Irrelevant
Well-known member
Honestly that might be an improvement, I was currently planning for the week after!
Future of 401ks
- Thread starter SAJ-99
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406dn
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- Dec 12, 2019
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Social security would not have a funding problem, if on average, people got less than they put in.
Sadly for the working poor, it is their only retirement plan. Not a very good one, but without it, the bottom third of income earners would end up too old to work, and too broke not to.
D
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What’s funny is most people don’t realize that the majority of the national debt is just intergovernmental debt, that’s essentially just “borrowing” money from SS so that it gets paid back with interest and thus is “invested”.
If we didn’t build F-35s and roads, SS would literally just be principle that shrunk due to inflation.
sccritterkiller
Well-known member
I am well aware...they also wouldnt be able to hold it over Americans head every election cycle if you could opt out. I also think election day should be 4-16.
Most folks don't realize that SS is only withheld on 186k in '24...any income generated above that amount is not subject to SS tax.
LIK2HNT
Active member
Well another issue is the people that know how to work the system and go out on disability. They then work cash jobs. I have also meet a few government workers that went out on disability and then get jobs in the private sector doing the same job. Not saying some to most don’t deserve it, but I am tired of seeing my taxes increasing to pay for scammers that no one seems to care about.
406dn
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- Dec 12, 2019
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If people could opt out of anything they do not like about government, it would crumble pretty quickly. Going back to 2000, every national election has been pretty close. So if the losing half could opt out, it would get ugly fast.
I think most people know that some income is not subject to SS taxes. Most don't know the exact number, because it does not apply directly to them.
rjthehunter
Well-known member
Major overspending. Not sure what the fix is, but I could rattle off a handful of things that should go away. But that'd just upset a select group of people here.
I know the answer to the problem is not increasing taxes.
How much does a normal US citizen pay in taxes a year? Is it 40% of income? Between property tax, income tax, sales tax, etc, etc. It's out of hand...
Didn't the US become the US by fighting Great Britain and separating? Didn't unfair taxes play a role in part of the reasoning? Just wondering.
Every level of government has to get their cut
SAJ-99
Well-known member
I don't want to make this about SS, because that is a separate issue with a lot of bad takes from the general public. Some are correct, but need context. Calling it a pyramid scheme is somewhat true. SS was created with the assumption that the workforce paying into the system would always be large enough and growing (both in number of workers and income) to more than compensate for what was being paid out. That is great assumption when the workforce to retiree ratio is 10:1, but it is now 3:1 and moving toward 2:1. Second problem is people are living a lot longer than we ever expected. Third problem is real rates have decreased for 40 years (minus the last 12 months or so) and what SS earned was less than expected. It's a fixable problem, but people like to complain about the money, paying too much and getting too little, so it won't get fixed willingly.
The rule of thumb I heard, if a person averaged a salary under $100k, they will get more than they put in, a salary of more than $100k they will get less, on average. Obviously, longevity has a lot to do with how much an individual gets.
BigHornRam
Well-known member
A stupid Bloomberg opinion piece sure got all you guys lathered up....
More brilliant opinion.
manhattan.institute
More brilliant opinion.
Is TikTok’s Financial Advice Any Good? As an Economist, I Say Yes
The video platform may not always deliver a balanced view of politics, but its users have some sound recommendations about managing your money. TikTok stands accused of poisoning the minds of Gen Z, making them hate America and giving them a distorted view of history. Without getting into all...
manhattan.institute
It was taxation without representation, not unfair taxes. Had the King given the American colonies representation in Parliament, the US might not exist.
SAJ-99
Well-known member
Yes, she seems to be long on opinions and short on common sense in an effort to gain exposure.A stupid Bloomberg opinion piece sure got all you guys lathered up....
More brilliant opinion.
Is TikTok’s Financial Advice Any Good? As an Economist, I Say Yes
The video platform may not always deliver a balanced view of politics, but its users have some sound recommendations about managing your money. TikTok stands accused of poisoning the minds of Gen Z, making them hate America and giving them a distorted view of history. Without getting into all...
rjthehunter
Well-known member
Do you feel well represented?
BigHornRam
Well-known member
Gotta do what you gotta do, to pay off all that Columbia U debt.......
I have the opportunity to vote for or against my representatives. I have the ability to communicate with my representatives. It’s better than no vote or no representation.
SAJ-99
Well-known member
I think the financial industry will be against this. The entire system has been set up to give workers low cost exposure to markets. Costs have been reduced dramatically over the last 50yrs. The stock market could still be primarily for the wealthy without the creation of the mutual fund and the tax changes implemented in 1978.
Joe American better start caring.
From the ICI
401(k) plans hold $6.9 trillion in assets as of September 30, 2023, in more than 710,000 plans, on behalf of about 70 million active participants and millions of former employees and retirees. Savings rolled over from 401(k)s and other employer-sponsored retirement plans also account for about half of the $12.6 trillion held in individual retirement account (IRA) assets as of September 30, 2023.
rjthehunter
Well-known member
But do you feel well represented?
Do you understand history?
SAJ-99
Well-known member
No one with the elitest views Schrager has borrowed money for an education.
rjthehunter
Well-known member
You realize it's okay for you to say no right? It's impolite to answer a question with another question.
I don't know many who feel "well represented".
Answer my question before you ask me any questions please. Makes the conversation easier to have for both parties.
