Anonymous
12/17/2012 11:27
Subject: If you could opt out of social security, would you?
Anonymous wrote:Anonymous wrote:Anonymous wrote:I'm a late baby boomer (almost 50) so SS has been in perpetual peril my whole life. I understand the basics of the program but still don't think of it as a "retirement" plan, at least, not like other retirement plans, which are built around the individual. We have a HHI under $100k and get by living inside the beltway - own a house but bought it at the peak - and one 10-year old car.
Anyway, it seems those better off than me figure they could do better without SS by just keeping and investing the money. And they might be right. A lot of those making less than me would end up like I probably would; the money would just get sucked up with the ongoing debt, car repairs, braces and broken appliances than regularly wreck my budget. If we all suddenly had more cash, housing and such would get bid up in price because us poor suckers would just spend it.
Despite efforts to get Americans to save for retirement, MOST Americans get MOST of their income from Social Security after they stop working because MOST of us aren't earning twice the national average (about $50k HHI) and because we SUCK at saving.
So, I guess the answer is that I would not opt out. It's a shared pool retirement plan. Most Americans will lean heavily on its benefits and I think its long term health is best served by keeping everybody in it.
It's not a calculation. At least, not a personal one.
the self entitled boomer generation thanks for sticking us with the bill , no other generation including future will retire earlier than 70.
+ 100. Go suck it Baby Boomers. Jobs without the required MA, houses for well south of 300K and no gadgets or Disney on EVERY item in Target that I have to buy my kid every week.
Enjoy your equity, thanks for nothing.
+1 the most disgusting generation (boomers) can't die off soon enough but we'll be stuck paying for their gold plated medical and social security benefits.
Anonymous
12/17/2012 10:09
Subject: If you could opt out of social security, would you?
Anonymous wrote:Anonymous wrote:Anonymous wrote:I'm a late baby boomer (almost 50) so SS has been in perpetual peril my whole life. I understand the basics of the program but still don't think of it as a "retirement" plan, at least, not like other retirement plans, which are built around the individual. We have a HHI under $100k and get by living inside the beltway - own a house but bought it at the peak - and one 10-year old car.
Anyway, it seems those better off than me figure they could do better without SS by just keeping and investing the money. And they might be right. A lot of those making less than me would end up like I probably would; the money would just get sucked up with the ongoing debt, car repairs, braces and broken appliances than regularly wreck my budget. If we all suddenly had more cash, housing and such would get bid up in price because us poor suckers would just spend it.
Despite efforts to get Americans to save for retirement, MOST Americans get MOST of their income from Social Security after they stop working because MOST of us aren't earning twice the national average (about $50k HHI) and because we SUCK at saving.
So, I guess the answer is that I would not opt out. It's a shared pool retirement plan. Most Americans will lean heavily on its benefits and I think its long term health is best served by keeping everybody in it.
It's not a calculation. At least, not a personal one.
the self entitled boomer generation thanks for sticking us with the bill , no other generation including future will retire earlier than 70.
+ 100. Go suck it Baby Boomers. Jobs without the required MA, houses for well south of 300K and no gadgets or Disney on EVERY item in Target that I have to buy my kid every week.
Enjoy your equity, thanks for nothing.
I can't figure out what the last two posters are saying.
Anonymous
12/15/2012 18:59
Subject: If you could opt out of social security, would you?
Anonymous wrote:Anonymous wrote:I'm a late baby boomer (almost 50) so SS has been in perpetual peril my whole life. I understand the basics of the program but still don't think of it as a "retirement" plan, at least, not like other retirement plans, which are built around the individual. We have a HHI under $100k and get by living inside the beltway - own a house but bought it at the peak - and one 10-year old car.
Anyway, it seems those better off than me figure they could do better without SS by just keeping and investing the money. And they might be right. A lot of those making less than me would end up like I probably would; the money would just get sucked up with the ongoing debt, car repairs, braces and broken appliances than regularly wreck my budget. If we all suddenly had more cash, housing and such would get bid up in price because us poor suckers would just spend it.
