What exactly is social security?

[Syringer]

Is the money put into an entire US pool, or do you have your own account?

And how is it different than a 401K?

/ignorant

 

[charrison]

Originally posted by: Syringer
And how is it different than a 401K?

/ignorant

At any time you can cash out your 401k. You are likely to never see your social security funds again.

 

[BaliBabyDoc]

Ditto . . . the penalty for early withdrawal is 10%+ from your 401K . . . but most people under 40 will probably never see a dime of SS. I may change that to under 50 if Bush (and the do nothing Democrats/Republicans in Congress) get re-elected.

 

[charrison]

Originally posted by: BaliBabyDoc
Ditto . . . the penalty for early withdrawal is 10%+ from your 401K . . . but most people under 40 will probably never see a dime of SS. I may change that to under 50 if Bush (and the do nothing Democrats/Republicans in Congress) get re-elected.

Creating private accounts, reduced benefits or increased social security taxes is going to be the only thing that can save social security.

 

[LunarRay]

When I'm 62 I'll draw social security... and will be thanking each and eveyone of you that continue to fund it for me...

The trust fund will be solvent until about 2020 or so... so I vote an increase is in order... increase the SS tax to 10% to cover the fund needs until 2025 or so..

Thankyou..

 

[charrison]

Originally posted by: LunarRay
When I'm 62 I'll draw social security... and will be thanking each and eveyone of you that continue to fund it for me...

The trust fund will be solvent until about 2020 or so... so I vote an increase is in order... increase the SS tax to 10% to cover the fund needs until 2025 or so..

Thankyou..

And this is why pure democracy can be a bad thing. You seem to have no problem voting to pick the pocket of another.

 

[Brie]

Originally posted by: charrison

Originally posted by: LunarRay
When I'm 62 I'll draw social security... and will be thanking each and eveyone of you that continue to fund it for me...

The trust fund will be solvent until about 2020 or so... so I vote an increase is in order... increase the SS tax to 10% to cover the fund needs until 2025 or so..

Thankyou..

And this is why pure democracy can be a bad thing. You seem to have no problem voting to pick the pocket of another.

Pure democracy does not imply a necessity of social security. Also "you" does not equal a majority..."you" = 1. I would hope that every American would want his or her SS after paying into it their whole life. If there was an opt out for any American, SS would of died decades ago.

I believe that all SS goes into a national account. One problem is that Congress tends to "borrow" from this account. I?m a R but I liked the lockbox. Also...I believe that the 401k program is optional while the SS program is REQUIRED.

 

[charrison]

Originally posted by: Brie

Originally posted by: charrison

Originally posted by: LunarRay
When I'm 62 I'll draw social security... and will be thanking each and eveyone of you that continue to fund it for me...

The trust fund will be solvent until about 2020 or so... so I vote an increase is in order... increase the SS tax to 10% to cover the fund needs until 2025 or so..

Thankyou..

And this is why pure democracy can be a bad thing. You seem to have no problem voting to pick the pocket of another.

Pure democracy does not imply a necessity of social security. Also "you" does not equal a majority..."you" = 1. I would hope that every American would want his or her SS after paying into it their whole life. If there was an opt out for any American, SS would of died decades ago.

I believe that all SS goes into a national account. One problem is that Congress tends to "borrow" from this account. I?m a R but I liked the lockbox. Also...I believe that the 401k program is optional while the SS program is REQUIRED.

funny the option 401k option works and will be solvent, while the required SS is broken and mandatory. Does anyone see a problem with this picture?

 

[LunarRay]

Originally posted by: charrison

Originally posted by: Brie

Originally posted by: charrison

Originally posted by: LunarRay
When I'm 62 I'll draw social security... and will be thanking each and eveyone of you that continue to fund it for me...

The trust fund will be solvent until about 2020 or so... so I vote an increase is in order... increase the SS tax to 10% to cover the fund needs until 2025 or so..

Thankyou..

And this is why pure democracy can be a bad thing. You seem to have no problem voting to pick the pocket of another.

Pure democracy does not imply a necessity of social security. Also "you" does not equal a majority..."you" = 1. I would hope that every American would want his or her SS after paying into it their whole life. If there was an opt out for any American, SS would of died decades ago.

I believe that all SS goes into a national account. One problem is that Congress tends to "borrow" from this account. I?m a R but I liked the lockbox. Also...I believe that the 401k program is optional while the SS program is REQUIRED.

funny the option 401k option works and will be solvent, while the required SS is broken and mandatory. Does anyone see a problem with this picture?

