With a private investment account, started with my first full time job, funded by the same amount of money that the government takes in Social Security taxes, with the most conservative investment vehicles used:
1. By the time I retired in my sixties, I would have well over a million dollars in that investment account, would likely have no debts, and would enjoy an income on the earnings off of my investments somewhere between $50k and $100k a year.
2. The money would be mine to use as I chose whenever I chose.
3. My spouse and/or children would inherit the balance of my account whenever I die or I can transfer it to them if I should have reason to do so.
With Social Security alone:
1. My annual income is a little over $13,000/year which in no way covers living expenses, much less much in the way of recreation or enjoyment of life.
2. I cannot tap the unused portion of whatever is in my social security 'account'.
3. There is no guarantee of benefits. If Congress deep sixed the program this month, I would lose ever penny I had paid into it.
4. When I die, there is a couple of hundred dollars in death benefits for my spouse--that wouldn't even cover the flowers at the funeral--and neither he nor my children otherwise receive a penny of what ZI paid in. If I die before Age 62, every penny I paid in is swallowed up by the government and my heirs get nothing.
For me it is a no brainer.
1. By the time I retired in my sixties, I would have well over a million dollars in that investment account, would likely have no debts, and would enjoy an income on the earnings off of my investments somewhere between $50k and $100k a year.
2. The money would be mine to use as I chose whenever I chose.
3. My spouse and/or children would inherit the balance of my account whenever I die or I can transfer it to them if I should have reason to do so.
With Social Security alone:
1. My annual income is a little over $13,000/year which in no way covers living expenses, much less much in the way of recreation or enjoyment of life.
2. I cannot tap the unused portion of whatever is in my social security 'account'.
3. There is no guarantee of benefits. If Congress deep sixed the program this month, I would lose ever penny I had paid into it.
4. When I die, there is a couple of hundred dollars in death benefits for my spouse--that wouldn't even cover the flowers at the funeral--and neither he nor my children otherwise receive a penny of what ZI paid in. If I die before Age 62, every penny I paid in is swallowed up by the government and my heirs get nothing.
For me it is a no brainer.
