Originally Posted by norcalrider
You're not paying into an account with your SSN on it. That money is not yours it is a tax. You are paying for current recipients of SSI. The statement is based on self-interested AARP laws passed in 1977. I thought you were against bailouts and handouts and special interest but you seem to be sold on this subject that this tax is owed back to you when it clearly is a tax that has been manipulated to fool the public and take advantage of a block of vulnerable voters.
Social Security Administration publication number 05-10024 states:
The money you pay in taxes is not held in a personal account for you to use when you get benefits. Your taxes are being used right now to pay people who now are getting benefits. Any unused money goes to the Social Security trust funds, not a personal account with your name on it.
Why don't you tell me something new. I'm paying into a retirement insurance program with defined benefits. What problem you have with an insurance program with defined benefits being part of a rerirement plan? That's the way it is.
It is true that Congress can redefine the benefits. But Congress can do lot's of things includng borrow more, raise taxes, tax more things, create more welfare, declare more wars, take away more rights, destroy wall street by eliminating tax deductions for pensions, destroy healthcare insurance companies byt eliminating the tax deduction for HI benefits, etc.... Get the picture?
It's all a matter of the people to ensure that Congress does not renege on it's commitments. That means you don't allow people to use semantics to make you believe that it's OK to steal from you.
If you pay into an insurance account with defined benefits for a number of years then you aren't going to be receptive to the claims that it's ok to take away the benefits no matter how the argument is framed. Insurance or pension it makes no difference. You are expected to meet the eligibility requirements if you live to be old enough and no longer decide to work. Anyone who thinks that's the time to renege on the conditions of the insurance is making an immoral argument.
It's a matter of the US making good on it's commmitments. When it no longer can, you can probably kiss your wall street investments goodbye because that will be the end of the economy.
SS is part of a retirement investment plan. And for some people it's their whole investment plan. They are the one's that pay the price for not saving more. But SS is quite explicit about what you will receive based on your continued employment to retirement age.
BTW, there are tons of defined benefit pension plans that don't hold money in individual accounts.