Republicans should propose to phase out SS and replace it with this proven plan.

[Winco]

It's impossible for someone to have contributed $150,000 per year for 40 years.

That's ^^^ not what I said.
I said if you contributed $150,000 into SS over your working career.

1). If someone works 40 years and contributes $150,000 into the system, in those 40 years.
then starts collecting at 62, and collects $3,000 per month. It would take 50 months to get back that $150,000.

 

[Winco]

No, it doesn’t work in their favor.

Show your "alternative math" to show it doesn't work in their favor.

The CAP has changed through time, we can all accept that fact.
Between ........ read the chart back to 2001.

 

[Nostra]

Show your "alternative math" to show it doesn't work in their favor.

The CAP has changed through time, we can all accept that fact.
Between ........ read the chart back to 2001.

View attachment 763155

Already did in the OP, Stupid.

Your Guy takes 1/2 or less each month for 25 years, and still has zero to leave to heirs.

 

[WorldWatcher]

That's ^^^ not what I said.
I said if you contributed $150,000 into SS over your working career.

Roger. I misunderstood that. Thank you.

The rest of the post is valid though someone contributing $150K over 40 years isn't going to be getting $3000 a month at age 62. I'm in that neighborhood and will be getting around that at 67. The early retirement at 62 will apply.

Then you have to account for the ER contribution.

Break even won't be 50 months (5 years). Much more likely is the 12-15 year range.

WW

 

[Winco]

and still has zero to leave to heirs.

Weird, because my father died 12 years ago, and my mother still gets his benefit.
Dad also wisely invested in Stocks, and has a Teamsters Pension, which my mother collects, so there's that ^^^^^.

Am I lying?

 

[Admiral Rockwell Tory]

Yeah, who wants 2-3 times as much per month and the ability to leave hundreds of thousands to your kids when you can pay into SS for decades, die right before retirement age, and get nothing.

No, you get a $255 death benefit!

 

[Winco]

Meanwhile, SS recipients rely on the occasional COLA increase.

What you FAIL to understand and will NEVER acknowledge, is the following: Or Will You?

1). I agree that the wealthy would benefit even more if there was no SS, and they could have invested that money on their own.

Meaning, for the wealthy....... just the wealthy, the ones earning over the SS CAP.

Q#1. SS + Other Personal Investments < Just Other Personal Investments.

So @Nostra, Do you agree or disagree with this ^^^^^. Just this.
Don't go on a tangent about other options, we can discuss them also...soon.
Just answer this Question #1.

 

[Lesh]

I thought it was a rhetorical question. You get more money under that plan. Who wouldn't take that plan if they had the choice?

None of that mess is guaranteed. Don’t fuck with my Social Security

NOPE

HANDS OFF

 

[Winco]

No, you get a $255 death benefit!

Are there survivors that receive MORE than the $255 death benefit?

 

[Nostra]

What you FAIL to understand and will NEVER acknowledge, is the following: Or Will You?

1). I agree that the wealthy would benefit even more if there was no SS, and they could have invested that money on their own.

Meaning, for the wealthy....... just the wealthy, the ones earning over the SS CAP.

Q#1. SS + Other Personal Investments < Just Other Personal Investments.

So @Nostra, Do you agree or disagree with this ^^^^^. Just this.
Don't go on a tangent about other options, we can discuss them also...soon.
Just answer this Question #1.

Nope. Don’t agree.

The numbers in the OP prove you are wrong.

 

[Nostra]

No, you get a $255 death benefit!

Part of the employer contribution in the Alternate Plan goes toward a term life insurance policy, which pays four times the employee’s salary tax free, up to a maximum of $215,000. That’s nearly 850 times Social Security’s death benefit.

 

[kyzr]

Part of the employer contribution in the Alternate Plan goes toward a term life insurance policy, which pays four times the employee’s salary tax free, up to a maximum of $215,000. That’s nearly 850 times Social Security’s death benefit.

You can't start a new SS plan without funding existing SS retirees.

 

[WorldWatcher]

You can't start a new SS plan without funding existing SS retirees.

Ya, some people get that shifting to a new model (current SS to defined contribution) will take generations and then you have huge funding issues.

There was a poster in these threads a few weeks ago touting that we should go to the Swedish model because in their Social Security system people DO have individual accounts and they can control investments. The mandatory deductions (i.e. Taxes) go into a personal account. The individual can't draw the money out prior to retirement age (61 BTW), but they had about 100 different investment options they could direct their money into. From very conservative (i.e. low risk, low yield, stable) to very aggressive (high risk, risk yield, unstable). If the individual didn't select an account then the Government would manage the account (I assume that would trend toward the more conservative end of the spectrum).

The program is a combined Defined Contribution and Defined Benefit plan. If you have sufficient funds in the account, it's Defined Contribution. But there are also minimum income guarantees, housing assistance, and elder care of those that can't afford it based on contributions (the Defined Benefit portion).

The person wanted it because of (a) individual accounts, and (b) selectable investments.

Wasn't to happy when I showed him the cost:

• 7% Tax on the Employee
• 31% Tax on the Employer
• 29% Tax on Self-Employed

WW

 

[Admiral Rockwell Tory]

Part of the employer contribution in the Alternate Plan goes toward a term life insurance policy, which pays four times the employee’s salary tax free, up to a maximum of $215,000. That’s nearly 850 times Social Security’s death benefit.

So no medical qualifications for the life insurance? If not, it can't be a term policy. Besides term policies are already available through your employer tax free to a certain limit.

 

[Winco]

Nope. Don’t agree.

The numbers in the OP prove you are wrong.

Now I know you are 'special'
I'm agreeing with you, but since it is me, you automatically disagree.
You truly are a special kind of special.

Q#1. SS + Other Personal Investments < Just Other Personal Investments.

Did you read this ^^^^^ correctly?

 

[Nostra]

So no medical qualifications for the life insurance? If not, it can't be a term policy. Besides term policies are already available through your employer tax free to a certain limit.

Take it up with them, Simp. They negotiated it.

 

[Nostra]

Now I know you are 'special'
I'm agreeing with you, but since it is me, you automatically disagree.
You truly are a special kind of special.


Did you read this ^^^^^ correctly?

I read it correctly. It’s a stupid question because anyone can have other personal investments.

The Galveston county model + other personal investments >>>>>>>> SS + other personal investments.

see how it works?

 

[Admiral Rockwell Tory]

Take it up with them, Simp. They negotiated it.

Insurance is a state controlled item, not federal.

 

[Admiral Rockwell Tory]

I read it correctly. It’s a stupid question because anyone can have other personal investments.

The Galveston county model + other personal investments >>>>>>>> SS + other personal investments.

see how it works?

Fund my SS retirement fully and you are more than welcome to your hare-brained scheme.

 

[Winco]

I read it correctly. It’s a stupid question because anyone can have other personal investments.

The Galveston county model + other personal investments >>>>>>>> SS + other personal investments.

see how it works?

Exactly what I stated.

Q#1. SS + Other Personal Investments < Just Other Personal Investments.

simp.