How to save social security

[Dugdale_Jukes]

It's time to save people from the forced poverty of Social Security.

Let them save their money in accounts they own. And get the fucking government out of the picture.

People will retire richer and actually be able to leave money to their families.

Can you put a little bread around that baloney?

If a person saved the 15% of their lifetime income they would have more money on which to retire.

I've done this before many times but you sheep won't listen.

If we say that a person makes the median income of the US of about 43K a year.

Now If you want to start whining that no one makes that when they are young stop now.

I am going to assume that a person makes this amount for his entire career. That should even things out enough for the purposes of this illustration.

The current FICA taxes are 7.65% from employees and the same from employers for a total of 15.3%

15.3% of 43k is 6579 a year or 548.25 a month.

If one saves 548.25 a month for 45 years (age 22 to age 67) and gets average return of

5% he would have $1,111,003.69 that would provide an income of 4000 a month for nearly 40 years. The maximum SS income is 2500 a month and our person would not be getting close to that.

Aside from the irrelevance of the math - and that better math is available nearby - what is going to get people to do that?

I can teach a monkey to do math.

How do you get people to save?

 

[Skull Pilot]

Can you put a little bread around that baloney?

If a person saved the 15% of their lifetime income they would have more money on which to retire.

I've done this before many times but you sheep won't listen.

If we say that a person makes the median income of the US of about 43K a year.

Now If you want to start whining that no one makes that when they are young stop now.

I am going to assume that a person makes this amount for his entire career. That should even things out enough for the purposes of this illustration.

The current FICA taxes are 7.65% from employees and the same from employers for a total of 15.3%

15.3% of 43k is 6579 a year or 548.25 a month.

If one saves 548.25 a month for 45 years (age 22 to age 67) and gets average return of

5% he would have $1,111,003.69 that would provide an income of 4000 a month for nearly 40 years. The maximum SS income is 2500 a month and our person would not be getting close to that.

Aside from the irrelevance of the math - and that better math is available nearby - what is going to get people to do that?

I can teach a monkey to do math.

How do you get people to save?

Make it mandatory like it is now only instead of shipping money to the feds people deposit it it their own accounts.

 

[Billo_Really]

Social Security is doing just fine.

It doesn't need to be saved, it needs to be left alone.

 

[Dugdale_Jukes]

If a person saved the 15% of their lifetime income they would have more money on which to retire.

I've done this before many times but you sheep won't listen.

If we say that a person makes the median income of the US of about 43K a year.

Now If you want to start whining that no one makes that when they are young stop now.

I am going to assume that a person makes this amount for his entire career. That should even things out enough for the purposes of this illustration.

The current FICA taxes are 7.65% from employees and the same from employers for a total of 15.3%

15.3% of 43k is 6579 a year or 548.25 a month.

If one saves 548.25 a month for 45 years (age 22 to age 67) and gets average return of

5% he would have $1,111,003.69 that would provide an income of 4000 a month for nearly 40 years. The maximum SS income is 2500 a month and our person would not be getting close to that.

Aside from the irrelevance of the math - and that better math is available nearby - what is going to get people to do that?

I can teach a monkey to do math.

How do you get people to save?

Make it mandatory like it is now only instead of shipping money to the feds people deposit it it their own accounts.

Sincere thanks for your follow up posts, but what you suggest appalls me. You would pass law forcing people buy services from private corporations they loathe? Another Obamacare enthusiast, is it?

As an American who values my personal independence from parasitic corporations and from government as well, but who also has enough going on to remember 2008 and understand that the safest repository for mandated retirement funds is without question the federal government, it seems like we probably don't have much to talk about.

Not a lot of time for Obamacare enthusiasts. Or well-intended hypocrites, as is anyone supporting forcing people to invest with the scum of the god damned earth and claiming the finance industry is cut from a different cloth than the insurance industry.

 

[there4eyeM]

End marijuana prohibition and place a dedicated tax on its sale to go directly to SS.

 

[Skull Pilot]

Aside from the irrelevance of the math - and that better math is available nearby - what is going to get people to do that?

I can teach a monkey to do math.

How do you get people to save?

Make it mandatory like it is now only instead of shipping money to the feds people deposit it it their own accounts.

Sincere thanks for your follow up posts, but what you suggest appalls me. You would pass law forcing people buy services from private corporations they loathe? Another Obamacare enthusiast, is it?

They don't have to buy anything from a corporation. They can buy mutual funds, stocks, bonds. T bills, savings bonds or simply leave all their money in a cash position.

As an American who values my personal independence from parasitic corporations and from government as well, but who also has enough going on to remember 2008 and understand that the safest repository for mandated retirement funds is without question the federal government, it seems like we probably don't have much to talk abou

You say you value independence and freedom yet you support SS that robs you of both.

So you don't own any stock, bonds or mutual funds right? If you do where did you buy them and were you "forced". BTW you are already forced to fork over 15% of your income to SS.

One could be just as safe by buying T bills or savings bonds. Why do I have to be forced to lose potential returns because you want to be safe?

If I had control of that money and it performed as well as my other private retirement accounts i could retire at 50 easily and have more to live on and more to leave to my family.

Not a lot of time for Obamacare enthusiasts. Or well-intended hypocrites, as is anyone supporting forcing people to invest with the scum of the god damned earth and claiming the finance industry is cut from a different cloth than the insurance industry.

This is not like Obamacare as the theft if 15% of our money is already law. It's merely a change to allow people to have more control over their retirement.

 

[lynn63]

I would like to know how someone can save that much money you propose each month on an income that barely covers living expenses? Don't get me wrong I would like nothing better than to break the social security string that hold us hostage to our government.

 

[Skull Pilot]

I would like to know how someone can save that much money you propose each month on an income that barely covers living expenses? Don't get me wrong I would like nothing better than to break the social security string that hold us hostage to our government.

It's the money that is being taken for SS already so your take home pay won't be lessened. You'll just be putting your and your employers SS contributions into an account that you own.

 

[jwoodie]

The unfortunate fact is that Social Security is a Welfare Program, not a Retirement Program. A worker who earns $2,000 per month will receive TWICE the return on his "investment" as a worker who earns $8,000 per month, not counting income tax issues that further increase this disparity. And someone who has NEVER worked will get almost as much under the SSI Program.

As a result, most of these "improvements" to Social Security fail to understand its underlying purpose: Income Redistribution.

 

[jasonnfree]

I have an idea how to save Social Security and Medicare....Why not cut Obama's paycheck and make him pay the country back for all those grand vacations his wife took on the nation's dollar.

Leave the old folks alone. My parents worked the better part of their lives and put into Medicare and Social Security. Why should they give up any part of it to fix a mess Obama made?

I am praying that people in this country do the right thing and wake up. The best thing that could happen to us would be for Obama to be impeached.

We could make bush and friends pay the country back for the cost of the Iraq war they lied us into.

 

[Toro]

Make SS like a real pension fund with a professional board. Give Americans the option to opt out and invest themselves.