How to Fix Social Security

SmootSmack · 03-25-2008, 04:39 PM

According to US Treasury Secretary Henry Paulson, the US Social Security trust fund will be used up by 2041 (thank you modern medicine!), though many think it may be sooner than that. This means that for many of us there will be no money available when we retire. Ultimately this leaves us with three choices

1. Raise Social Security Taxes
-Currently employees pay 6.2% tax, this is matched by another 6.2% from employers

2. Cut Benefits

3. Privatize Social Security
-The idea here isn't necessarily to privatize the entire account, just a portion of it (primarily in mutual funds). So, for example, you might pay a 3.2% tax and the other 3% would go into a private account

So what's your solution?

70Chip · 03-25-2008, 04:45 PM

I voted other. Social Security is a pyramid sceme and those are against the law. The program should be phased out over time in a way that minimizes the detrimental impact on the the most vulnerable, because it's going to go bankrupt anyway. This is what SHOULD happen.

What WILL happen is they will end up raising the payroll tax. Sympathetic media will then congratulate these "couragous" politicians who have "saved" social security and the vast majority of people will never realize their getting stuck with the bill.

This is interesting reading:

Social Security Trust Fund - Wikipedia, the free encyclopedia

ArtMonkDrillz · 03-25-2008, 04:45 PM

Soylent Green

70Chip · 03-25-2008, 04:51 PM

Quote:

Originally Posted by ArtMonkDrillz

Soylent Green

Assisted-suicide advocate Kevorkian to run for U.S. Congress

onlydarksets · 03-25-2008, 09:17 PM

Quote:

Originally Posted by ArtMonkDrillz

Soylent Green

But, Soylent Green is people!

FRPLG · 03-25-2008, 05:04 PM

I voted other because as 70 said it is a pyramid scheme. I think it ought to be revitalized to only allow citizens to withdraw what was put in with the appropriate interest applied. Once you are out then you are out. Then we need to figure out ways to make lif cheaper for older citizens. But the current model for social security will never work no matter how we tweak the taxes or benefits. It needs to be remodeled as a savings plan and not a pyramid scheme to ever really work.

dmek25 · 03-25-2008, 05:05 PM

i say leave it alone. the money that is earmarked for social security benefits is used for strictly that. the main issue, in my opinion, is that every time the gov't gets into a bind for one of their programs, they dip into the S.S. fund

FRPLG · 03-25-2008, 05:07 PM

Quote:

Originally Posted by dmek25

i say leave it alone. the money that is earmarked for social security benefits is used for strictly that. the main issue, in my opinion, is that every time the gov't gets into a bind for one of their programs, they dip into the S.S. fund

That is definitely a big issue but long term that doesn't matter because the system is simply economically unsustainable since it is really nothing more than a fancy pyramid scheme.

Monkeydad · 03-26-2008, 09:27 AM

Quote:

Originally Posted by dmek25

i say leave it alone. the money that is earmarked for social security benefits is used for strictly that. the main issue, in my opinion, is that every time the gov't gets into a bind for one of their programs, they dip into the S.S. fund

You've actually bought into that lie, huh?

Wait, then you contradicted yourself with a true statement.

KLHJ2 · 03-25-2008, 06:01 PM

I say privatize it so that the majority of your money goes into something that can build compound intrest, for one.

Secondly, if the govt decides to dip into it, there is a smaller portion that they would be able to touch.

Overall it is a win, win, win.

Economy, beneficiary, govt.

jsarno · 03-25-2008, 11:33 PM

Quote:

Originally Posted by angryssg

I say privatize it so that the majority of your money goes into something that can build compound intrest, for one.

Secondly, if the govt decides to dip into it, there is a smaller portion that they would be able to touch.

Overall it is a win, win, win.

Economy, beneficiary, govt.

I voted privatize for the same reason you mention. Good post.

BrudLee · 03-25-2008, 06:47 PM

I just got a letter from Social Security today that said if I earn no more money for the rest of my life, I will be entitled to $560/month when I retire. If I continue to earn money until I'm 62 at this rate, I'll earn $680/month.

What? I'm 37. Twenty-five more years of rock-breaking is supposed to get me an extra $120? Screw you.

If the Federal Government offered people my age and younger the opportunity to opt out of the Social Security plan for 10% of what we've put into it, there would be a stampede of people begging for checks. Since that isn't going to happen, there needs to be means-testing for benefits. Not entirely fair, but it's like Social Security is a lottery, and it only pays out when you lose.

onlydarksets · 03-25-2008, 09:20 PM

You can't cut benefits across the board, because the people who need it need the whole thing. I'd also like to see an opt-out option. Maybe if you opt to privatize half, you only get 25% of the SS benefit. Dunno, it's an antiquated system built for a different generation.

skinsguy · 03-25-2008, 09:21 PM

The best solution is to just prepare for retirement without even thinking about social security. I personally would like to take that percentage of my check and put it into something that will definitely be there for me when I'm 65.

Schneed10 · 03-25-2008, 10:25 PM

Privatizing is the most efficient use of our money, by far. Any other solution makes no sense from an economic standpoint.

