Some Inconvenient Facts About Social Security

[BluesLegend]

Okay, a show of hands who thinks those idiots in congress should manage OUR SS money? Right, nobody, thank you!

 

[BluesLegend]

The fact of the matter is that if any business ran a pension fund the way the government runs Social Security then that business owner would be in jail

^^^ FACT! Members of congress routinely break the very laws they pass. Insider trading. Conflicts of interest. Did you know that Congress forces the private sector to avoid conflicts of interest even in appearance? Meanwhile members of congress are engaged in all manner of graft and schemes to make money off their government office.

 

[Blues Man]

^^^ FACT! Members of congress routinely break the very laws they pass. Insider trading. Conflicts of interest. Did you know that Congress forces the private sector to avoid conflicts of interest even in appearance? Meanwhile members of congress are engaged in all manner of graft and schemes to make money off their government office.

The easiest way to become a multimillionaire in this country is to get elected to Congress.

 

[Blues Man]

SS is designed to keep people poor.

There is no doubt about it.

The last thing the government wants is a population with a high percentage of financially independent citizens.

 

[BluesLegend]

SS is designed to keep people poor.

There is no doubt about it.

The last thing the government wants is a population with a high percentage of financially independent citizens.

I'm pretty sure we don't want the morons who ran up $32 trillion in debt managing OUR money.

 

[Blues Man]

Social Security Calculator | Privatization account vs. S&P 500

Social Security Calculator comparing value of a private account vs. the S&P 500. Based on median income of all workers, but user can enter custom values.

www.crystalbull.com

With a private account, the median income earner would retire at age 67 with over $4 million dollars in their account, even after accounting for the crash of '87, the dot-com bust, the crash of 2008, etc. At 4% interest, the person could withdraw $14,000 per month for the rest of their life, and leave the entire $4,190,471.60 to their heirs, ending the cycle of poverty. With Social Security, what will they get? The average is $1,626 per month. And when they die, the account is lost. A working spouse would also have an account, so a couple could retire with an annual income over $300,000 per year, even more than what they ever earned while working! Instead, Social Security is keeping the American worker in poverty at retirement.

 

[rightwinger]

A ponzi scheme works for as long as the dupes believe in it.

A Ponzi Scheme works till they take the money and run
80 years is no Ponzi scheme

 

[ThunderKiss1965]

A Ponzi Scheme works till they take the money and run
80 years is no Ponzi scheme

The Government is taking the money I am paying in now to fund the payments to those that are collect SS.

"A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors." Wikipedia

 

[rightwinger]

The Government is taking the money I am paying in now to fund the payments to those that are collect SS.

"A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors." Wikipedia

The operator of the scheme also diverts clients' funds for the operator's personal use.

 

[ThunderKiss1965]

The operator of the scheme also diverts clients' funds for the operator's personal use.

Of course because never in the history of the US has the Government redirected funds for other things. God damn you loons worship of the Fed is terrifying.

 

[Redfish]

Social Security works and has been working for over 80 years. No “Ponzi Scheme“lasts that long.

Working Americans and their employers have paid into it and deserve their benefits

all true, and would be true today if the democrats under LBJ had not robbed the SS fund and merged it with the general fund. That democrat action is why we have a SS problem today. That and only that. So maybe its time for you to rethink your blind obedience to the dem party before they screw you again.

 

[Redfish]

The operator of the scheme also diverts clients' funds for the operator's personal use.

which is exactly what the dems and LBJ did.

 

[Blues Man]

A Ponzi Scheme works till they take the money and run
80 years is no Ponzi scheme

You don't account for the fact that most Ponzi schemes do not have people forced by law to pay into them.

Bernie Madoff couldn't arrest and confiscate the property of people who didn't pay him the government does exactly that.

 

[Blues Man]

The operator of the scheme also diverts clients' funds for the operator's personal use.

And there is not a single dollar of your money in the so called Social Security trust fund because it has been raided by politicians to pay for other shit.

