong with our economy. There are enough legitamate reasons to oppose this war, but using money as a reason is ignorant. When it comes to the finances of this country, the #1 problem by a tremendous margin are all of the en lement obligations. You may not want to hear it, but this country can't afford to pay for everyones housing, healthcare, retirement benefits, and welfare benefits through taxation. In the short-term we'll get away with this simple minded strategy because of our wealth, but it will eventually catch-up.
Universal healthcare, adequate retirements, and housing are all items everyone should have, but government is not the solution. God Forbid we have to rely on elected officials for our financial needs. At that point we become slaves.
Jim probably pisses about $600 in vodka and other booze every morning...
Jimbo coming across sounding like a spoiled, rich dentist.
1Parker1, I thought we were friends.
I have never been spoiled..not as a child, not as a student, not as a dentist. My employees get health insurance, paid 2 wks vacation, sick leave, all their scubs and coats paid for, profit sharing and yearly trips. I am one of the most generous people anyone knows, always helping friends and family in need of money and always picking up the check at restaurants when we are out with friends and family. I know what it is like to be without a lot of money(grew up with a single mom, worked from the time I was 10) and that is why I try to help all I can for those less fortunate....so spoiled, I am not.
As I said, I am not crying about the non rebate, I was just venting, because of the above mentioned bull that this govt is always pulling , just to help their own sorry asses.
Pay your taxes and stay off the kind...
Jim probably pisses about $600 in vodka and other booze every morning...
No, I might blow it on an open ender in Holdem though.
Unfortunately for you, we don't live in a mutually-exclusive world....assume the government defaults on it's obligation to service it's promissory notes in the SS accounts, then what? America's credit and it's monetary system, along with all those millions you've managed to save in your own 401K, 401K roth or other investment vehicle, become worthless....so even if you think your doing the right thing.... opposing SS....funding your own retirement.... when the does hit the fan you'll be just as broke as the rest of us socialists....Mutual funds invest; SS funds are being loaned to a creditor whose ability to pay the full amount back is increasingly in doubt given ever-expanding deficit spending. Trillions of dollars of debt is going to catch up with us one of these days; it could be argued that the recent fall of the US$ is due, in part, to this situation. What's amazing is that uber-creditors are still willing to loan the US money for such small returns. If China puts the brakes on financing US government debt things are going to go to in a handbasket.
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