Dismissing Social Security

[KTP]

Take advantage of your Roth Ira while you can.

LOL if you think the rules on Roth can't be changed by a greedy Congress.

I could see in 25 years when the debt repayment is like 99.9% of GDP they enact a special 15% flat tax on Roth withdrawals.

Look at the current situation. There is talk all around of soaking the rich...it buys votes from those getting the checks. Who is going to be worth more votes? The 10 people who have $1.5 million in a Roth account or the 100 people who didn't save a dime and want more entitlement programs?

[maat55]

I have 30+ years invested in it and I would gladly break away. I would for many reasons. First, is because it is an abomination to personal freedom, second, it is an failing ponzi scheme that progressively cost each generation more than the last, third, I could do better with my own investments.

[maat55]

SS/medicare will end eventually. It along with our other growing number of socialistic programs will destroy the country as we know it. Like with any drug, socialism will soften us and have us depending on others to maintain the programs while more and more choose to sit on the sidelines and collect.

As property(income) rights dwindle so will ambition. It is a fundamental fact that when you take from one and give to another, you encourage less production by both, less production means lower lifestyles overall.

[littleroc02us]

those of us who are responsible to save for our retirements will probrably end up subsidizing those who did not via more taxes to pay for more wasteful social programs. Scares me to death to think what tax rates are going to be 30 years from now.

Take advantage of your Roth Ira while you can.

I couldn't agree more. Those of us who are responsible and live within our means and plan for retirement are going to have to help those who either never succeeded financially not do to trying (which is o.k.), but for those who spent more than they made by using credit cards and never put money away for retirement. Those are the people that rely on the Gov't to baby sit them. Good luck!

[feh]

What if there was a way you could tell the Government in writing that you no longer want to collect Social Security, which in turn they can no longer pull social security out of my check?

Nope. I feel SS is a vital program. Remember - your SS contributions are not being set aside for your retirement. They are being used to support others right now.

[littleroc02us]

Nope. I feel SS is a vital program. Remember - your SS contributions are not being set aside for your retirement. They are being used to support others right now.

Exactly the reason I want out, the Gov't has taken the money we contributed and borrowed upon it for stuff they couldn't afford and have created a worthless program. I want out. Why is it vital? Because you cannot save up yourself for retirement?

[feh]

Why is it vital? Because you cannot save up yourself for retirement?

I'm lined up for a fine retirement; my wife and I have saved diligently.

It's vital because people that suffer a debilitating injury shouldn't be destitute; senior citizens that don't have sufficient assets in retirement should be destitute.

[littleroc02us]

I'm lined up for a fine retirement; my wife and I have saved diligently.

It's vital because people that suffer a debilitating injury shouldn't be destitute; senior citizens that don't have sufficient assets in retirement should be destitute.

You missed the whole point to my thread. I want the option to opt out and to no longer contribute if you should choose so, but those who rely on the Gov't could continue to contribute.

[Seeker]

Dare I suggest you find a religious group that meets the IRS requirements below???

http://www.irs.gov/pub/irs-pdf/f4029.pdf

[Joan.of.the.Arch]

Very interesting, Seeker.

[Seeker]

Very interesting, Seeker.

lol -- he probably doesn't believe in religious groups either.

[snafu]

When SS began, the majority had no access to pension plans of any kind. It was a major feat to keep a roof over head and the family fed. Life expectancy was less than 60 y/o. What % of people are financially prudent, saving for the 'rainy day?' As I see it, the '08 recession frightened a lot of people who were fortunate to retain their employment to reduce the mountain of debt they were carrying.

Isn't SS like compulsory insurance? I've been paying auto insurance premiums way over the compulsory sums since I was 16 y/o. Frankly, I'm grateful I've never made a claim and fervently hope that never happens. I certainly don't expect to see any return of the sums paid in, it went to others who crashed.

I'd rather the government borrow from SS aka fellow citizens than borrow from China. I still believe that sometime in the future, the Chinese gov't will make demands and push political agendas

[littleroc02us]

lol -- he probably doesn't believe in religious groups either.

Sounds like your somebody I'll be paying for their retirement. I thought the suggestion was quite funny though.

[Joan.of.the.Arch]

Sounds like your somebody I'll be paying for their retirement. I thought the suggestion was quite funny though.

Is no one going to be subsidizing you, littleroc02us? Are you seriously considering not collecting any more retirement Social Security than what you have paid in? How many months do you calculate it would take you to collect what you have paid in? Or do you plan to accept what you have paid in, plus what you figure you might have gained through private investing had you had those SS taxes in you paycheck over your working life? What percentage of return are you going to reckon?

Do you have parents or grandparents that you would like to persuade to not accept Social Security benefits beyond what they've paid in?

littleroc02us, I think if you would read here long enough to get a feel for the regulars who have posted on your thread, you would understand that most people here are wisely providing for their retirement years apart from Social Security. Rather than trying to get in a jab at other people, it would be more constructive to chat about how to provide for one's own retirement, a very prevalent topic here.

[Debt Relief]

Paying Social Securiy tax really sucks for those who save and invest. Unfortunately, the "average Joe" does NOT save and invest... When retirement rolls around their ONLY option for feeding and housing themselves is Social Security.

I am astounded at the number of people who have access to matched 401Ks and put nothing in it or don't at least put in the amount that the employer will match. I was maxing mine out for the last 5 or so years before getting laid off in Dec.