I’m fairly young and my friends and I don’t expect there to be a system when I’m of age. I wish they wouldn’t confiscate it from me and just let me do with my money what I will
“I wish they wouldn’t confiscate it from me and just let me do with my money what I will.”
I have also wanted this. When I suggest it to “smart” leftist colleagues, they ALL say the government is better at managing that money than they would be. Imbeciles.
Tell me your opinion of this approach. 1. Everyone currently receiving social security continues to receive it but cost of living increases stop. 2. Those who receive benefits but were never meant to be part of the plan are cut off over a four year period at 25% reduction per year. 3. The benefits of social security for NEW recipients are slightly reduced. 4. Those who are within 20 years of receiving social security are offered a cash buyout attractive enough so that about half agree to not receiving benefits. 5. Those who are over twenty years away from receiving benefits continue paying social security taxes which gradually diminish as recipients die off. This group will not receive social security benefits but can start their own retirement plans that they will own. In about thirty years time, government run social security will have been removed from everyone’s life.
Many of us in Gen X wish the same. Personally, I think they'll have to address it through multiple means: higher taxes, less payout, and means' testing. That's right--I think they'll look at your other income in retirement and say, "you make too much to qualify for Social Security, so you'll receive a smaller benefit."
It's quite possible that if you're deemed to make TOO much, you may get no benefit at all.
The structure needs to change to slowly make SS a personal account. It could be done over a few generations.
The largest ponzi scheme ever made does not work like that. Sorry we are all in the same boat and about to be swamped when the deep state gets back in power.