The picture I see is you don't want to pay me what I was promised... I paid into it for 42 years so far.. now if you call that picking your pocket... get ready cuz here I come..

 

[charrison]

Originally posted by: LunarRay

Originally posted by: charrison

Originally posted by: Brie

Originally posted by: charrison

Originally posted by: LunarRay
When I'm 62 I'll draw social security... and will be thanking each and eveyone of you that continue to fund it for me...

The trust fund will be solvent until about 2020 or so... so I vote an increase is in order... increase the SS tax to 10% to cover the fund needs until 2025 or so..

Thankyou..

And this is why pure democracy can be a bad thing. You seem to have no problem voting to pick the pocket of another.

Pure democracy does not imply a necessity of social security. Also "you" does not equal a majority..."you" = 1. I would hope that every American would want his or her SS after paying into it their whole life. If there was an opt out for any American, SS would of died decades ago.

I believe that all SS goes into a national account. One problem is that Congress tends to "borrow" from this account. I?m a R but I liked the lockbox. Also...I believe that the 401k program is optional while the SS program is REQUIRED.

funny the option 401k option works and will be solvent, while the required SS is broken and mandatory. Does anyone see a problem with this picture?

The picture I see is you don't want to pay me what I was promised... I paid into it for 42 years so far.. now if you call that picking your pocket... get ready cuz here I come..

Yes you did pay into a ponzi scheme, just like I am. But why should I support you when the system will be bankrupt by the time i reach your age. The goverment overpromised and it time to cut back some of the benefits.

I guess you dont mind taxing your grandchildren into poverty to pay for your retirement.

 

[tcsenter]

What exactly is social security?

The "money" is laundered through the general fund by purchasing treasury bills. The money is not in any kind of dedicated 'fund', it goes into the general fund of the US government which then spends it with abandon. The government tallies SS contributions and keeps 'receipts' of how much the SS "fund" would have in it...if it existed. Think of these receipts as IOUs, because that is exactly what they are.

The SS system was meant from inception to be a 'pay-as-you-go' system to give government a new and steady source of revenue. Meaning, its the world's largest pyramid scheme by definition.

Pyramid schemes are prohibited by federal law. Apparently, the government didn't want the competition.

 

[LunarRay]

Originally posted by: charrison

Originally posted by: LunarRay

Originally posted by: charrison

Originally posted by: Brie

Originally posted by: charrison

Originally posted by: LunarRay
When I'm 62 I'll draw social security... and will be thanking each and eveyone of you that continue to fund it for me...

The trust fund will be solvent until about 2020 or so... so I vote an increase is in order... increase the SS tax to 10% to cover the fund needs until 2025 or so..

Thankyou..

And this is why pure democracy can be a bad thing. You seem to have no problem voting to pick the pocket of another.

Pure democracy does not imply a necessity of social security. Also "you" does not equal a majority..."you" = 1. I would hope that every American would want his or her SS after paying into it their whole life. If there was an opt out for any American, SS would of died decades ago.

I believe that all SS goes into a national account. One problem is that Congress tends to "borrow" from this account. I?m a R but I liked the lockbox. Also...I believe that the 401k program is optional while the SS program is REQUIRED.

funny the option 401k option works and will be solvent, while the required SS is broken and mandatory. Does anyone see a problem with this picture?

The picture I see is you don't want to pay me what I was promised... I paid into it for 42 years so far.. now if you call that picking your pocket... get ready cuz here I come..

Yes you did pay into a ponzi scheme, just like I am. But why should I support you when the system will be bankrupt by the time i reach your age. The goverment overpromised and it time to cut back some of the benefits.

I guess you dont mind taxing your grandchildren into poverty to pay for your retirement.

The government can cut back on your benefits all they want... but, not mine... I want my check every month and medicare and foodstamps and anything else I'm entitled to ... I'll consider modifing this when the defense folks stop wasting money all over the planet.. or agree to tax to the needs of the people... and spend to the needs of the people before the needs outside our borders..

 

[LunarRay]

here is the ss money...

 

[CADsortaGUY]

Originally posted by: LunarRay

Originally posted by: charrison

Originally posted by: LunarRay

Originally posted by: charrison

Originally posted by: Brie

Originally posted by: charrison

Originally posted by: LunarRay
When I'm 62 I'll draw social security... and will be thanking each and eveyone of you that continue to fund it for me...

