I would give up years of social security if I could access my 401k and not pay income taxes.

Maybe $100k tax free for every year later I take social security

I am 42 and have paid a lot less than some/most here but I would gladly pay another 10 years of SS to have it end entirely. I like most of my friends/ colleagues see it for what it is as just an added income tax. I will and have not in anyway considered it part of my retirement. This ride has to end at some point.

Raise the retirement age, pick a cutoff year for distribution eligibility, and let it fade away.

Have yall logged into https://www.ssa.gov/ to see what your SS payment will be?

04.arch.ag said:

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I am 42 and have paid a lot less than some/most here but I would gladly pay another 10 years of SS to have it end entirely. I like most of my friends/ colleagues see it for what it is as just an added income tax. I will and have not in anyway considered it part of my retirement. This ride has to end at some point.

Raise the retirement age, pick a cutoff year for distribution eligibility, and let it fade away.

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Agree, 100%. I don't even view it as a benefit, only a tax. It's hurting all of us individually and it's hurting the system as a whole. It needs to go away.

I'm good with a basic societal safety net, but there has to be a timeframe.. 2-6 months where the government will pay you something if you lose your job, are down on your luck, etc. but you're capped at that timeframe and you can only apply once. People have to know they are coming off the tit. I could argue this is not any of the governments business, but I think something like this is more likely the compromise.

The government should absolutely not run a retirement Ponzi scheme via taxation.

SS will only survive if everyone pays but only those who can't live without it get it. If you are one who thinks it has to exist for the irresponsible people, then, you as a a responsible person must be willing to put into it and not get anything out of it since you are a responsible person.

https://manhattan.institute/article/a-comprehensive-federal-budget-plan-to-avert-a-debt-crisis-2024

I don't know about you, but if they shut it down, I want my payout first.

Just get rid of SSI Disability, and ALL other SS expenditures other than true retirement income. The others are a huge percentage of the total outlay. This would make the program much closer to being solvent.

Like so many other Government programs, the problem isn't the money going in, it's too many great ideas on how to spend it.

It's crazy all of these people posting that they want "their" money.

Your money is gone. If they still had ""your" money, it wouldn't be insolvent.

You don't keep something that is going to bankrupt the nation simply because you are out some money. It was taxes. You paid it.

The program should be cut immediately for anyone not already on SS.

Amen. It sucks but it's just nonsensical and childish to think that's possible. A phase-out with prorated amounts based on age is the only reasonable way to do it.

SS was most likely fine until the federal government decided to dip into that piggy bank. In every other government/non-profit agency/group, if money is tied for a certain program or budget item, it can only go to that.

For example, if I write a check for $1,000 to my church for purchase of a new outdoor bench/tree/whatever, they are obligated to use that money just for that. State and local governments have to silo off different funds based on what it is used for. The only government entity that doesn't is the federal government.

It is freaking maddening.

Didn't know that. That is nonsense.

fullback44 said:

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I'm ok with ending SS as long as they give me back all that I paid into it with some interest.. I'll take one big check too

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This.

AggieDruggist89 said:

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Why stop at SS?

Stop Medicaid and Medicare too. 3 largest entitlement programs.

We will have a surplus budget immediately with 90% of hospitals out of business.

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Sorry but the Medicare is a little different scenario for people like my parents who are 75 and have no real way of earning income to pay for private insurance. Not sure how old you are but if your parents get to this age you may feel differently as will you when you get to this age. There has to be some option for people once they can't work anymore to get healthcare. Now I agree there are issues with how much they can get and the procedures they are having done at 85 but Im open to thoughts of how you do this. Medicaid is a total different conversation as we are incentivizing people not to work, and SS I agree with doing something different.

Ags4DaWin said:

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Because boomers are the most self centered generation to have ever existed.

They voted for covid shutdowns that crippled their grandkids and they voted themselves these benefits that will force their grandkids to be slaves to the state.

Boomers- the generation that was given the most amd given back the least.

Worst. Generation. Ever.

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This. Some of these comments are disgusting and illuminating.

"Imma get mine"

glad our founding fathers didn't think like that.

mirose said:

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AggieDruggist89 said:

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Why stop at SS?

Stop Medicaid and Medicare too. 3 largest entitlement programs.

We will have a surplus budget immediately with 90% of hospitals out of business.

