That's your assumption. If people knew they had to provide for their retirement I think they do invest/save. Either way more would than do now, which would be an overall savings to the taxpayer because 100% of people get elderly welfare now....The part you are not taking into account... just sayin...
Let's say you end SS forced savings January 2023.
Cool we all start keeping our own money. Yay!
Fast forward 20 years. Well...what do you know?.. big surprise!.. The VAST majority of Americans did not save that money. They spent it all on new cars, bigger houses etc. etc.
And now they are all screwed. Millions of people.
Millions of people makes a nice fat voting block! OOooOOoo!! And what party do you think will appease that big fat voting block?? You really think the government won't bail them out?? And whose money do you think is going to bail them out?
You don't understand what algebra is. That is your your problem.
These calculations of how much money you could have had if not paying into social security? Yep! That's algebra. I taught it for 21 years!
Not the point dumb ass.Your 20 year-old kid should be self-sufficient.
If we expect the 20 year-old to be self-sufficient then why not the 68 year-old?Your 20 year-old kid should be self-sufficient.
Derp. What if the internet goes down?Investment Calculator
Free investment calculator to evaluate various investment situations considering starting and ending balance, contributions, return rate, and investment length.www.calculator.net
Derp.
That is exactly the point!Not the point dumb ass.
The 68 year old contributed t social security for more than 40 years. How about your 20 year old?If we expect the 20 year-old to be self-sufficient then why not the 68 year-old?
Not by me.This is basically the condensed argument for socialism.
Something I said to my kids 100 times, and plenty of other folks as well - you have to look at things as they are, and not how you want them to be ideally.Investment Calculator
Free investment calculator to evaluate various investment situations considering starting and ending balance, contributions, return rate, and investment length.
Derp.
Social Security and Medicare are much better than FDR ever imagined
If you had to do it, you could, dumbass!I understand what algebra which is is how I know most people don't use it. No one is sitting down and doing their compound interest calculations on paper and even if they are there's no reason to and therefore no reason to have 85% of the HS population taking a worthless class teaching them information they will never use.
yes because I cant download one of those on my phone. And God knows I need to be able to calculate potential future earnings 24hrs a day 7 days a weeks without possible interruption. Or I could just wait for the internet to come back up. Unless you mean what happens if the internet goes down permanently then I don't think compound interest calculations will be of much importance.Derp. What if the internet goes down?
Using your lack of logics, we should just ensure kids get a laptop with internet access and they will never need to learn a thing!
I began collecting SS in 1993 and used the benefits to help retire the mortgage on my rental property. According to my SS records I have contributed about $72,000 to SS since 1956 when I first received wages subject to SS taxation. As of today I have received about $355,000 in monthly benefits, over a period of 20 years, most of which is in savings earning interest. So, in my case SS has given me a tidy sum annually to invest as I don't need it for living expenses.
That's what socialists say. They see it as inevitable. To be clear, I'm not calling you a socialist. But the idea that we must cater to the lowest common denominator is part of their plan.Not by me.
All I am saying is that is what would end up happening.
The Democrats are always salivating for an opportunity to white night "unfortunate" groups to buy their votes.
And millions of people with no retirement and in financial ruin will make one helluva voting block for them to get their hands around.
The really amusing thing is that unlike the liberals defending the current SS plan, I was able to figure that out in my early twenties with a pencil and paper.Sure you could have if the Government hadnt taken 12.2% of your earnings every month....
I dont know how much you made over your lifetime but let's assume you started out at 20k a year at age 18 and never got a raise worked until you were 68 and invested just what SS took from you and got a modest 6% return on your investment.
At 68 you would have had 850k in the bank.
The annual return on that money would be 50k. So, you would have had a 50k a year income without ever touching the principle. Tell me again how SS is better....
That same person gets less than 12k a year from SS...
No but SS is subject to being raided by politicians that don't have to rely on the program like us lowly peasants do.SS isn't subject to the market forces that those investment are, forces that have ruined many retirement plans.
Depend? No.No but SS is subject to being raided by politicians that don't have to rely on the program like us lowly peasants do.
You can calculate compound interest on...a calculator.yes because I cant download one of those on my phone. And God knows I need to be able to calculate potential future earnings 24hrs a day 7 days a weeks without possible interruption. Or I could just wait for the internet to come back up. Unless you mean what happens if the internet goes down permanently then I don't think compound interest calculations will be of much importance.
Which is why you keep the contribution mandates and allow people to own their accounts so the fucking corrupt weasels in the corrupt fucking government can't get their grubby corrupt paws on that moneySomething I said to my kids 100 times, and plenty of other folks as well - you have to look at things as they are, and not how you want them to be ideally.
Ideally - America would be like Monaco right now if SS was never instituted, and people instead used the money to invest and save.
But that is entirely idealistic and naive.
Reality is millions more would be in poverty because they blew every dime of it.
Still true today - even after 2008 - Americans have an abysmal savings rate. Give them more money - and they will just spend more and borrow even more.
Consider - the median average amount of saving 60 year old Americans have in 2020 is $6,400.
60 years old and only $6k in liquid assets. Insanity
Many such arguments begin with a totally unrealistic premise, that of supposed wage amounts. In 1958, the year I was 18, the average wage was $3851 per year. My own earnings that year was $2021. It would be decades before I earned $20,000 per year.Sure you could have if the Government hadnt taken 12.2% of your earnings every month....
I dont know how much you made over your lifetime but let's assume you started out at 20k a year at age 18 and never got a raise worked until you were 68 and invested just what SS took from you and got a modest 6% return on your investment.
At 68 you would have had 850k in the bank.
The annual return on that money would be 50k. So, you would have had a 50k a year income without ever touching the principle. Tell me again how SS is better....
That same person gets less than 12k a year from SS...
