Posted on 03/01/2023 4:17:05 PM PST by artichokegrower
Okay, Rob. I give up.
What is SPY? VTI?
But payments to people who never worked a day in their lives will roll right along unabated.
You mean like a lockbox?
I delayed mine too working as long as possible at a regular job. If my company had not been sold and lost my job I might still be working at age 76.
Or they could just go back to the original plan and restore Social Security ae a retirement plan for legal workers instead of the cobbled-together welfare plan it has become.
That means they would (should) stop paying money from the Social Security “Lockbox” to all illegals plus loafers, bums and any others who have not contributed to Social Security through deductions from wages earned by actually working.
SPY is the ticker symbol to buy the S&P 500. VTI is the Vanguard total stock market index fund that proportionally owns all public US stocks.
Raising the retirement age is probably the least painful means of shoring up the ponzi scheme that is Social Security....though of course, it will be hugely unpopular.
Alternatively, we could refuse to reform it in which case the government will stoke massive inflation so as to pay off their obligations with devalued dollars - ie a constructive default.
Got to work longer to pay for Ukraine, student loans, and illegal aliens!
Especially with age discrimination so rampant.
You’re an idiot....
I am in my 60s and self employed. I would hate to have to look for a job at my age. OTOH I don’t expect to ever retire (at least while I am still able to get upright).
I have been paying into Social Security since I was 14. Even if I retired at the current full retirement age of 67, I would never get out what I have paid in over the past 50 years.
I have been paying into Social Security for almost 50 years now, since I was 14. The past 25 years I have been self employed, so I get to cut a check for both the employer and employee halves every quarter. Even at my age, I would happily accept the principal amount that I have paid in with no interest in lieu of any benefits, if I could also stop having to pay in for the rest if my life.
They will probably raise or eliminate the cap on how much you have to pay in each year first, because rich people need to pay more. The top 1% only pay 50% of all taxes. Democrats won't be satisfied until they pay 100% (with the bottom 50% on the federal dole).
Thank you.
Something I would never hear from my Fidelity advisor!
Got to say I would never have been able to do it. Taught 7th graders for 32 years. Retired at 61. Only know one teacher who still taught at 70. God love her.
I am a finance expert, more on the corporate finance side than personal but pretty darn good with both. Happy to answer any questions you ever have!
But this won’t happen because politicians are DUMB, CROOKED, and ONLY CARE ABOUT GETTING RE-ELECTED.
Somehow I have managed to coexist with the "wolves of Wall Street" for 60 years and my investments have done a whole lot better than SS.
If someone had done nothing more clever than putting 15% of his earnings into SPY for a lifetime he would be far better off than the average SS recipient. How do I get 15%? Employee plus employer contributions to SS & Medicare are 15.3% (7.65% each). Add in 10% to an IRA and the average Joe should be rolling in cash before he is 55. A savings rate of 25% produces astounding results.
Of course education is necessary, but a program that keeps most people invested in the American economy (SPY or TSM) does well, and helps us all make patriotic decisions. If every citizen has a significant investment in the US and a future prosperity based on the total American economy we will be a much stronger country.
That’s the most logical explanation for it that I’ve yet heard. Thanks.
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