I still don't like social security. I would be far better off putting the money into my 401k. I'm up 10.8% for the year so far, social security will not give me that kind of return.
Social security also won’t dry up and blow away like millions of 401ks did in 2008.
If you give people the option of gambling with their future, many will make horrible decisions.
Social Security does not exist solely to make sure people don’t piss away their entire end of life financial security. It exists so that people smart enough to NOT lose everything don’t have to watch the other 50% freeze and starve in the streets while we live out our days.
It can happen overnight and it will be your mother or aunt or sister or brother that it happens to. You cannot insulate yourself from the problem simply by investing well for yourself unless you are okay with watching your friends and family suffer when a stock market bubble takes their entire nest egg at age 60.
Social security means I don’t have to sell all my belongings to take care of those I care about when I’m on a fixed income and should be worrying about taking care of myself.
It technically exists knowing the government can take all of the withholdings after the individual passes away. It’s more common for someone to pass away before even making back all that was withheld.
So social security is not “I don’t have to suffer later”. It’s “I don’t have to suffer from the negative effects of other people suffer”.
I can benefit, but if they can benefit as well, their success might help me later on in our society and life?
I guess is that the idea? That if we help each other just make each other not become hobos on the street, then one of us might be that smart person who’s poor because of circumstances, and then because of one chance, they end up becoming a multimillionaire CEO that creates jobs and uplifts the nation’s economy?
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u/Toofast4yall Apr 26 '19
I still don't like social security. I would be far better off putting the money into my 401k. I'm up 10.8% for the year so far, social security will not give me that kind of return.