View Poll Results: How Would You Fix Social Security?
Raise Tax	0	0%
Cut Benefits	1	4.17%
Privatize	12	50.00%
Other (explain)	11	45.83%
Voters: 24. You may not vote on this poll

03-25-2008, 04:39 PM	#1
SmootSmack Uncle Phil Join Date: Feb 2004 Posts: 45,256	How to Fix Social Security According to US Treasury Secretary Henry Paulson, the US Social Security trust fund will be used up by 2041 (thank you modern medicine!), though many think it may be sooner than that. This means that for many of us there will be no money available when we retire. Ultimately this leaves us with three choices 1. Raise Social Security Taxes -Currently employees pay 6.2% tax, this is matched by another 6.2% from employers 2. Cut Benefits 3. Privatize Social Security -The idea here isn't necessarily to privatize the entire account, just a portion of it (primarily in mutual funds). So, for example, you might pay a 3.2% tax and the other 3% would go into a private account So what's your solution? __________________ You're So Vain...You Probably Think This Sig Is About You

03-25-2008, 04:45 PM	#2
70Chip Playmaker Join Date: Jan 2006 Location: Manassas Age: 55 Posts: 3,048	Re: How to Fix Social Security I voted other. Social Security is a pyramid sceme and those are against the law. The program should be phased out over time in a way that minimizes the detrimental impact on the the most vulnerable, because it's going to go bankrupt anyway. This is what SHOULD happen. What WILL happen is they will end up raising the payroll tax. Sympathetic media will then congratulate these "couragous" politicians who have "saved" social security and the vast majority of people will never realize their getting stuck with the bill. This is interesting reading: Social Security Trust Fund - Wikipedia, the free encyclopedia __________________ This Monkey's Gone to Heaven

03-25-2008, 04:45 PM	#3
ArtMonkDrillz Franchise Player Join Date: Sep 2005 Location: Ellicott City, MD Age: 43 Posts: 8,029	Re: How to Fix Social Security Soylent Green __________________ "Yeah, well, you know, that's just, like, your opinion, man." The Dude

03-25-2008, 05:04 PM	#6
FRPLG MVP Join Date: May 2004 Age: 47 Posts: 10,164	Re: How to Fix Social Security I voted other because as 70 said it is a pyramid scheme. I think it ought to be revitalized to only allow citizens to withdraw what was put in with the appropriate interest applied. Once you are out then you are out. Then we need to figure out ways to make lif cheaper for older citizens. But the current model for social security will never work no matter how we tweak the taxes or benefits. It needs to be remodeled as a savings plan and not a pyramid scheme to ever really work.

03-25-2008, 05:05 PM	#7
dmek25 MVP Join Date: Oct 2005 Location: lancaster,pa Age: 64 Posts: 10,672	Re: How to Fix Social Security i say leave it alone. the money that is earmarked for social security benefits is used for strictly that. the main issue, in my opinion, is that every time the gov't gets into a bind for one of their programs, they dip into the S.S. fund __________________ "It's better to be quiet and thought a fool than to open ones mouth and remove all doubt." courtesy of 53fan

03-25-2008, 06:01 PM	#10
KLHJ2 Inactive Join Date: Jan 2005 Location: DC Metro Area Age: 47 Posts: 5,829	Re: How to Fix Social Security I say privatize it so that the majority of your money goes into something that can build compound intrest, for one. Secondly, if the govt decides to dip into it, there is a smaller portion that they would be able to touch. Overall it is a win, win, win. Economy, beneficiary, govt.

03-25-2008, 06:47 PM	#12
BrudLee Playmaker Join Date: Feb 2004 Location: Rehoboth Beach, DE Posts: 3,494	Re: How to Fix Social Security I just got a letter from Social Security today that said if I earn no more money for the rest of my life, I will be entitled to $560/month when I retire. If I continue to earn money until I'm 62 at this rate, I'll earn $680/month. What? I'm 37. Twenty-five more years of rock-breaking is supposed to get me an extra $120? Screw you. If the Federal Government offered people my age and younger the opportunity to opt out of the Social Security plan for 10% of what we've put into it, there would be a stampede of people begging for checks. Since that isn't going to happen, there needs to be means-testing for benefits. Not entirely fair, but it's like Social Security is a lottery, and it only pays out when you lose. __________________ There's nowhere to go but up. Or down. I guess we could stay where we are, too.

03-25-2008, 09:20 PM	#13
onlydarksets Playmaker Join Date: Nov 2004 Location: all up in your business Posts: 2,693	Re: How to Fix Social Security You can't cut benefits across the board, because the people who need it need the whole thing. I'd also like to see an opt-out option. Maybe if you opt to privatize half, you only get 25% of the SS benefit. Dunno, it's an antiquated system built for a different generation. __________________ Stop reading my signature.

03-25-2008, 09:21 PM	#14
skinsguy Pro Bowl Join Date: Feb 2004 Location: Greensboro, North Carolina Posts: 6,766	Re: How to Fix Social Security The best solution is to just prepare for retirement without even thinking about social security. I personally would like to take that percentage of my check and put it into something that will definitely be there for me when I'm 65. __________________ "Fire Up That Diesel!"

03-25-2008, 10:25 PM	#15
Schneed10 A Dude Join Date: Feb 2005 Location: Newtown Square, PA Age: 46 Posts: 12,458	Re: How to Fix Social Security Privatizing is the most efficient use of our money, by far. Any other solution makes no sense from an economic standpoint. __________________ God made certain people to play football. He was one of them.

How to Fix Social Security

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