UPS opts out of Trump's tax deferral scheme

[freehoodies]

This is something that always bothers me. SS is not an entitlement, we pay into it weekly.

Technically you are being stolen from, with the “promise” you will get to steal from the next generation. You aren’t paying into anything, there are no funds being held anywhere.

 

[freehoodies]

Social security and Medicare doesn’t help anybody?

get real

Not as much as keeping the money and using it yourself.

People just don’t understand compounding returns. Every dollar you invest at 16 will be 33 dollars when you are 68 (theoretical retirement age at 7% annual ROI)

If you are 30 years old every dollar will be worth 13$.

So every week that 200$ you see social security suck out of your paycheck could be between 2600-6600 dollars out of your retirement fund.

52 weeks per year = 135,000-343,000 per year from your retirement fund depending on how old you are.

Seriously, do the math and see how much you are getting screwed out of, im not pulling this out of my ass. Use bad numbers too, like a terrible 3% yearly return, with only 100$ a week.

Thats so bad it loops back to funny, and you still would have almost a million dollars by the time you retire if you started at 16. The interest alone would pay more than social security does.

And if you die at 67 your kids arent left with nothing.

If you want to pay off your house instead and not have a mortgage, go ahead.

The only scenario where social security beats just investing into an ETF is if the ETF does less than 2% return a year and the social security recipient lives to be 200 years old.

 

[zimbomb]

Not as much as keeping the money and using it yourself.

People just don’t understand compounding returns. Every dollar you invest at 16 will be 33 dollars when you are 68 (theoretical retirement age at 7% annual ROI)

If you are 30 years old every dollar will be worth 13$.

So every week that 200$ you see social security suck out of your paycheck could be between 2600-6600 dollars out of your retirement fund.

52 weeks per year = 135,000-343,000 per year from your retirement fund depending on how old you are.

Seriously, do the math and see how much you are getting screwed out of, im not pulling this out of my ass. Use bad numbers too, like a terrible 3% yearly return, with only 100$ a week.

Thats so bad it loops back to funny, and you still would have almost a million dollars by the time you retire if you started at 16. The interest alone would pay more than social security does.

And if you die at 67 your kids arent left with nothing.

If you want to pay off your house instead and not have a mortgage, go ahead.

The only scenario where social security beats just investing into an ETF is if the ETF does less than 2% return a year and the social security recipient lives to be 200 years old.

Well that's a point. What's the alternative?

 

[Red Devil]

Not as much as keeping the money and using it yourself.

People just don’t understand compounding returns. Every dollar you invest at 16 will be 33 dollars when you are 68 (theoretical retirement age at 7% annual ROI)

If you are 30 years old every dollar will be worth 13$.

So every week that 200$ you see social security suck out of your paycheck could be between 2600-6600 dollars out of your retirement fund.

52 weeks per year = 135,000-343,000 per year from your retirement fund depending on how old you are.

Seriously, do the math and see how much you are getting screwed out of, im not pulling this out of my ass. Use bad numbers too, like a terrible 3% yearly return, with only 100$ a week.

Thats so bad it loops back to funny, and you still would have almost a million dollars by the time you retire if you started at 16. The interest alone would pay more than social security does.

And if you die at 67 your kids arent left with nothing.

If you want to pay off your house instead and not have a mortgage, go ahead.

The only scenario where social security beats just investing into an ETF is if the ETF does less than 2% return a year and the social security recipient lives to be 200 years old.

Ok, so what are we supposed to do with poor people when they turn 67? Shoot em?

 

[DriveInDriveOut]

Ok, so what are we supposed to do with poor people when they turn 67? Shoot em?

You realize rich people get social security too right?

 

[zimbomb]

You realize rich people get social security too right?

We should shoot em also?

 

[DriveInDriveOut]

We should shoot em also?

No, despite what the Democrats want, this isn't a Marxist country yet, we don't do that here.

 

[zimbomb]

No, despite what the Democrats want, this isn't a Marxist country yet, we don't do that here.

Shoot nobody?

 

[DriveInDriveOut]

Shoot nobody?

Hands up, don't resist.

 

[DELACROIX]

No, despite what the Democrats want, this isn't a Marxist country yet, we don't do that here.

"Not Yet"...

 

[freehoodies]

Well that's a point. What's the alternative?

Instead of just taking money from the young and handing it to the old, let people direct their SS withholding to investment funds.

It’s what republicans imply privatizing social security is, but unless its Ron Paul writing the bill I don’t think they will get it right either.

But if you want to do anything riskier than that (invest in some startup weed company cuz the internet said so), it should be legal too. Just make them sign a pile of forms or something so they cant cry about it later.

 

[zimbomb]

Instead of just taking money from the young and handing it to the old, let people direct their SS withholding to investment funds.

It’s what republicans imply privatizing social security is, but unless its Ron Paul writing the bill I don’t think they will get it right either.

But if you want to do anything riskier than that (invest in some startup weed company cuz the internet said so), it should be legal too. Just make them sign a pile of forms or something so they cant cry about it later.

What about everyone receiving social security currently?

 

[baklava]

What about everyone receiving social security currently?

They should have planned ahead

 

[PT Car Washer]

They should have planned ahead

Despite what the government has told us for almost a hundred years? I have a better idea, lets phase out Social Security starting with the 20 something today. They will still have to pay until the last current eligible recipient dies but gives them plenty of time to plan ahead.

 

[freehoodies]

What about everyone receiving social security currently?

Well they just print money for everything anyways. Could just have all new money printed go to social security checks.

We could do means testing and cut off social security for everyone who doesn’t really need it. Anyone without kids is an instant cut. Adoption counts as having kids. If you didn’t bring anyone in to help with the load then off. (my opinion, this will never happen so i can preach from my soapbox)

Sucks for them but its one of those it has to get worse before it gets better moments.

Or we could pay for both(worst option imo).

 

[baklava]

Despite what the government has told us for almost a hundred years? I have a better idea, lets phase out Social Security starting with the 20 something today. They will still have to pay until the last current eligible recipient dies but gives them plenty of time to plan ahead.

I was being sarcastic.

 

[PT Car Washer]

Well they just print money for everything anyways. Could just have all new money printed go to social security checks.

We could do means testing and cut off social security for everyone who doesn’t really need it. Anyone without kids is an instant cut. Adoption counts as having kids. If you didn’t bring anyone in to help with the load then off. (my opinion, this will never happen so i can preach from my soapbox)

Sucks for them but its one of those it has to get worse before it gets better moments.

Or we could pay for both(worst option imo).

I would agree with means testing for Social Security. Why should trump who has paid the minimum in Social Security taxes his whole life be given the maximum benefit? Just taxing all income would save SS for everyone.

 

[PT Car Washer]

I was being sarcastic.

Hard to tell with all of the right wing wacko ideas thrown around here.

 

[DriveInDriveOut]

Why should trump who has paid the minimum in Social Security taxes his whole life be given the maximum benefit?

Your obsession with President Trump aside, you clearly don't understand how social security works.

 

[zimbomb]

Well they just print money for everything anyways. Could just have all new money printed go to social security checks.

We could do means testing and cut off social security for everyone who doesn’t really need it. Anyone without kids is an instant cut. Adoption counts as having kids. If you didn’t bring anyone in to help with the load then off. (my opinion, this will never happen so i can preach from my soapbox)

Sucks for them but its one of those it has to get worse before it gets better moments.

Or we could pay for both(worst option imo).

So instead of having a system that directly fund's itself more or less. You want a needs based welfare system. One that would punish people who invested or saved accordingly?