Not so fast, professor. I can collect in a little over a year. I owned my own business for the last 40 years so I paid both the employee and employer portion.
I made a deal with the government 48 years ago ( not by choice). They would take money out of my paycheck every week and give some back when I retired. I did my part, they will do theirs.
It’s not a handout, it is an entitlement. I am entitled to the money BECAUSE IT IS MINE. They just borrowed it interest free for decades.
No all you did was pay those already on SS, they is no account with your name on it with money put back for you. That money has already been spent.
That is why it is not an entitlement, but a tax.
It has been a Ponzi scheme from the beginning.
We should slowly phase it out while converting it to a defined contribution plan instead of a defined benefit plan.
It was a bad idea from the beginning.
That money you have been paying has been spent. The money for your check will come directly from the pockets of younger, working people. The best thing to do now is to stop the scam now. It’s the only moral, constitutional choice.
They have stolen it... they only have one way to pay you back... and that is by taxing you again. It is theft
I made a deal with the government 48 years ago ( not by choice). Either you made a deal or you where forced into it but not both. But it doesn’t matter though because you did not do anything. Your money was taken by the government just like any tax is taken. Now you wish to have you money by the government to continue taking it from someone else.
It wasn’t borrowed it was taken. It isn’t an entitlement it is welfare.
There is no employee/employer split which is just a myth. The entire tax is born by the employee. They must earn (i.e. be worth) the entire amount of wages, taxes, and benefits that are incurred by them.
Too many more who paid little or nothing into it are being ushered to front of the chow line.
The only logical solution is to pick an age (say, 60) where paid in obligations will be paid as promised and for those under 60, then pick a number (say 2.5% per year) where benefits will be reduced.
97.5% for 59 year olds, 95% for 58 year olds and so on. It is totally privatized in 40 years.
Chile did something similar and unleashed enough investment capital to rocket from just above third world status in 1975 to first world status today. It not only can be done, it has been done.
Exactly......
Yep, sad but true.
Look folks, we didn’t set up the system. We had no choice but to pay into Social Security. You may not like it, but we would have loved to invest our own money. We were not given that option for much of our working years.
I’m all for privatization too. Good luck with that.
They Fed wants to spend that money.
But at some point, depending on how long you live, it stops being yours and you start receiving somebody else’s money....
We all did. Our employers figured out how much they needed to pay for our services, then deducted the “employer portion” from the salary they had decided to pay and that is what we were offered.I made a deal with the government 48 years ago ( not by choice). They would take money out of my paycheck every week and give some back when I retired.
The statesman who should attempt to direct private people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. — Adam Smith
exactly. we all have paid thousands into it. Its not our fault that the politicians used it to finance other welfare tickets.
It’s not a handout, it is an entitlement. I am entitled to the money BECAUSE IT IS MINE. They just borrowed it interest free for decades.
So true. It is a tax, and we get our money back, There’s nothing free about it.
Also for the uniformed they need to know that when you do get it will need to be reported as income on your tax return....
Current rules . In essence a tax upon a tax.......
You will pay tax on only 85 percent of your Social Security benefits, based on Internal Revenue Service (IRS) rules. If you:
file a federal tax return as an “individual” and your combined income* is
between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
more than $34,000, up to 85 percent of your benefits may be taxable.
Hows that for a “ help you “ scam.
We would be better off just investing it ourselves.
“I am entitled to the money BECAUSE IT IS MINE.“
Incorrect. See Fleming v Nestor.
L
Funny. You trusted the government. Historical. What a rube.