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Sorry but the Medicare is a little different scenario for people like my parents who are 75 and have no real way of earning income to pay for private insurance. Not sure how old you are but if your parents get to this age you may feel differently as will you when you get to this age. There has to be some option for people once they can't work anymore to get healthcare. Now I agree there are issues with how much they can get and the procedures they are having done at 85 but Im open to thoughts of how you do this. Medicaid is a total different conversation as we are incentivizing people not to work, and SS I agree with doing something different.

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Agreed. I don't see an option to eliminate Medicare. Obviously SS and Medicaid should go with Medicaid going first.

mirose said:

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AggieDruggist89 said:

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Why stop at SS?

Stop Medicaid and Medicare too. 3 largest entitlement programs.

We will have a surplus budget immediately with 90% of hospitals out of business.

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Sorry but the Medicare is a little different scenario for people like my parents who are 75 and have no real way of earning income to pay for private insurance. Not sure how old you are but if your parents get to this age you may feel differently as will you when you get to this age. There has to be some option for people once they can't work anymore to get healthcare. Now I agree there are issues with how much they can get and the procedures they are having done at 85 but Im open to thoughts of how you do this. Medicaid is a total different conversation as we are incentivizing people not to work, and SS I agree with doing something different.

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Did they not save?

If they didnt, can their family pay?

I don't know you, I'm sure you're a nice person, but why should I pay for your parents medical care?

Ending SS, Medicare, or Medicaid is political suicide. We have too many leaches as well as people who have no concept of saving who will depend on it and always vote against politicians who want major changes to it. .

FriendlyAg said:

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mirose said:

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AggieDruggist89 said:

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Why stop at SS?

Stop Medicaid and Medicare too. 3 largest entitlement programs.

We will have a surplus budget immediately with 90% of hospitals out of business.

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Sorry but the Medicare is a little different scenario for people like my parents who are 75 and have no real way of earning income to pay for private insurance. Not sure how old you are but if your parents get to this age you may feel differently as will you when you get to this age. There has to be some option for people once they can't work anymore to get healthcare. Now I agree there are issues with how much they can get and the procedures they are having done at 85 but Im open to thoughts of how you do this. Medicaid is a total different conversation as we are incentivizing people not to work, and SS I agree with doing something different.

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Did they not save?

If they didnt, can their family pay?

I don't know you, I'm sure you're a nice person, but why should I pay for your parents medical care?

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They did save but do you know how much procedures cost without insurance. Take away your insurance that you use now and then do the math. Also. They planned on Medicare up to this point so it's not like they saved with the intent to cover their healthcare. We do pay and cover a lot more for them in ways other than healthcare. All I'm saying is it's not as simple as you think to tell a bunch of 60 plus year olds to start paying for their healthcare. Oh and medications are a whole different ballgame. The pharmaceutical industry is where the real problem is.

mirose said:

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FriendlyAg said:

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mirose said:

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AggieDruggist89 said:

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Why stop at SS?

Stop Medicaid and Medicare too. 3 largest entitlement programs.

We will have a surplus budget immediately with 90% of hospitals out of business.

---

Sorry but the Medicare is a little different scenario for people like my parents who are 75 and have no real way of earning income to pay for private insurance. Not sure how old you are but if your parents get to this age you may feel differently as will you when you get to this age. There has to be some option for people once they can't work anymore to get healthcare. Now I agree there are issues with how much they can get and the procedures they are having done at 85 but Im open to thoughts of how you do this. Medicaid is a total different conversation as we are incentivizing people not to work, and SS I agree with doing something different.

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Did they not save?

If they didnt, can their family pay?

I don't know you, I'm sure you're a nice person, but why should I pay for your parents medical care?

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They did save but do you know how much procedures cost without insurance. Take away your insurance that you use now and then do the math. Also. They planned on Medicare up to this point so it's not like they saved with the intent to cover their healthcare. We do pay and cover a lot more for them in ways other than healthcare. All I'm saying is it's not as simple as you think to tell a bunch of 60 plus year olds to start paying for their healthcare. Oh and medications are a whole different ballgame. The pharmaceutical industry is where the real problem is.

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Sorry to add. But my parents paid a Medicare tax on every paycheck they earned. Let's not act like it just started with your paycheck and you are paying for them. They supposedly paid for themselves.

I wasn't trying to be hostile.

