Social Security is a mess, per the Social Security Administration the funds will be depleted by 2033. Further, if you made $100k yearly over a 40 year career you would have contributed $248k to Social Security and entitled to $3k a month at full retirement age. However if this was put into a conservative 401k instead then it would be worth $988k after 40 years (6% return). $988k withdrawn over 25 years with 3% gain would equate to $4,685 monthly amount. That is a 56% increase over what Social Security will give you - this is wrong.
How to fix it? We must end Social Security, but must do so responsibility. That would include setting an end date decades in the future, this would ensure our vulnerable seniors or near seniors are not impacted. Ad the years go by Social Security can be reduced from paychecks as the draw would reduce as well.
We then privatize retirement, driving 401k offerings across all employment.
I think we need to audit them and look at ways that SS works more like a retirement fund as it was intended to be the safety net. If the government hadnât mismanaged it, people would be getting far more than they are now.
Auditing Social Security can provide essential insights into its financial health and operational efficiency, ensuring it remains effective and solvent for current and future beneficiaries. Here are some reasons why an audit is beneficial:
1. Identify and Reduce Waste
Social Security is a massive program that serves millions of Americans, so even small inefficiencies or errors can add up to significant waste. An audit could reveal areas where funds may be misallocated or where overpayments are occurring, helping save resources.
2. Enhance Transparency and Public Trust
The Social Security system operates with funds collected from workers, so transparency is essential to maintain public trust. An audit can demonstrate that funds are managed responsibly, and it can show taxpayers that their contributions are being put to good use.
3. Ensure Long-Term Solvency
Projections suggest Social Security may face solvency issues within the next couple of decades, potentially leading to reduced benefits if no adjustments are made. An audit could help identify adjustments in tax revenue, spending, or benefit structure to support the programâs long-term sustainability.
4. Uncover Fraud and Abuse
With millions of beneficiaries, fraud within the Social Security system is an ongoing issue. An audit could help detect fraudulent activities or improper payments, which would then allow for corrective actions and stricter safeguards.
5. Identify Demographic and Economic Trends
Demographic shifts (like an aging population) and economic factors (such as wage growth) significantly impact Social Securityâs revenue and expenditures. An audit could provide data on these trends and help policymakers anticipate and plan for future changes.
6. Operational Efficiency and Service Improvements
The Social Security Administration (SSA) faces challenges with processing times and service accessibility, which can frustrate beneficiaries. Audits can identify areas where modernizing technology or revising processes could improve the systemâs efficiency and user experience.
Conducting a thorough audit could reveal ways to bolster Social Securityâs stability, improve management, and enhance benefits for recipients.
Make social security optional. sign a contract saying I wonât contribute to SS and their for I wonât be allowed to draw SS. Give us the option to do with our money as we see fit.
Hello Policies for the People and fellow contributors,
The majority of the eligible retirees and disabled are well below the poverty line having to choose what human necessities to go without each month. While I do not believe in abolishing Social Security, I do believe Social Security (SS) needs a âmajorâ overhaul.
Opportunities for solution:
No tax for Seniors.
Replenish all the monies with interest that both parties pulled for interests outside the original SS use case - U.S. CITIZENâS RETIREMENT AND DISABILITY BENEFIITS. One source of funding could be from the tariff tax we receive from foreign companies.
Block any further misappropriations, assigning SS funds solely to SS.
Revoke all funding for anyone ineligible or illegally receiving SS.
Significantly increase the minimum yearly distributions level plus a HUGE percent benefit increase significant enough to comfortably survive.
Our citizens are required to have this withdrawn from their paychecks from the first paycheck they ever received. The expectation is that those funds would be available after they retire. By mandating these changes effective day 1 of the Trump Administration would help current & upcoming eligible recipients for years to come allowing them to truly live during their golden years.
What about eliminating the income cap? Currently once a person hits 176kish in salary, ss is no longer deducted. In addition, if a person is net worth is 10 million, why are they drawing SSI?
I agree with the original poster. We need to end our dependence on the government for our retirement.
We should shift from the current model where the majority of oneâs current withholdings goes to pay current recipients. That worked ok when there were significantly more payers into the system than those withdrawing. Also, when the life expectancy was lower. That is no longer the case and will most likely never be the case again. The only people who benefited from Social Security were the first generation of recipients who paid very little or nothing in but received full benefits once they retired. Everyone else got hosed.
One must be responsible for their own retirement. If we shift to a model where a person contributes to their own retirement fund, one will be able to retire comfortably. Give people the option of what they want to invest in, just like a 401(k) or IRA.
Obviously, it cannot shift overnight. It will take decades to wean ourselves off of government. It may be painful, but I argue that that pain will be far less and shorter lived than the alternative.
Additionally, it would eliminate the need for the Social Security Administration. That would be additional savings right there.
Any model where we depend on the government for our retirement is a losing proposition.
What about taking the tax revenues of exporting gas and oil to augment the payments of folks on soc sec ?
Allows the ability of the young to opt out of SS in the future
How is our ss $ invested? I would certainly like to be in the same investment program that some of our Government officials are in, where they know ahead of time what is being voted on and what is going to pass or fail. Discard those out of my portfolio that will fail and buy those that will pass. Must be nice to know the outcome and purchase before the vote.