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More on SS
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MikeT    Posted 02-23-2005 at 18:56:25       [Reply]  [Send Email]
I've been drawing social security for 1 year. Do I need it? No - I can live quite well on my other retirement investments. Should I give it back? Well, I do in a round about way, partly. The more money I withdraw from my IRA's, etc, the more of the SS I have to give back in the form of additional income tax. Does that additional amount that I give back get back into the SS system? H-e-l-l no!

Should it? YES, and I think the amount taxed should be stiffer. If you have no other income, then no tax on your SS. By the time you withdraw 2 x times your SS payments from your private accounts, then most of the SS payments you received should be taxed back into the SS system.

Lots and lots of people are drawing SS and don't need it.

Another thing to think about is an estate tax to reclaim SS benefits drawn in one's lifetime.

I think the name should be changed from "Social Security" to "Old Age Welfare Assistance", and only people that need it (and want it) should get it. That'll never happen though cause this society is run by politicians and politicians like to be re-elected.

Basically, I have no realistic idea how in H-E-L-L to get out of the SS mess this country has gotten itself into.

Texas Al    Posted 02-23-2005 at 21:43:40       [Reply]  [No Email]
I am in full agreement. I wish someone would do the computations on what effect it would have to the solvency of the system if people with income of more than $100K or so (after they start taking SS benefits) would have to give back the SS dollar for dollar. Unfortunately, I'll bet it wouldn't be a drop in the bucket, but it still seems like the right thing to do.

mark    Posted 02-23-2005 at 19:59:17       [Reply]  [No Email]
There was a foreman at the mines who was
78 yrs. old. One day the feds came out and
wanted to know why he wasn't cashing his SS
checks. He told them he was working and
didn't want them, had them stacked in his
work locker. He told them to just take them
back, they told him no, cash them or go to the

JB    Posted 02-23-2005 at 19:42:55       [Reply]  [No Email]
Let your conscience be your guide. I would say give it back to the government. I am quite sure George Sr. slick Wille Clinton, Jimmie Carter, Gerald ford and all of the retired senators and congressmen and governors give their government checks back because they don't need them.

deadcarp    Posted 02-23-2005 at 22:48:01       [Reply]  [No Email]
give it back? our thieves? not one has entertained such thinking. :) believe it or not, when they had financial problems in finland a few years back, somebody started the ball rolling and every politician returned 10 % of his pay to help out - there's leaders you could be proud of. :)

gran    Posted 02-23-2005 at 20:05:49       [Reply]  [No Email]
One point, government workers do not get S S, they have their own retirement plan.SS was not ment to live on, it was put into place just to help those retired. At that time companys did not have retirement plans. I draw SS, it pays for my health plan, and that is all.
As you say tis a mess. What I don't like is people want to draw SS even tho they never worked a day in their life. I first went to work at entry leval, by the time they took out SS, and income tax I was working for nothing.

sawtooth    Posted 02-23-2005 at 19:58:52       [Reply]  [Send Email]
And besides, they never had to pay ANYTHING into their retirement system. And regarding social security, over the years it's become much more than just old age assistance.

Pitch    Posted 02-24-2005 at 01:22:41       [Reply]  [No Email]
Sorry folks. Government workers do pay into the SS system. If you were hired before 1983 you didn't. After 1983 all workers pay into SS there is also the Thrift Savings Plan which is the equivilent of a 401k which is voluntary. They match the first 3% of your contributions and you can put in up to 17% of your pay. Working for the Government is not the free ride that many like to believe, it is no different than working for any large corporate entity. And I'm not getting rich either.

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