My parents were always saving wisely and investing and I didn’t listen to their advice til I was almost 30. They assumed SSN wouldn’t be around so they always planned for retirement without counting it and they told me to do the same.
Honestly not sure why at least people above a certain income can’t opt out of social security. Probably because social security pays for all sorts of things it wasn’t intended to
Even if social security wasn't a complete slush fund, they still couldn't let high earning people opt out and remain solvent. It's a welfare program in drag. All the high earners would bail and then what, a bunch of broke people are supposed to pay for each other's retirement?
I'm not sure, it's a mess. All roads seem to lead to insolvency so perhaps just let it go broke and get it over with? There's no chance our political system will let that happen though, at least not quickly. They'll simply punish the financially responsible with means testing and/or higher taxes.
I'd argue the broke people would be the first to bail. "Umm hmm I need mo in my paycheck n sheet nowat um sayin I gots ta get paid" then they'd bitch they were starving even more when they claim fatigue as a permanent disability and don't even get that.
Of course the higher ones would too. The only ones you'd get staying in social security are the people right in the middle who are trying to be financially smart but not advanced enough to see the higher order of the financial system.
It’s because most middle class and above don’t handle their wealth personally over indirectly. All wealth management companies write SS planning into the portfolios they provide to maximize out their profit and their clients profit. It’s “leaving money on the table” for a business to deny themselves that share simply because their clients can afford to not have it.
My parents were always saving wisely and investing and I didn’t listen to their advice til I was almost 30. They assumed SSN wouldn’t be around so they always planned for retirement without counting it and they told me to do the same.
Honestly not sure why at least people above a certain income can’t opt out of social security. Probably because social security pays for all sorts of things it wasn’t intended to
Even if social security wasn't a complete slush fund, they still couldn't let high earning people opt out and remain solvent. It's a welfare program in drag. All the high earners would bail and then what, a bunch of broke people are supposed to pay for each other's retirement?
Good point. How would you fix it?
I'm not sure, it's a mess. All roads seem to lead to insolvency so perhaps just let it go broke and get it over with? There's no chance our political system will let that happen though, at least not quickly. They'll simply punish the financially responsible with means testing and/or higher taxes.
I'd argue the broke people would be the first to bail. "Umm hmm I need mo in my paycheck n sheet nowat um sayin I gots ta get paid" then they'd bitch they were starving even more when they claim fatigue as a permanent disability and don't even get that.
Of course the higher ones would too. The only ones you'd get staying in social security are the people right in the middle who are trying to be financially smart but not advanced enough to see the higher order of the financial system.
It’s because most middle class and above don’t handle their wealth personally over indirectly. All wealth management companies write SS planning into the portfolios they provide to maximize out their profit and their clients profit. It’s “leaving money on the table” for a business to deny themselves that share simply because their clients can afford to not have it.