Give me an option to opt out of Social Security and I would do it in a heartbeat. Otherwise don’t ask me to give up what I have been paying into for over 38 years at my current age of 54. Social Secuity has the ability to suck another 15 years of contribution from me.
Why should I if I am fortunate enouth to amass a net worth in the top 5% or even in the top 1% give up something that I was required to pay into for 53 years.
Again this is a socialist view of redistribution of wealth in America. Why should I not receive my benefit if I have paid into SS all my working days.
Also don’t F-ck with my 401k and try and steal that money from me too.
People believe that Social Security is an “earned right.” That is, they think that because they have paid Social Security taxes, they are entitled to receive Social Security benefits. The government encourages that belief by referring to Social Security taxes as “contributions,” as in the Federal Insurance Contribution Act. However, in the 1960 case of Fleming v. Nestor, the U.S. Supreme Court ruled that workers have no legally binding contractual rights to their Social Security benefits, and that those benefits can be cut or even eliminated at any time.
Nestor sued, claiming that because he had paid Social Security taxes, he had a right to Social Security benefits.
The Supreme Court disagreed, saying “To engraft upon the Social Security system a concept of ‘accrued property rights’ would deprive it of the flexibility and boldness in adjustment to ever changing conditions which it demands.” The Court went on to say, “It is apparent that the non-contractual interest of an employee covered by the [Social Security] Act cannot be soundly analogized to that of the holder of an annuity, whose right to benefits is bottomed on his contractual premium payments.”
The Court’s decision was not surprising. In an earlier case, Helvering v. Davis (1937), the Court had ruled that Social Security was not a contributory insurance program, saying, “The proceeds of both the employee and employer taxes are to be paid into the Treasury like any other internal revenue generally, and are not earmarked in any way.”
Social Security is simply a payroll tax on one side and a welfare program on the other. Your Social Security benefits are always subject to the whim of 535 politicians in Washington.
“Otherwise don’t ask me to give up what I have been paying into for over 38 years at my current age of 54.”
So what you’re saying is you’re willing to force others to work 38 years to pay for your retirement fund.
It was wrong to do to you - but you’re perpetuating the wrong by forcing others to do the same.