How many here would "opt out" of social security if they could?

[glenn1]

Pretty simple and straightforward question. This presumes if you "opted out" you'd be released from obligation to pay into SS from that point forward but would forsake what you'd paid into it in turn or would get pennies on the dollar at best.

 

[Engineer]

I've said it for the last 14 years and, now at 36, I would still do so. (P.S. The question I asked in the other thread about "Where's the form" was a little sarcasm. I've actually looked into it and it's complicated two year procedure to opt out of SS and it's only for groups that are judged to be OK to do so, IIRC. Also, I think that railroad workers and certain Texas counties? have opted out)

So, YES.

 

[SuperTool]

I would opt out so I don't have to pay taxes, but then when I am old, I would vote to opt myself back in Suckers

 

[aidanjm]

I guess the problem with opting out, is that systems like social security only work if all citizens are involved. What happens to the large numbers of citizens who opt out, then lose their $$$ on the stock market, then have nothing for retirement? Does the government give them a tiny benefit (even tho they opted out) or allow them to starve?

 

[Engineer]

Originally posted by: aidanjm
I guess the problem with opting out, is that systems like social security only work if all citizens are involved. What happens to the large numbers of citizens who opt out, then lose their $$$ on the stock market, then have nothing for retirement? Does the government give them a tiny benefit (even tho they opted out) or allow them to starve?

I'm sorta at the belief that if you lose your ass in the market over a long period time, one of two things have occured:

1. - You're a piss poor investor

2. - The whole US economy has long term collapsed, in which case more than likely, the US Gov. wouldn't be able to continue much of anything as their whole tax base would have collapsed (again, talking about long term collapse).

Your case would suggest #1 above, which is a distinct possibility.

 

[Tab]

Originally posted by: aidanjm
I guess the problem with opting out, is that systems like social security only work if all citizens are involved. What happens to the large numbers of citizens who opt out, then lose their $$$ on the stock market, then have nothing for retirement? Does the government give them a tiny benefit (even tho they opted out) or allow them to starve?

That's my question actually...

I plan on putting money into Social Security AND investing AND just saving....

 

[0marTheZealot]

Of course, I don't plan on being a US citizen for long

 

[Hayabusa Rider]

I'll keep my SS instead of the pig in a poke SS reform.

 

[CADsortaGUY]

Hell yes I'd opt out. (25-35 category)

CsG

 

[MidasKnight]

Yes on opt out ! 35-45 here.

 

[magomago]

I voted yes only because its getting screwed over so badly right now that I might as well~

 

[AreaCode707]

I would opt out if I could. I make plenty to save for retirement even if I put it somewhere I wasn't making any interest. I don't need to make a lot in order to save. I make a little under 40k a year (gross) and I save probably half of that. Americans have a really spendthrift lifestyle - it wouldn't be hard to save for retirement if you plan ahead and act like the choices you make now are going to affect your whole life. If I spent the rest of my life doing admin work at an average rate, I'd still be comfortably off by retirement.

 

[Rainsford]

I'd opt out if I thought the current system wouldn't leave millions without any support if everyone opted out. My social security funds those currently getting payments from it. I opt out, they go hungry.

If that problem was avoided, hell yes I'd opt out. I hate SS and I don't plan on relying on it even if I AM paying in to it.

 

[Zebo]

I already opted out.

 

[mect]

I'd opt out in a heart beat. As for the current people who need it to retire, we already have welfare program. It seems silly to have social security doubling as a welfare program when there's already one in place. It just increases overhead costs. As for "what if everyone loses money in the stock market?" As I said, there's already a welfare program, and if everyone is losing money in the stock market, that will mean that the economy is in such bad shape that everyones in trouble anyways.

 

[irwincur]

Dead system.

You can make more money in a savings account.


Hell yes I would opt out.

 

[SuperTool]

I wonder how many of the "opt out" crowd even have a 401k plan with any real money in it or any other retirement savings. Let's see, we are gonna expect people with less than 1% savings rate to save for their retirement. Sounds like a plan

 

[Rainsford]

Originally posted by: mect
I'd opt out in a heart beat. As for the current people who need it to retire, we already have welfare program. It seems silly to have social security doubling as a welfare program when there's already one in place. It just increases overhead costs. As for "what if everyone loses money in the stock market?" As I said, there's already a welfare program, and if everyone is losing money in the stock market, that will mean that the economy is in such bad shape that everyones in trouble anyways.

