“It will be my objective to phase out Social Security." - Sen. Mike Lee says the quiet part out loud.

[Lesh]

View attachment 1049856

Damn straight

 

[ThisIsMe]

There are a lot of arguments for and against taxing unrealized capital gains but protecting 401s of the average person isn’t one of them.

That’s a potential tax on very wealthy people

Yeah but that's how it starts, then eventually they are taxing everyone.

Also, there is no good argument to tax unrealized gains.

 

[Lesh]

Yeah but that's how it starts, then eventually they are taxing everyone.

Also, there is no good argument to tax unrealized gains.

So a tax that doesn’t exist and that is not slated to touch the average American is what you’re worried about…

Ok then

 

[Lesh]

Understood, but why didn't you prepare?

I would rather see a better program that provides a better return. Bush had the right idea with the private accounts and he got demonized over it.

Why didn’t I prepare? I did. I got a union job that provides a small pension (I was only a member for 15 years so it’s only a grand a month). And I contributed as much as I could afford to my 401. Unfortunately every time the market took a hit , so did my 401.

That said. I’m doing ok… because of SS

 

[martybegan]

Lee better not touch SS except to "fix" it by raising the cap.

And will the benefit cap be raised as well?

 

[martybegan]

Why didn’t I prepare? I did. I got a union job that provides a small pension (I was only a member for 15 years so it’s only a grand a month). And I contributed as much as I could afford to my 401. Unfortunately every time the market took a hit , so did my 401.

That said. I’m doing ok… because of SS

Every time the market takes a hit you get fund shares cheaper. The younger you are the MORE you want the market to tank.

 

[Mr Natural]

And will the benefit cap be raised as well?

No.

 

[22lcidw]

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Social Security taxes are put into the General Fund. It lowers the deficit.

 

[Mac1958]

It the basis of my retirement and that of many others.

Add a pension or a 401 and you do well.

Without SS I’d be fucked and so would a LOT of people

These people have become so consumed by their ideology that it doesn't even occur to them that certain parts of their ideology would greatly harm themselves and their loved ones.

Ideology is an incredibly powerful thing. It strips people of their critical thinking skills and it can turn a perfectly normal person into something ignorant and ugly.

 

[martybegan]

No.

Then that goes against the original intent of Social security.

You pay in, you get back.

 

[Lesh]

Every time the market takes a hit you get fund shares cheaper. The younger you are the MORE you want the market to tank.

Wonderful. And if you’re not young?

In 2008 my 401 was cut nearly in half. I retired in 2020 so at least it had a chance to come back but once that money is gone… it’s gone.

Had I been retired at that time or any time soon after my 401 would been crap

 

[22lcidw]

Why didn’t I prepare? I did. I got a union job that provides a small pension (I was only a member for 15 years so it’s only a grand a month). And I contributed as much as I could afford to my 401. Unfortunately every time the market took a hit , so did my 401.

That said. I’m doing ok… because of SS

When they raised social security taxes in the 1980's there was a push to privatize it. There was also a push for 1% of the tax to be private. That was doable at the time.

 

[martybegan]

Wonderful. And if you’re not young?

In 2008 my 401 was cut nearly in half. I retired in 2020 so at least it had a chance to come back but once that money is gone… it’s gone.

Had I been retired at that time or any time soon after my 401 would been crap

As you get older you are supposed to move your money from higher risk stock funds to lower risk ones, then to bond funds, then to money market funds.

The sites have all this information on them.

 

[sparky]

all in all, it'd be far more economically correct to phase out Mike Lee.....~S~

 

[martybegan]

These people have become so consumed by their ideology that it doesn't even occur to them that certain parts of their ideology would greatly harm themselves and their loved ones.

Ideology is an incredibly powerful thing. It strips people of their critical thinking skills and it can turn a perfectly normal person into something ignorant and ugly.

Ideology has nothing to do with the Social Security surplus being used for decades to supplement federal taxes, and now that system is done for.

 

[Lesh]

As you get older you are supposed to move your money from higher risk stock funds to lower risk ones, then to bond funds, then to money market funds.

The sites have all this information on them.

And if you do it wrong? Oops. How many people will make the wrong decision?

What happens then?

 

[Lesh]

Ideology has nothing to do with the Social Security surplus being used for decades to supplement federal taxes, and now that system is done for.

That’s inaccurate and dishonest

 

[martybegan]

And if you do it wrong? Oops. How many people will make the wrong decision?

What happens then?

Don't get into that situation. Again, all the information is there.

At least all of it is your own money, the risk with a pension is the pension going under.

 

[martybegan]

That’s inaccurate and dishonest

Where did the yearly surpluses go?

 

[Zincwarrior]

No one drawing SS is going to lose it

Yes, all the generations know how set the Boomers are.