Quote:
Originally Posted by jc3900
Sweeps, by opting out you lose any benefits that would have come from the government. Oh and how much longer do you have till retirement?
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I'm in my mid-30s so I'm a long way to retirement, thanks for asking. The issue as I mentioned in the other thread is it's not about me.
Social security is not a retirement fund (although I believe it will be there in some form when I eventually turn 65).
It is a crucial safety net for the poor elderly and disabled.
I don't know if your plan to opt out is serious, but I think it should be obvious that the people who would choose to opt out are exactly those that the program needs to survive. So you might as well just cancel the entire program if that's what it comes down to.
Also as cooliemae points out, your figures are wrong. Employees pay 6.2%. If you're also an employer you'll pay an additional 6.2%, but you get a tax break for that. Also you only pay FICA up to a certain income level. So rich people don't pay anywhere near 15%.