Some Inconvenient Facts About Social Security

[Blues Man]

So…..We don’t have the money to buy out SS and start over

We can find it.

You just refuse to accept that SS has been corrupted sometimes you have to cut off a limb for the better health of the body

 

[Hutch Starskey]

Take that 12.4 % of your lifetime income and then see what it would have grown into if it was put in an S&P indexed fund

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

You mean 6.2%.
That’s all the individual is on the hook for.

Psst… no one’s stopping you from investing further.

 

[Hutch Starskey]

In fact they are since it takes such a large portion of their lifetime income.

6.2% is a large portion?

 

[Hutch Starskey]

Let people own their own accounts so they can actually attain a real measure of welth and not be forced to survive on a fraction of what they could

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

No one is forced to rely on SS. You might have done that to yourself.

 

[Hutch Starskey]

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.

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

You should have accounted for that then. You only needed to make a meager 6% more to accomplish that.

 

[Hutch Starskey]

Yes, there are several changes that need to be made.
Increase retirement age to reflect increased lifespans
Increase the threshold of annual earnings subject to SS

Increase the threshold of annual earnings subject to SS

With a requisite increase in benefit?

 

[Hutch Starskey]

You fail to account for those who are retired or soon will be
Until you can do that, you are stuck with SS

Indeed.
Everyone from the bottom to the top is in the same boat.
None chose to be there and none are responsible for the condition of the boat.

 

[Toddsterpatriot]

You mean 6.2%.
That’s all the individual is on the hook for.

Psst… no one’s stopping you from investing further.

The government could put the 6.2% employer contribution
into the S&P 500 fund.

 

[Hutch Starskey]

The government could put the 6.2% employer contribution
into the S&P 500 fund.

By your logic then…
A guy making $60k/year only needs an additional 6.2% of income or $310/month to accomplish the same thing.

The gubmint ain’t your daddy.

 

[Toddsterpatriot]

By your logic then…
A guy making $60k/year only needs an additional 6.2% of income or $310/month to accomplish the same thing.

The gubmint ain’t your daddy.

By my logic, the guy making $60k doesn't need anything extra, he'd already have 12.4% going into an S&P 500 fund.

 

[Blues Man]

You mean 6.2%.
That’s all the individual is on the hook for.

Psst… no one’s stopping you from investing further.

No it's 12.4 because it is your employer paying that money for you so it is part of your compensation.

 

[Blues Man]

No one is forced to rely on SS. You might have done that to yourself.

I'm not I retired at 51.

But don't ignore the fact that your money in your account would have actually grown into a far larger nest egg then it would when you let the corrupt government handle it for you.

 

[Blues Man]

By your logic then…
A guy making $60k/year only needs an additional 6.2% of income or $310/month to accomplish the same thing.

The gubmint ain’t your daddy.

And you you think you should let the government manage your money and give you an allowance when you're 67

 

[rightwinger]

And you you think you should let the government manage your money and give you an allowance when you're 67

But you are OK with an employer managing your healthcare and retirement

How fucked up is that?

 

[Blues Man]

But you are OK with an employer managing your healthcare and retirement

How fucked up is that?

Your employer does not manage your 401k you do.

Your employer does not manage your health care he provides the option of an insurance at a reduced cost in most cases.

 

[Hutch Starskey]

By my logic, the guy making $60k doesn't need anything extra, he'd already have 12.4% going into an S&P 500 fund.

That doesn’t exist in SS. You’re free to put as much as you’d like away in any manner of account though.

 

[Hutch Starskey]

I'm not I retired at 51.

But don't ignore the fact that your money in your account would have actually grown into a far larger nest egg then it would when you let the corrupt government handle it for you.

SS is what it is. It was never meant to be more than that. You’re free to build any retirement you desire.

 

[Toddsterpatriot]

That doesn’t exist in SS.

The discussion was about the higher return achieved with funds in the S&P 500 instead
of in the Social Security Trust Fund.

You’re free to put as much as you’d like away in any manner of account though

I'm free to put up to 84.7% of my $60,000 income away.

 

[Hutch Starskey]

The discussion was about the higher return achieved with funds in the S&P 500 instead
of in the Social Security Trust Fund.

You’re free to put as much as you’d like away in any manner of account though

I'm free to put up to 84.7% of my $60,000 income away.

The discussion is about SS. Not what you wish it were.

 

[Toddsterpatriot]

The discussion is about SS. Not what you wish it were.

It's about the very low returns and the upcoming funding shortfall.