Take care of current recipients and those who depend on it, allow anyone who wants to to opt out and keep their money in lieu of receiving benefits in the future.
Let's see how popular SS really is.
Social Security, Medicare & Medicaid will bankrupt us if we do nothing. As it is, Social Security hinders people from saving and investing their own money and it severs the ties between generations. It used to be that children would care for their aging parents. Social Security allows people to ignore their parents as they age.
There was a time when I would say give everyone's "contributions" back when they opted out but with our current spending/borrowing binge, I'm not sure that's feasible.
Comments (9)
I agree, take my name of the SS list.
No way. I want a refund. With interest.
Let people keep enough of their pay to invest. or save for the future, stop taxing everything to death!
I agree Tsiya.
What would be the interest rate I could get locked into? Why put my money into SS with no interest? I know there isn't any now but if it was optional you would need a reason to opt in...right?
sobi, I want a refund too and originally I had thought we could do it by offering bearer bonds equivalent to a person's "contrbutions". Our debt is so large now I'm not sure it's possible anymore.
Big Rooster, you wouldn't be locked into any interest rate. Put the money where you wish or don't and rely on your family the way people used to.
Then why would anyone ever put money into a non-interest yielding account when they know they could.
Optional SS would be asking people to put money away for many years without any return on it...that would be crazy.
Big Rooster, You are correct! SS is crazy. You don't even own your Social Security account. You can't leave it to your children. When you die, your spouse has to choose between your account and theirs, is required to forfeit a large chunk of what the two of you have "contributed".
How about we do away with SS and just let Obama's health care plan take care of us? BWAHAHAHA...I coulda been a liberal tree hugging democrat with statements like that.
I predict that somebody will think this is a good idea...and it isn't.