According to the Social Security Act, "the purpose of Social Security is to provide insured persons with payments by way of a retirement benefit, survivors benefit, sickness benefit, and to substitute for compensation under the Workmen's Compensation Ordinance, a system of insurance against injury or death caused by accident arising out of and in the course of employment." In order to finance social security, a Social Security Fund was established, financed by contributions made by the workers and their employers. All benefits, administrative expenses, and capital expenditures are paid out from the Fund.

But according to government figures, "while Social Security takes in more than it spends right now, the situation reverses when the baby boom generation (those born between 1946 and 1964) begins to retire in 2010. Unless the system is overhauled, Social Security by 2013 will be spending more than it collects in taxes and will be broke by 2032."

I will be 69 years old in 2032. I will have paid a very large percentage of my income into a government plan and will have nothing to show for it. Accordingly, Social Security payroll deductions should end for anyone born in 1965 or later and be shifted to a 401(K) plan so they will reap the rewards of their investment when they retire. Those born in 1964 and before should continue some Social Security payroll deduction along with some government subsidy to cover the difference.

With all this talk of tax refunds fueled by a government surplus coupled with the enormous corporate tax breaks given out by our government, I am sure we could find enough money to subsidize a transition plan to save our retirement money.

Retirement? What's that...I am never going to be able to retire because Social Security will be long gone by the time I get to be that age. It makes me very annoyed that I am paying on something that I will never be able to collect.

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"Just go with it."

I agree wholeheartedly. I'd even contribute a certain percentage to pay for current retirees if I coudl get a break on that damned tax (14.65% in total) to save for my own retirement. what I understand is the numbers only even look that good in a vacuum. That is, not taking into acct Medicare.

SS
:deal?:

El hates Social Security and its father, FDR, so much that he posted his rant twice :lol:

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“Cities have the capability of providing something for everybody, only because, and only when, they are created by everybody.” - Jane Jacobs

Yes, but it looks like he fixed it

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"Just go with it."

And a fine fix it is. :drinking:

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“Cities have the capability of providing something for everybody, only because, and only when, they are created by everybody.” - Jane Jacobs

:oops: