just thought i would chime in with my 2 cents here. I'm 17, have a full time job, and pay the 6.2% SS tax. I voted
NOT to opt out.
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And here is where the flaw is. I don't want to be in your boat. I want freedom to do as I wish and that is something you are not understanding.
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jc, in all honesty you are most certainly correct about being more efficient at allowing your own retirement plan to grow into a better return with the additional 6.2%....but we aren't contributing to the plan for ourselves at retirement age, we're helping support those who can't support themselves, for whatever reason, and there's several legitimate ones.
Please understand. Even though I pay what I estimate to be 18-20 % of my gross check, there's still money that I can sock away to an interest compounding account after all expenses covered. Sure, you COULD have had more in your IRA by age 65 or whatever, you'll have enough. You're a smart kid. But I really like that quote by Winston Churchill. Most of us teenagers are heartless bastards. We are tons more fortunate than others and continue to receive better education on what to do with our finances than say, what others were educated about 30-50 years ago. (Many were unaware of how the bank invests your savings in order to deliver you the interest to your account until FDR brought it to light during the great depression.)
Anyway, my point is you can still sock away enough for retirement to live comfortably and still pay that 6.2%, regardless is SS is still around or not. Like you would willingly write grandma and grandpa a check every month. Please.
Otherwise, tell me how that other boat you found is doing for ya
