How to Fix Social Security

[Monkeydad]

Originally Posted by onlydarksets

That's beyond privatization. What do you do about the strains on the welfare system for those who don't invest anything?

If they're not working and paying FICA tax now, they wouldn't be losing out on anything.

Are taxes deducted from welfare checks?

[onlydarksets]

Originally Posted by Buster

If they're not working and paying FICA tax now, they wouldn't be losing out on anything.

Are taxes deducted from welfare checks?

I'm talking about the people who are working now and contributing to SS. What do you do when they decide not to contribute because they have bills to pay now, but then end up penniless and unable to work at 70?

Again, like my question above, I'm not opposing your suggestion - just asking for the full picture.

[saden1]

Originally Posted by onlydarksets

I'm talking about the people who are working now and contributing to SS. What do you do when they decide not to contribute because they have bills to pay now, but then end up penniless and unable to work at 70?

Again, like my question above, I'm not opposing your suggestion - just asking for the full picture.

Possible solution?

[Monkeydad]

Originally Posted by onlydarksets

I'm talking about the people who are working now and contributing to SS. What do you do when they decide not to contribute because they have bills to pay now, but then end up penniless and unable to work at 70?

Again, like my question above, I'm not opposing your suggestion - just asking for the full picture.

It's not a choice to pocket the FICA tax and do what you want. Privatization allows you to invest those funds in the market rather than trusting the government to hold it for you. It won't change your take-home pay. It does however, help you establish a better retirement AND you will know it WILL be there for you, unlike with Social "Security" which is anything but secure.

[onlydarksets]

Originally Posted by Buster

It's not a choice to pocket the FICA tax and do what you want. Privatization allows you to invest those funds in the market rather than trusting the government to hold it for you. It won't change your take-home pay. It does however, help you establish a better retirement AND you will know it WILL be there for you, unlike with Social "Security" which is anything but secure.

I know what privatization is. What That Guy suggested was not privatization - it was abolishing Social Security entirely and letting people do what they want with their money. You said "BINGO", and I wanted to get your thoughts on how to handle the fallout.

[firstdown]

Originally Posted by Buster

It's not a choice to pocket the FICA tax and do what you want. Privatization allows you to invest those funds in the market rather than trusting the government to hold it for you. It won't change your take-home pay. It does however, help you establish a better retirement AND you will know it WILL be there for you, unlike with Social "Security" which is anything but secure.

It would also give you ownership of the money you invested so that your spouse and children can enjoy your hard work if you pass away unlike SS. For example. If me and my wife divorce and my children are grown and I pass away the money I have put in SS is gone. It goes back into the system for someone else to collect. Now can anyone explain how that is fair?