My Take On Privatizing Social Security

[mermaid]

I am now 33 years old. I have paid into social Security for FIFTEEN GODDAMN YEARS. And now, the shit isn't gonna BE there when I retire.

They wanna start "private savings accounts" or whatever the fuck?? Fine. then they better give me back EVERY FUCKING RED CENT I put into Social Security over my so far 15-year working career...start MY private account out with that much money in it.

Be DAMNED if I think it is fair that an 18-year old, just starting out...with 15 years more time for his retirement to grow than I have...should start at the same level I do!

Horseshit! I paid into the fucking system for 15 years, and that damn well ought to ENTITLE me to start out with more in my account...after all, I got less time to make it grow into a decent retirement than the 18-year old does.

They best as HELL not be asking ME to start all fucking over again, at 33...they can KISS MY ASS!! I want my fucking money back!!

I have averaged earnings of roughly 24,000 a year over my working career, some years more than others, but about $24,000 is a good, close average.

This means that, over 15 years, I have earned $360,000. with SS taxes being at 7.51%, I have therefore paid $27,036 in Social Security taxes. They better start out my account with that much PLUS interest. Since they say the average stock market investment doubles in value in seven years...mine would have since quadrupled. Because I have been working more than fourteen years.

So, I'll call it close if they start me off with, say $100,000 in my account. That would be fair. Think they will? MY ASS!!

FUCK YOU, UNCLE SAM!! Or, in this case, this is Uncle Sam saying FUCK YOU, POOR AMERICA!!

[Aiptasia]

1. Problem is...

Clinton fixed the S.S. problem in the 90's with a projected surplus, but Repukes kept dipping into it to try and destroy it.

If they would have left well enough alone...

Good luck on seeing any of that money ever again. If they privatize it, don't expect any refunds on what you've paid in. It's stupid to think that S.S. is going to cover your retirement anyway, since it was meant to help the poor and indigent.

I'm squirreling away money in S.E.P. accounts and Roth I.R.A.'s, and "laddering" my savings in CD's. Seems to be working out fine so far.

[meti57b]

3. Social Security is not a welfare fund. People paying into it should ...

receive back the "benefits" according to what they paid in. If they get little or nothing back, then what all the money they paid into Social Security amounts to, is an additional 6% income tax but only on the people who paid in.

[mermaid]

10. And A Very Regressive Income Tax At That

since earnings over, what is it, $88,000...are not subject to Social Security Taxes??

Yeah, the poor don't pay any fucking taxes, right?

What about the rich sons-of-bitches who earn millions a year free from that tax, while poor slobs like me earning under $25,000 a year, pay tax on the whole fucking thing?

In essence, since my tax rate, until recently was 15%...and I was pay social Security on the whole wad...my tax rate REALLY was 22.5%

Betcha fucking RICH people don't pay no fuckin 22.5%

[mermaid]

8. Good For You!!

I barely make ends meet here. I don't HAVE spare money to invest. And I live like a pauper, too.

I rarely, if ever, go out weekends, I'm a real homegirl. I eat, sleep, and go to work. that's basically it.

I live in a cheap apartment. I own my car outright, so no car payments. I spend money on food, clothing (mostly Goodwill,) gasoline, stuff for my dog, car and renter's insurance, student loan, basic utilities, bare-bones cable (12 bucks a month) and I pay THAT only so I can have TV reception at all!! Oh, yeah, Internet service...and on other "extravagance," I have vet insurance on my dog (12 bucks a month)

Does this sound like I live high off the hog?

So why is it, then...that earning roughly $24,000 a year, I am unable to save a damn thing?

[China_cat]

2. You're 33.

My husband is 56. It ain't gonna be there for us, either. And we're going to need it sooner than you will. Our savings went away during the 2 years he was out of work.

(Mine disappeared 4 years ago. I was eligible for benefits in early 2000 but when the 2001 statement came, I was totally ineligible for ANYTHING. No SS, no Medicare, nothing.)

[jdots]

4. this is something i can't believe people are falling for

granted most depukes get out of bed head first,but they can't be this dumb. then again -they are.

[liberal N proud]

5. What the bastards don't get about this...

For those who have paid in for 25 or more years, we are getting to the point where we will just be screwed.
The ones I am really worried about are the people that are now just getting by, their income is so low that it takes every dime from their paycheck to feed the family. Now George wants to put them in charge of saving for their own retirement.
What do you think is going to happen? Feed the kids or save the money?
Or what happens when someone goes broke and has to forfeit all savings for what ever reason.

That is what the rich bastards that are proposing this don't get.
Some people are not able to save money for retirement.

[elehhhhna]

6. This is about two things:

Brokers managing billion of extra bucks (for fees), a stock markeet suddenly flooded with extra $$$, and the attendent unrealistically high stock valuations that will result, and, okay, three things: Once you put individuals names on these accounts, you kill any future discussion of reform wich might entail --eeek-- means testing.

[Throckmorton]

7. I use to think the same way as you,

But at age 42 I now get 1400 a month in survivor benifits for my two children. Something even 2 years ago I couldn't have imagined.

Now I look at it more like an insurance policy than a Tax.

[mermaid]

9. Yeah? That's Because YOU Are GETTING SOMETHING!! I Just Get The Shaft!!

n/t

[Throckmorton]

18. Two years ago, I said the same thing.

and I for one would gladly give twice as much "tax" if I could undo the last 2 years.

[meti57b]

13. If we get survivor benefits, then it IS an insurance policy and

if we get pension benefits then it Is a retirement fund. But if we end up getting NOTHING, then it IS nothing more than a very large TAX.

[Throckmorton]

17. and tomorrow, when you get hit by a pie wagon and can never work again,

what is it then?

Oh, thats right, only bad people have bad things happen to them. I must have logged into free republic by mistake.

[meti57b]

19. perhaps you misinterpreted my post???

[Inland]

11. If Bush is stopped, you WILL: get something.

Bush's propaganda is winnig the day. The system isn't broken down entirely. The worst case scenario from the SSA is some thirty years from now, SS will only be able to pay 75% of benefits.

That's pretty much you, but face it: getting 75% of benefits is better than anything Bush is proposing, which all include, hm, diverting taxes from SS to something else. His proposals make the system's date of 75% payouts come earlier.

A decent reform would be to raise the SS retirement age. But Bush doesn't want to make the current system sound. He wants to end it.

[leftyandproud]

12. Actually you can DOUBLE that tax number

You really pay double what it shows on your paycheck. The employer "match" is factored into your salary from day one. Everyone pays 15.3%

[meti57b]

14. Exactly, good point!!

[Lydia Leftcoast]

15. I understand what you're saying

You're saying that if the Busheviks really want to privatize SS, they should take their plan to its logical conclusion--which will bring the system crashing down immediately.

Clever tactic. :-)

[BamaGirl]

16. You're 33 and you ever expected to receive SS??

My hubby and I are 32 and 34. We have never expected SS to be around for us. I don't remember a time there hasn't been talk about SS going away. I'll just be glad if it's there for my parents. We make about 32k for a family a five and put away 15%. It's rough, but we think it's absolutely necessary. It's just another bill in my book.

[mermaid]

20. Yes, I Damn Well DID Expect To Recieve...After All, IT WAs PROMISED

when they took it out in the first god damn place!