Uh, except the current people who need it to retire have been paying into the system for 40 or so years, I don't think it's ethical to take away that support they have been expecting, and have earned through their contributions to the system. Welfare is not the same thing, and even if it was, THAT is not the system those people paid into.

Actually, a surplus would be a perfect solution to this problem. Let people opt out of social security if they wanted so people could go back to funding their own retirement while using the surplus to pay current benefits for those people who already paid into the system. But it doesn't look like our "conservative" government is going to give us a surplus any time soon, so I guess something else will have to be devised.

 

[Engineer]

Originally posted by: SuperTool
I wonder how many of the "opt out" crowd even have a 401k plan with any real money in it or any other retirement savings. Let's see, we are gonna expect people with less than 1% savings rate to save for their retirement. Sounds like a plan

In here, I would say that many, if not all, of the opt out crowd do have 401k and contribute a significant amount to them. In the real world (US), hard to tell. Many would have the "get rich (quick)" mentality and may not really understand that they are saving for retirement with NO other backup source since they have dropped it (traditional SS).

Oh, and Yes, I have a 401k and two Roth's (wife has one). At 36 years old and almost out of debt completely, it doesn't seem that difficult. For others not in the financial situation that I'm in, it could very well indeed be a real problem if they want to ever retire!

 

[Riprorin]

Of course I'd opt out.

Why do I need to have money confiscated from my paycheck that I'm capable of saving myself for my retirement?

 

[umbrella39]

Originally posted by: Riprorin
Of course I'd opt out.

Why do I need to have money confiscated from my paycheck that I'm capable of saving myself for my retirement?

And your AREN'T capable of saving for your retirement NOW? I love how some of you use SS as an excuse for not being able to save for your futures. Like any of you complainers don't already have retirement money put aside. I know, you just want MORE because it makes you sick that money that is taken out of your paychecks sometimes, actually, go to help people less fortunate than yourself. How sick that must make you feel. :roll:

 

[Mill]

Originally posted by: umbrella39

Originally posted by: Riprorin
Of course I'd opt out.

Why do I need to have money confiscated from my paycheck that I'm capable of saving myself for my retirement?

And your AREN'T capable of saving for your retirement NOW? I love how some of you use SS as an excuse for not being able to save for your futures. Like any of you complainers don't already have retirement money put aside. I know, you just want MORE because it makes you sick that money that is taken out of your paychecks sometimes, actually, go to help people less fortunate than yourself. How sick that must make you feel. :roll:

Less fortunate or poor?

 

[Riprorin]

Originally posted by: umbrella39

Originally posted by: Riprorin
Of course I'd opt out.

Why do I need to have money confiscated from my paycheck that I'm capable of saving myself for my retirement?

And your AREN'T capable of saving for your retirement NOW? I love how some of you use SS as an excuse for not being able to save for your futures. Like any of you complainers don't already have retirement money put aside. I know, you just want MORE because it makes you sick that money that is taken out of your paychecks sometimes, actually, go to help people less fortunate than yourself. How sick that must make you feel. :roll:

Huh?

I don't need the government to take care of my retirement. I'm capable of planning and saving on my own.

Why should money be confiscated from my paycheck against my will to support people that can't or won't?

 

[Engineer]

Originally posted by: Riprorin

Why should money be confiscated from my paycheck against my will to support people that can't?

The same goes for almost every program in the government. Why should I have money comfiscated in the form of taxes to pay for something that I don't want? The goverment is a money eating machine (printing too) and uses much of the pork to "buy" the vote to continue to stay (increase) in power. While I agree that I want my money to invest the way I see fit, I also understand that there are many who won't have (some by choice) the money or attitude to save for their own retirement.

However, that being said, part of the problem is that it's too easy to get disability retirement (SSI), especially in certain regions of the country (Eastern Kentucky and Western West Virginia). People on disablity SSI who are in their 20's and go four wheeling 3 times a week is a joke!!! (But that's another argument altogether).

Add the fact that there would always be people WHO absolutely will not save for retirement on their own no matter how much money they have. To the ones who are capable and just don't do it, I feel no pity in letting them fend for themselves in old age (again, not talking about people who aren't capable to save because of low income, etc).

 

[Red Dawn]

Originally posted by: Riprorin
Why should money be confiscated from my paycheck against my will to support people that can't?

Now that's a Good Christian Attitude. It's no different than saying "Why should my tax dollars go to pay for Hurricane victims in Florida, they made the decision to live there"

People paid into the system their whole lives, should they just be told "Tough sh!t?"