Where do all of your retirement benefits come from?

[Army Invester]

I'll bet most of the senior citizens think they paid into the Social Security "pension plan" and are now collecting what's owed'em. They couldn't be more wrong than if they prayed to Satan. That Social Security Trust Fund (really pay-as-you-go) system is sucking the life out of the Baby Boomers. We pay for the retired, the fatherless, the poor, the lazy, and the illegals. And now we adding a Rx program. You think that 3% or 4% that your parents paid in earned enough money to pay for all these lavish benefits? If so, why do you think you're paying 8% into the fund? That's right, your parents (bless their hearts) got all their money back years ago, and are now essentially collecting Welfare. That means it's no longer earned retirement but free money out of your paycheck. Unfortunately most of our senior citizens don't realize this, otherwise they wouldn't ask the Taj Mahal marble-columned legions at AARP to go lobby for more benefits.

It's really quite pathetic how this has happened. I don't want a poor widow to go hungry and sick, but this rape of Social Security has got to stop. The elderly need to be educate to the fact that Social Security is not a retirement plan, but was a tool of the New Deal to reduce destitution after the Great Depression. Hell, the first beneficiaries never even paid in. Those against the privatization of Social Security have no idea what they are supporting; the continued financial rape of their posterity. I understand their fear and I almost pity them, but this rape of Social Security must stop.

Quite frankly the whole system should be abolished, it's a huge waste of money and morally bankrupt. Now let the debate and nay-saying commence. :D

[Aviator_Guy]

I vote they shut it down too, but only if they make everyone pay the same amount into a (privatized) savings plan similar to TSP. Can you imagine what your retirement would be if all the money in your SS was invested over a lifetime? I can….:cool::cool:

[tsptalk]

Well said Army Invester.

[Callme_CO]

I have always been for the privatization of SS or the complete destruction of it. Why does our government see money where ever it is and just has to spend it. that's it. Our government is a 13 y/o in a mall with a no limit credit card. We're screwed!!!!

[The HalfBreed]

That's all fine and dandy, however, how many of our own PARENTS are collecting SS benefits ? What about the transition ? When OUR money goes to our own accounts, WHO pays for those already on it ? What happens to your (mom, dad, nephew of the deceased father ~ fill in the blank).
What happens if the stock market tanks, or folks don't invest wisely ?
Too many variables to even think of all the outcomes possible.

I'm sure many of our own parents/grandparents fit that bill, about receiving 10-20-50 or even 100 times what they put into it. Kick them off as well ?

Easy to say, difficult to do.....

[Guest2]

I would hope that any such change would be retro from the date of
its inception and not affect those who have a vested interest in its
survival. Just like the FERS/CSRS choice, those who decide to switch
should be able to do so. Privatization of Social Security sounds like
a pretty good idea. But the new system should not be utilized for
other purposes, as Social Security was used. It should be Hands
Off ! No Dipping, No I.O.U.'s, Nothing! Hell, I don't even like the idea
that Barclays utilizes our retirement funds within the TSP the way
they do. AI, it would appear that most share your view. Halfbreed
makes a strong and valid point.

Boy, when all things are considered,what a overwhelming and difficult
task this would be ! ;)