 

[rightwinger]

Lets just face it, Social Security is not going away.

With over a hundred million either retired or close to retirement, you don’t just get to cancel it and say…..Sorry, we changed our minds

 

[Blues Man]

Lets just face it, Social Security is not going away.

With over a hundred million either retired or close to retirement, you don’t just get to cancel it and say…..Sorry, we changed our minds

So we should believe it's nothing but good for everyone?

We can never change it so it actually allows people to achieve financial independence?

 

[rightwinger]

So we should believe it's nothing but good for everyone?

We can never change it so it actually allows people to achieve financial independence?

Financial independence is not a goal of Social Security
If you want financial independence in retirement, use your SS, invest in a 401k and pay off your house.

Social Security gives a monthly payment in retirement along with disability if you are sick or injured while working along with survivor benefits.

It is a piece of the puzzle

 

[rightwinger]

Okay, a show of hands who thinks those idiots in congress should manage OUR SS money? Right, nobody, thank you!

As opposed to your employer?
I trust my employer to take care of me in my old age

 

[Blues Man]

Financial independence is not a goal of Social Security
If you want financial independence in retirement, use your SS, invest in a 401k and pay off your house.

Social Security gives a monthly payment in retirement along with disability if you are sick or injured while working along with survivor benefits.

It is a piece of the puzzle

But it's such a big piece of your lifetime income that it actually hampers people from saving. 12.4% of your lifetime earnings is a HUGE amount of money and an even bigger lost opportunity.

No one with half a brain in their head thinks SS is a "good" deal. If you hired a financial planner and he only performed as well as SS you could sue him for malfeasance and win.

And in reality the SSDI sucks and it would be cheaper for people to own their own DI policy that would give them better benefits

Social Security Calculator | Privatization account vs. S&P 500

Social Security Calculator comparing value of a private account vs. the S&P 500. Based on median income of all workers, but user can enter custom values.

www.crystalbull.com

With a private account, the median income earner would retire at age 67 with over $4 million dollars in their account, even after accounting for the crash of '87, the dot-com bust, the crash of 2008, etc. At 4% interest, the person could withdraw $14,000 per month for the rest of their life, and leave the entire $4,190,471.60 to their heirs, ending the cycle of poverty. With Social Security, what will they get? The average is $1,626 per month. And when they die, the account is lost. A working spouse would also have an account, so a couple could retire with an annual income over $300,000 per year, even more than what they ever earned while working! Instead, Social Security is keeping the American worker in poverty at retirement.

 

[rightwinger]

But it's such a big piece of your lifetime income that it actually hampers people from saving. 12.4% of your lifetime earnings is a HUGE amount of money and an even bigger lost opportunity.

No one with half a brain in their head thinks SS is a "good" deal. If you hired a financial planner and he only performed as well as SS you could sue him for malfeasance and win.

And in reality the SSDI sucks and it would be cheaper for people to own their own DI policy that would give them better benefits

Social Security Calculator | Privatization account vs. S&P 500

Social Security Calculator comparing value of a private account vs. the S&P 500. Based on median income of all workers, but user can enter custom values.

www.crystalbull.com

With a private account, the median income earner would retire at age 67 with over $4 million dollars in their account, even after accounting for the crash of '87, the dot-com bust, the crash of 2008, etc. At 4% interest, the person could withdraw $14,000 per month for the rest of their life, and leave the entire $4,190,471.60 to their heirs, ending the cycle of poverty. With Social Security, what will they get? The average is $1,626 per month. And when they die, the account is lost. A working spouse would also have an account, so a couple could retire with an annual income over $300,000 per year, even more than what they ever earned while working! Instead, Social Security is keeping the American worker in poverty at retirement.

Again, Social Security is a done deal

We cannot walk away from it and tell those who are retired or near retirement….Too bad for you, we changed our mind

In planning your retirement, you have to look at SS as well as other investments to carry you through