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Old 06-21-2019, 08:35 AM   #171
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Originally Posted by farnik78 View Post

If people were allowed to invest all that money taken from them over 40+ years of working they wouldn’t have to live off peanuts. Your employer has to match your SS contributions, so the fact that you and your employer contribute all that money just to get peanuts in retirement is pathetic. If all that money went into an investment account similar to a 401k many retirees would have a comfortable income instead of living on the verge of poverty.
Sounds good in theory, but the facts and data are against that. If people were just given the amount that's withheld and allowed to invest it on their own, they would just spend it each week on crap.

Having 6.2% of your pay withheld is peanuts in the big picture. If people really wanted to save, they would. The data in my post above proves they don't.

Considering almost 70% of the population live paycheck to paycheck, and the median retirement savings for Boomers is like $126K (of the people who HAVE saved anything), shows the true data. If you factor in ALL Boomers (including the ones who haven't saved), the median amount saved drops to $17K..

Sorry, government ISN'T to blame here...
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Old 06-21-2019, 09:55 AM   #172
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Actually government is to blame. You could still take the 6.2% along with the 6.2 from the employer and allow it to be invested and earn interest and dividends instead of going into a poverty inducing Ponzi scheme. Every worker who put in 40 years plus would be a millionaire if not a multi millionaire and could live comfortably plus have an asset they could pass on to their family.

Instead they are dependent on the nanny state and have nothing.
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Old 06-21-2019, 11:17 AM   #173
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Originally Posted by RetiredOne View Post
Just a data point regarding Social Security:

....."With a monthly benefit averaging just $1,369 (as of June 2017), the idea to retire on Social Security alone may sound next to impossible. Still, 23 percent of married retirees and 43 percent of single retirees count on their Social Security benefit for 90 percent or more of their monthly income."

Not sure what those people would do NOW without having S.S. "taken" from their paychecks when they were working?
They would still be working that is what they would be doing... again take care of yourself and be free... it isn't my or anyone else's charge to take care of those that live outside their means and don't save...

besides what are they all going to do when SS runs out in 2030? or sooner???
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Old 06-30-2019, 03:11 PM   #174
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Good for you way to turns lemons into lemonade.
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