Vox

Musings, rants, rambling, general nonsense

How To Save Social Security

Posted on | October 13, 2011 | 1 Comment

Kill it!

It is an archaic program that was poorly conceived and ineptly administered. It should be ended as soon as is reasonably possible.

Those who have been paying in may be counting on that pittance to support them in their golden years and, since that is what they were promised, they should be allowed to collect if they so choose.

No one else should be entering the system. If you have not yet started working, and are therefore not yet paying FICA, when you start working that is not ever going to be part of your working life. Ever. You will be responsible for planning your own retirement, but you will have additional funds to do so (and frankly, you could hardly do a worse job than the federal government) Never entering the system relieves your employer of their portion of the FICA payments, as well, leaving more money in their budgets for actual hiring.

If you are already in the system, having paid in for 1 year or 40, you have a choice to make. You can stay in, and continue paying with the hope of someday getting pocket change back, or you can withdraw, but forfeiting all funds you have already paid. Depending on how well you have done in your private sector employment & investments, giving up that money may be painless – and you will have no need for the payouts in your retirement. Opting out relieves your employer of their portion of the FICA payments, as well, leaving more money in their budgets for actual hiring.

That may or may not lead to a temporary shortness of funds for retirees, but I have no doubt the bureaucrats in D.C. can find it in the general budget – since they’ve been so quick to raid the Social Security account in the past, it is time for payback.

However, by making it simple for the wealthy, or just comfortable, to opt out, we will save a great deal of money that would otherwise have been paid out. And, within a generation, the Ponzi Scheme that we call Social Security will be dead & gone.



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Category: politics

Comments

One Response to “How To Save Social Security”

  1. exurbanDoug
    October 14th, 2011 @ 2:40 pm

    Ditto!

    I’ve been saying this since the 80’s, Social Security will not be around for our generation (those of us born in the 1960’s and after) because there won’t be enough people paying into it to support those taking money out of it.

    Oh, and the fact that the Federal Government shouldn’t be involved in this aspect of people’s lives…

    Thanks for posting your thoughts, more people need to acknowledge that Social Security is unsustainable welfare and should be ended.

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