Every study I’ve seen says people get WAY more back in SS than they ever put in. It is a welfare system. It should’ve been set up as a 401k or IRA where you have your OWN account & draw out your OWN savings.
I have an excellent retirement pension. I don’t need the SS I paid in to live. We have an $18 TRILLION debt that our children are going to have to pay back. I’d rather give up my SS to put this country back on track.
Ted Cruz is right. SS should be means-tested.
You can remit the SS payments to the Federal Treasury.
http://fms.treas.gov/faq/moretopics_gifts.html
If you want to give yours up then you should be free to do so, as long as its voluntary.
I myself (as I stated above) would only give it up IF I was able to give when I would have made to my children to collect when they get to my assigned retirement age tax free and if it wont affect the amount they would get from the one they earn and any other benefits they are then qualified for.
We have partial means testing already—it’s called including SS payments in gross income. Interestingly, it’s sort of automatic—if your income suddenly drops, you get to keep all of your SS check; if it is high, you get the check, but give back up to 40 or 45% (state and fed) if you’re in the highest brackets.
So far, I’ve paid the maximum in social security ever year i’ve worked since about age 25 and haven’t received a dime. nOw as I hit 60 you want to end SS NOW? Fine just pay me back what I paid in and we can call it even.
If you truly feel this way, then don’t sign up for SS or if you have, write a check back to the government each year for the amount you have received. But, don’t delude yourself into believing that would make any difference to the SS solvency or the national debt. Congress has never been known to live within it’s budget and will aways spend more than they have. And, the more they think they will have, the more they will spend.