Originally Posted by
SteyrAUG
If everyone could actually drop their social security deduction into a basic IRA they would all do a lot better. But the government doesn't give you that option and they take your money, invest it for decades earning interest for them and if you happen to live past 65 they will start to give you some of your money back but most people don't even receive the interest potential let alone any of the original principal funds.
So how would that happen? Under the current system, in 2018, the total deduction is 12.4% for SSI and 2.9 for Medicare, divided equally between employer and employee, unless self employed.
Would the worker get the entire percentage to invest as they see fit? Or, would the employer not be required to pay in?
I believe one of the problems discussed regarding this plan would be that lower-paid workers would be extremely conservative in their investments and not have enough to sustain them in retirement.
If that is the case, our society being what it is, there would still need to be a safety net.
Patriotism means to stand by the country. It does not mean to stand by the President... - Theodore Roosevelt, Lincoln and Free Speech, Metropolitan Magazine, Volume 47, Number 6, May 1918.
Every Communist must grasp the truth. Political power grows out of the barrel of a gun. Our principle is that the Party commands the gun, and the gun must never be allowed to command the Party Mao Zedong, 6 November, 1938 - speech to the Communist Patry of China's sixth Central Committee
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