The trust fund will be solvent until about 2020 or so... so I vote an increase is in order... increase the SS tax to 10% to cover the fund needs until 2025 or so..

Thankyou..

And this is why pure democracy can be a bad thing. You seem to have no problem voting to pick the pocket of another.

Pure democracy does not imply a necessity of social security. Also "you" does not equal a majority..."you" = 1. I would hope that every American would want his or her SS after paying into it their whole life. If there was an opt out for any American, SS would of died decades ago.

I believe that all SS goes into a national account. One problem is that Congress tends to "borrow" from this account. I?m a R but I liked the lockbox. Also...I believe that the 401k program is optional while the SS program is REQUIRED.

funny the option 401k option works and will be solvent, while the required SS is broken and mandatory. Does anyone see a problem with this picture?

The picture I see is you don't want to pay me what I was promised... I paid into it for 42 years so far.. now if you call that picking your pocket... get ready cuz here I come..

Yes you did pay into a ponzi scheme, just like I am. But why should I support you when the system will be bankrupt by the time i reach your age. The goverment overpromised and it time to cut back some of the benefits.

I guess you dont mind taxing your grandchildren into poverty to pay for your retirement.

The government can cut back on your benefits all they want... but, not mine... I want my check every month and medicare and foodstamps and anything else I'm entitled to ... I'll consider modifing this when the defense folks stop wasting money all over the planet.. or agree to tax to the needs of the people... and spend to the needs of the people before the needs outside our borders..

This is exactly the problem Luny. I know(or I hope) you are being sarcastic with your posts regarding this but all too often what you posted is EXACTLY what "old people" are told to believe(AARP and Dems) and do believe. Just because you are "old" by our societies standards you get a check?

Social Security is a disaster!

CkG

 

[AvesPKS]

Yeah, I've never really understood this either. You can only get out of it what you put in, right? There's no magic SS bank that spits out checks every month...

 

[CADsortaGUY]

Originally posted by: AvesPKS
Yeah, I've never really understood this either. You can only get out of it what you put in, right? There's no magic SS bank that spits out checks every month...

No - MANY MANY MANY people have taken more out than they have put in. That is why the system is broken. My Grandma has never paid a dime into SS but she gets a check every month, not only does she get her SS check but she gets $ from my Grandpa's(RIP) SS and his old Rail Road pension. All this for not working a day in her life. Explain to me why everybody in America should now pay for my Grandma's medications when she can afford to pay for them herself because we give her free money.

Social Security is a disaster!

CkG

 

[Hayabusa Rider]

THe only way to fix this is manditory death at some age.

So some guy making 25k and spending it all on sustinence is going to have a 401k retirement fund. Rigghhhhtttt.

If you kill everyone at say age 70, you would not have to worry about those pesky old homeless people. Not only that, but this is the ultimate in fairness. You could not buy your way out of it, you could only escape to another country, and if they do so, the goverment seizes their assets, or if they have moved them offshore, they are not permitted to leave until they are surrendered to Bush the 4th or whoever.

There. Problem solved.

 

[Linflas]

Originally posted by: Hayabusarider
THe only way to fix this is manditory death at some age.

So some guy making 25k and spending it all on sustinence is going to have a 401k retirement fund. Rigghhhhtttt.

If you kill everyone at say age 70, you would not have to worry about those pesky old homeless people. Not only that, but this is the ultimate in fairness. You could not buy your way out of it, you could only escape to another country, and if they do so, the goverment seizes their assets, or if they have moved them offshore, they are not permitted to leave until they are surrendered to Bush the 4th or whoever.

There. Problem solved.

Perhaps even a more radical solution would be to make people be responsible for planning and funding their retirement themselves. Oops that would require personal responsibility which we advanced 21st century types view as outdated thinking.

 

[Hayabusa Rider]

Originally posted by: Linflas

Originally posted by: Hayabusarider
THe only way to fix this is manditory death at some age.

So some guy making 25k and spending it all on sustinence is going to have a 401k retirement fund. Rigghhhhtttt.

If you kill everyone at say age 70, you would not have to worry about those pesky old homeless people. Not only that, but this is the ultimate in fairness. You could not buy your way out of it, you could only escape to another country, and if they do so, the goverment seizes their assets, or if they have moved them offshore, they are not permitted to leave until they are surrendered to Bush the 4th or whoever.

