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October 24, 2009 05:43 PM
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No, for the simple reason that older Americans are too dependent on entitlements. The link below shows exactly how dependent they are:
http://economix.blogs.nytimes.com/2009/10/23/how-dependent-are-older-americans-on-entitlements/
Opting out would only make life harder for many of these Americans. However there are a few changes I would like to see be made.
1. Raise the cap on income taxable for Social Security
2. Remove taxation on personal savings and income from Social security
3. Have Social Security trust funds not be used to buy govt. bonds in order to pay for public works project and instead have the trust funds be in saving accounts that can't be used for anything else but what Social Security is meant for
Some have suggested privatizing Social Security. However this would make the program inefficient, causing administration costs to be as much as 15 cents per dollar. Currently the administration costs is only slightly more than half a cent out of every dollar paid.
http://economix.blogs.nytimes.com/2009/10/23/how-dependent-are-older-americans-on-entitlements/
Opting out would only make life harder for many of these Americans. However there are a few changes I would like to see be made.
1. Raise the cap on income taxable for Social Security
2. Remove taxation on personal savings and income from Social security
3. Have Social Security trust funds not be used to buy govt. bonds in order to pay for public works project and instead have the trust funds be in saving accounts that can't be used for anything else but what Social Security is meant for
Some have suggested privatizing Social Security. However this would make the program inefficient, causing administration costs to be as much as 15 cents per dollar. Currently the administration costs is only slightly more than half a cent out of every dollar paid.
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October 23, 2009 12:35 PM
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I would yes, perhaps my opinion is smeared by the fact that I'm 23 and far from the age where I could even touch my ss, but I feel from the trend of recent years in regards to ss it won't last. The age you can draw keeps going up and the fund keeps getting plundered. I'd rather a lump sum now than a let down later.
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October 23, 2009 07:02 PM
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I would not opt out given my spending behaviour. However I would like the option to get my future SS up front when I retire. Sort of like when you win the lottery, you either get the winning upfront or weekly/monthly payments.
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October 23, 2009 08:49 PM
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While I, like many young people, worry about Social Security being around when I actually retire, I would definitely not opt out. It's a myth that the government is setting your money aside for you, and returning it. Most people actually burn through their own contribution amount within about 5 years. If you plan to live more than five years after retirement, you'll want government funded Social Security, not your own savings.
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