Despite efforts to get Americans to save for retirement, MOST Americans get MOST of their income from Social Security after they stop working because MOST of us aren't earning twice the national average (about $50k HHI) and because we SUCK at saving.
So, I guess the answer is that I would not opt out. It's a shared pool retirement plan. Most Americans will lean heavily on its benefits and I think its long term health is best served by keeping everybody in it.
It's not a calculation. At least, not a personal one.
the self entitled boomer generation thanks for sticking us with the bill , no other generation including future will retire earlier than 70.
+ 100. Go suck it Baby Boomers. Jobs without the required MA, houses for well south of 300K and no gadgets or Disney on EVERY item in Target that I have to buy my kid every week.
Enjoy your equity, thanks for nothing.
Anonymous
12/15/2012 12:16
Subject: If you could opt out of social security, would you?
Anonymous wrote:I'm a late baby boomer (almost 50) so SS has been in perpetual peril my whole life. I understand the basics of the program but still don't think of it as a "retirement" plan, at least, not like other retirement plans, which are built around the individual. We have a HHI under $100k and get by living inside the beltway - own a house but bought it at the peak - and one 10-year old car.
Anyway, it seems those better off than me figure they could do better without SS by just keeping and investing the money. And they might be right. A lot of those making less than me would end up like I probably would; the money would just get sucked up with the ongoing debt, car repairs, braces and broken appliances than regularly wreck my budget. If we all suddenly had more cash, housing and such would get bid up in price because us poor suckers would just spend it.
Despite efforts to get Americans to save for retirement, MOST Americans get MOST of their income from Social Security after they stop working because MOST of us aren't earning twice the national average (about $50k HHI) and because we SUCK at saving.
So, I guess the answer is that I would not opt out. It's a shared pool retirement plan. Most Americans will lean heavily on its benefits and I think its long term health is best served by keeping everybody in it.
It's not a calculation. At least, not a personal one.
the self entitled boomer generation thanks for sticking us with the bill , no other generation including future will retire earlier than 70.
Anonymous
12/15/2012 11:42
Subject: If you could opt out of social security, would you?
Anonymous wrote:You are a G-IV visa at the iMF or WB.... Don't leave that status.
If he is a G4 visa holder, then he would not be a "permanent resident" as the OP said. He would be considered a nonresident for tax purposes instead. Nonresidents working for the international organizations are exempt from tax. However, residents and the US citizens who work there do pay taxes. Do they pay income tax only and not SS and Medicare?
Tax consideration plays a huge factor in the citizenship decision, at least for me. As a G4 visa holder who works outside of the international org, I pay very high taxes compared to residents. Also, if we sell the house, we'll not be entitled to a 250/500K deduction from capital gain and would need to pay tax on the entire gain. A good thing is that I'm not taxed on income generated outside of the US, so I have a deposit in my native country that generates 10% interest per year - and it is exempt from tax in both my native country and the US. However, if we invest in the US stock market, gain is taxable at 30%. So they don't want us to invest here and therefore we make money here and invest overseas.
Anonymous
12/15/2012 11:28
Subject: If you could opt out of social security, would you?
Yes. In a heartbeat.
Anonymous
12/15/2012 10:46
Subject: If you could opt out of social security, would you?
You are a G-IV visa at the iMF or WB.... Don't leave that status.
My 2 cents.
My 2 cents.
Anonymous
12/14/2012 09:00
Subject: If you could opt out of social security, would you?
I'm 32. I don't believe Social Security/Medicare will pay me anything in retirement. However, I still gladly pay into it, because it's part of our social safety net. I think it's worth the additional taxes I pay to live in a country where the elderly poor have food to eat, housing, utilities and healthcare. I would make a citizenship decision based on other factors...not SS.
Anonymous
12/13/2012 22:34
Subject: If you could opt out of social security, would you?
US has some of the lowest taxes in the word.