There. Problem solved.

Perhaps even a more radical solution would be to make people be responsible for planning and funding their retirement themselves. Oops that would require personal responsibility which we advanced 21st century types view as outdated thinking.

So, how is the guy making just enough to live going to do this? Oh, just save! Forget food and housing and medical expenses. Cool.

 

[AvesPKS]

Originally posted by: CADkindaGUY

Originally posted by: AvesPKS
Yeah, I've never really understood this either. You can only get out of it what you put in, right? There's no magic SS bank that spits out checks every month...

No - MANY MANY MANY people have taken more out than they have put in. That is why the system is broken. My Grandma has never paid a dime into SS but she gets a check every month, not only does she get her SS check but she gets $ from my Grandpa's(RIP) SS and his old Rail Road pension. All this for not working a day in her life. Explain to me why everybody in America should now pay for my Grandma's medications when she can afford to pay for them herself because we give her free money.

Social Security is a disaster!

CkG

Oh...you misunderstood me. I know many people get out more than they put in...I am one of them. I received SS from age 14 until I turned 18, and my sister will have gotten it for 11 years before it stops. But, I am saying that, IN GENERAL, in any given system, you can only get out of it what you put into it. TANSTAAFL (for all you Heinlein fans). There ain't no such thing as a free lunch.

 

[zantac]

Originally posted by: CADkindaGUY

Originally posted by: AvesPKS
Yeah, I've never really understood this either. You can only get out of it what you put in, right? There's no magic SS bank that spits out checks every month...

No - MANY MANY MANY people have taken more out than they have put in. That is why the system is broken. My Grandma has never paid a dime into SS but she gets a check every month, not only does she get her SS check but she gets $ from my Grandpa's(RIP) SS and his old Rail Road pension. All this for not working a day in her life. Explain to me why everybody in America should now pay for my Grandma's medications when she can afford to pay for them herself because we give her free money.

Social Security is a disaster!

CkG

Not everyone is as well off as your grandma. A lot of seniors can barely pay for their medicine each month. Some ask their doctor for stonger Rx. so they can cut pills in half in order to have money to pay their bills.

My parents didnt have great jobs, and they didnt get any retirement plans or fancy healthcare. My sister and I pay for my parents' health care, otherwise they would be living off of SS and medicare.

 

[BaliBabyDoc]

The SS system was meant from inception to be a 'pay-as-you-go' system to give government a new and steady source of revenue. Meaning, its the world's largest pyramid scheme by definition.

Pyramid schemes are prohibited by federal law. Apparently, the government didn't want the competition.

Damn skippy . . . alas Wall Street has given the government pretty good competition as of late.

 

[tm37]

Originally posted by: charrison

Originally posted by: BaliBabyDoc
Ditto . . . the penalty for early withdrawal is 10%+ from your 401K . . . but most people under 40 will probably never see a dime of SS. I may change that to under 50 if Bush (and the do nothing Democrats/Republicans in Congress) get re-elected.

Creating private accounts, reduced benefits or increased social security taxes is going to be the only thing that can save social security.

Actually if the federal government just PAID BACK all the money it stole from social sevurity we would be fine.

 

[CADsortaGUY]

Originally posted by: tm37

Originally posted by: charrison

Originally posted by: BaliBabyDoc
Ditto . . . the penalty for early withdrawal is 10%+ from your 401K . . . but most people under 40 will probably never see a dime of SS. I may change that to under 50 if Bush (and the do nothing Democrats/Republicans in Congress) get re-elected.

Creating private accounts, reduced benefits or increased social security taxes is going to be the only thing that can save social security.

Actually if the federal government just PAID BACK all the money it stole from social sevurity we would be fine.

No we wouldn't Once the Baby Boomers hit retirement SS is going to collapse on itself in short order. It will be quite entertaining(in a sick sort of way) to watch them bitch and moan. They may not have created the problem(SS) but they didn't do anything to solve it either.

Hay - The old bleeding heart song and dance isn't effective here. Most of us are educated people who see through that scare tactic. Please turn the page - the one you are reading from has worn thin - heck I hear the Dems might actually revise their playbook this year so you can read it from new page ....well...Uhh...maybe not.

Social Security is a disaster!

CkG

 

[jjones]

Well, I have contributed very little over the years to SS in the realization that I would never see a dime of it. Any portion of SS that is due to me, all of you are welcome to have, but I have a sneaky suspicion that the pols have already spent it.