When Medicare/Social Security become insolvent.

[jedi]

As someone who will most likely never receive any of these benefits (age 25 and younger) I would honestly like the option to opt out of social security.

if they gave you this option the entire ssa scheme would fall apart on them. not going to happen until they can implement u.s.a. plan google universal savings accounts which is a draft bill that has been around since the bill clinton timeframe, i think.

basically its a massive reset plan.
all 401k are confiscated
all personal debt is forgiven (cc, student loans, etc.., not your mortage)
andthen from the combined 401k - debt of citizens the remainer is divided by all into these new u.s.a. accounts. that is your new social security and when you retire you get money from your u.s.a. account controlled by .gov.

 

[dusty88]

if they gave you this option the entire ssa scheme would fall apart on them. not going to happen until they can implement u.s.a. plan google universal savings accounts which is a draft bill that has been around since the bill clinton timeframe, i think.

basically its a massive reset plan.
all 401k are confiscated
all personal debt is forgiven (cc, student loans, etc.., not your mortage)
andthen from the combined 401k - debt of citizens the remainer is divided by all into these new u.s.a. accounts. that is your new social security and when you retire you get money from your u.s.a. account controlled by .gov.

not exactly

Universal Savings Account was a proposal to allow tax-free savings without a specific purpose: iow like a 401K or 529 but could be withdrawn for anything. The theory was that younger people who weren't retirement-focused yet could use wage withdrawals to save for a car, home, etc. And unlike an ordinary savings account, the interest income would not be taxed. Of course, interest income is effectively zero these days anyway and I don't think a young person can conceive of a time when you actually came out ahead setting aside cash in a savings account.

During the Clinton administration, there was a wealth tax proposal which would take a chunk of your 401K

I do agree with you that some combination of the above is likely to happen someday. Perhaps in about 10 years when we have a boatload of baby boomers with no retirement savings: those who did save will be deemed to have had an unfair advantage. And the younger people will be tired of and unable to pay for all the old folks. It would have at one time seemed inconceivable to me that our country would someday basically become socialist, but it seems more feasible all the time now.

 

[rhino]

not exactly

Universal Savings Account was a proposal to allow tax-free savings without a specific purpose: iow like a 401K or 529 but could be withdrawn for anything. The theory was that younger people who weren't retirement-focused yet could use wage withdrawals to save for a car, home, etc. And unlike an ordinary savings account, the interest income would not be taxed. Of course, interest income is effectively zero these days anyway and I don't think a young person can conceive of a time when you actually came out ahead setting aside cash in a savings account.

During the Clinton administration, there was a wealth tax proposal which would take a chunk of your 401K

I do agree with you that some combination of the above is likely to happen someday. Perhaps in about 10 years when we have a boatload of baby boomers with no retirement savings: those who did save will be deemed to have had an unfair advantage. And the younger people will be tired of and unable to pay for all the old folks. It would have at one time seemed inconceivable to me that our country would someday basically become socialist, but it seems more feasible all the time now.

Democracy fails when there are few ants and many grasshoppers voting.

 

[Aflac]

To put it simply don't count on SSI and have a plan B and C in case your retirement savings is taken as well

 

[eldirector]

Democracy fails when there are few ants and many grasshoppers voting.

Hey, I saw that movie!

 

[KellyinAvon]

Where else can the people who created a massive problem not only claim to have the solution, but be completely arrogant about it? Just a thought...

 

[jedi]

Where else can the people who created a massive problem not only claim to have the solution, but be completely arrogant about it? Just a thought...

roman empire ???
modern day greek meltdown???
wheelbarrels of german paper money pre ww2???

its not a unique uss problem.
it is a mankind, does not learn problem

 

[rhino]

roman empire ???
modern day greek meltdown???
wheelbarrels of german paper money pre ww2???

its not a unique uss problem.
it is a mankind, does not learn problem

In 2009, Zimbabwe had currency circulating with a 100 Trillion Zimbabwe dollar denomination.

That's Trillion. Not billion. Not million. Trillion, as in one million millions.

Allegedly even that denomination was next to worthless eventually.

That's the craziest inflation I've hear of!

 

[Ingomike]

All this^^. I also see gov raiding 401Ks and IRAs, because that's where the money is. Same reason why bank robbers rob banks.

3 Bs.

I have long expressed that my bet that the "long term SSI fix" will be the creation of a super SSI and the price to get in will be your 401's. The Supreme Court will rule it a "tax" and there you will be.

There are trillions of dollars politicians can't wait to get their hands on.

M

 

[jedi]

I have long expressed that my bet that the "long term SSI fix" will be the creation of a super SSI and the price to get in will be your 401's. The Supreme Court will rule it a "tax" and there you will be.

There are trillions of dollars politicians can't wait to get their hands on.

M

that is what the u.s.a accounts draft bill is pertty much.
the concept at least.

mind you their is another smaller pot of gold to raid first.
this little pit of gold is even older that social security.
can you guess what it is?


chuooo...chuoo....
all aboard....

the railroad retirement board is 1 year older then the ss program and rrb actually does have physciall money and is solvent. its so "unfair" that they have money and "ss" does not.

 

[INGarand]

SHTF or major disaster won't really matter about SSI or Medicare. There won't be any where to use it. Must be prepared to do without money. Weapons and ammo. Protect what you have and trade for what you need. SAT