I get it. It's the same as SS. I think we would have to realistically step it down over time with benefits getting cut for the younger people and eventually phasing out, but it's gotta change.

We can't afford our lifestyle as a country.

I am 55. I would take a deal that did not pay me a dime of SS. I just require 2 things:
1) I don't pay any more of my portion of FICA.
2) I don't pay any income tax on disbursements from my 401K. Zero.

FriendlyAg said:

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I wasn't trying to be hostile.

I get it. It's the same as SS. I think we would have to realistically step it down over time with benefits getting cut for the younger people and eventually phasing out, but it's gotta change.

We can't afford our lifestyle as a country.

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Completely agree and I honestly didn't take it as hostile. A lot of people equate Medicare with Medicaid. I don't agree with a lot that Medicare covers and the main problem is what my parents paid in doesn't cover what Medicare approves for them. Half of the population is on some sort of federally funded program and something has to give.

It should be phased out over the next 15 to 20 years.

The way we are rapidly heading, voting may be a non-factor moving forward.

All the geriatrics in this thread are hilarious. You did not "pay into" anything. Your money wasn't tucked into bed nice and neat to be redistributed back to you when you retired. It was immediately given to someone else. Social security is the biggest driving force behind replacement migration and all other social ills because olds will gladly throw their nation into the dumpster so they can get their little check. Abolish it now.

Tom Fox said:

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It's crazy all of these people posting that they want "their" money.

Your money is gone. If they still had ""your" money, it wouldn't be insolvent.

You don't keep something that is going to bankrupt the nation simply because you are out some money. It was taxes. You paid it.

The program should be cut immediately for anyone not already on SS.

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Just exempt those cut with a dead loss asked to absorb the theft like you describe from taxes for a decade. That might about make up for it. That would be about right. Especially if could get some of it back from the profits of Congress and MSM.

titan said:

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Tom Fox said:

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It's crazy all of these people posting that they want "their" money.

Your money is gone. If they still had ""your" money, it wouldn't be insolvent.

You don't keep something that is going to bankrupt the nation simply because you are out some money. It was taxes. You paid it.

The program should be cut immediately for anyone not already on SS.

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Just exempt those cut with a dead loss asked to absorb the theft like you describe from taxes for a decade. That might about make up for it. That would be about right. Especially if could get some of it back from the profits of Congress and MSM.

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Cut income taxes for a decade? I'm down. That would save me $2.5 million. I'm 50, where do I sign.

1faust said:

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All the geriatrics in this thread are hilarious. You did not "pay into" anything. Your money wasn't tucked into bed nice and neat to be redistributed back to you when you retired. It was immediately given to someone else. Social security is the biggest driving force behind replacement migration and all other social ills because olds will gladly throw their nation into the dumpster so they can get their little check. Abolish it now.

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Sounds great, can't happen.

Yukon Cornelius said:

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It's not within the federal government's purview to force your own retirement savings. Which they have mismanaged. It should be killed immediately. It's the largest government in expenditure.

Those who have paid into (myself included) it's our own fault for voting government that steals our money.

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This is the dumbest TexAgs post so far this year.

You're right. The government is better at investing for your own retirement than you are. Give them your money and hope and pray it works out.

No jerk. The federal government has ZERO right to take your money and plan your own retirement. ZEROOOOOOO BUSINESS DOING THAT.

Social security was the law way before I was eligible to vote ( actually b4 I was born) so how exactly did I vote for it? I never liked it and would have far preferred it would be ended but I also never counted on receiving any benefits from it either .

It was a ponzii scheme from the get go and the ones that created it (in FDR administration) intended it that way.

SS isn't going away. Too many voters depend on it, and too many future retirees are woefully underfunded in their own retirement savings. The retirement age will be increased, SS taxes will go uo either by percentage or by raising the yearly income cap..or both.

Yukon Cornelius said:

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You're right. The government is better at investing for your own retirement than you are. Give them your money and hope and pray it works out.

No jerk. The federal government has ZERO right to take your money and plan your own retirement. ZEROOOOOOO BUSINESS DOING THAT.

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They shouldn't have the right to do it just like they shouldn't have the right to tax my income at 30%.

How do we stop it? There are more takers than makers. It will never stop.

Yep, it will not go away until we run out of other people's money.

So what should we do with SS? It's a huge income redistribution program so should we keep having it?