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https://x.com/LoganDobson/status/1954191385474592909
Someone floated a tax free, lump sum payment to remove yourself from Social Security. Depending on the amount, I would likely take it and dump it into an index fund.
The issue is, outside of the “Magnificent Seven,” returns on the other components of the S&P 500 aren’t that great. Makes you wonder how the economy is really doing. Also, I think some R&D expensing changes have lead to less innovation. If we had cheap energy, I imagine we would get a better ROI.
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Someone floated a tax free, lump sum payment to remove yourself from Social Security. Depending on the amount, I would likely take it and dump it into an index fund. The issue is, outside of the “Magnificent Seven,” returns on the other components of the S&P 500 aren’t that great. Makes you wonder how the economy is really doing. Also, I think some R&D expensing changes have lead to less innovation. If we had cheap energy, I imagine we would get a better ROI.[/quote]
That was me…my comment was that between me and my employer, we have paid in $656,584 into both Social Security and Medicare. I would be happy to forfeit the employer half to the government, and take my remaining $328k — with 0% return, mind you — just to get out of the system.
As for R&D expensing, that area of the law changes fairly frequently. It pendulums…
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Social security isn’t about you. It’s about all the other people around you.
It’s not a savings account you are “paying into.” That’s the most ridiculous tropes in politics. It’s a transfer payment scheme and it’s near insolvent. So to “pull your money out” is basically to say you want all the grandmas eating government cheese to regurgitate the cheese they have eaten during your career. There is no “money out”. It’s spent.
All this time you’ve been “paying into” you should have been thinking of it as “paying for” and that would be more accurate. You have been paying for your grandma, and your elderly neighbor.
your only hope is for the next generation to pay for you, but people aren’t having kids and we are stopping illegals from using borrowed ssn’s, so good luck with that.
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Sic transit gloria mundi (so shut up and get back to work) -
Well, duh. It’s a not-very-well-funded Ponzi scheme. The first person to take money out of Social Security paid in a grand total of $20, and she took out $20,000. None of us are going to get a 1000:1 payout any time soon.
There is no hope for a Social Security payout similar to what prior generations received, when they paid in at 1% and 2% and 3%. I paid in 6.15% most of my career and my draw won’t start until I’m 67, five more years…at which point, benefits are likely to be trimmed by 1/4th to 1/3rd.
The point is that at least those grandmas eating government cheese have the government cheese. My cohort won’t even have that. So I want out of the system. And they can keep half the money. I’ll relieve them of my future burden if they give me the other half. Seems like a good offer to me.
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It seems strange trying to explain to others who argue SS is not an entitlement that SS fits the precise definition of an entitlement.
It’s tough sledding to sustain SS when there is no honest discussion in play to fund/preserve it.
Here is my plan.
1. Increase SS tax from current level to 14.4% over the next 10 years. That’s a 1 % increase for employees and employers.
2. Eliminate the SS contribution salary cap. If the cap is not eliminated, increase it substantially – like $500k.
3. Eliminate income tax on SS benefits, but phase out what you can draw based on your retirement income. As an example, you are eligible to collect 35K in SS and you collect $100k in retirement benefits from your 401(k), IRA, Union retirement plan – what ever. The $35k is not taxable income and does not affect your tax bracket. Over $100k in retirement, SS is reduced on a sliding scale until your retirement income reaches x, at which point you are no longer eligible to receive SS retirement benefits. Point here is to reduce benefits for those who don’t need them.
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