amicus
Literotica Guru
- Joined
- Sep 28, 2003
- Posts
- 14,812
Boomers Reach 60 in 2006!
They will be eligible to retire in two years, at age 62, (unless the confiscatory gorillas change the age) and will have been paying mandatory social security taxes for 44 years assuming one began work at age 18.
Or they can wait and receive full benefits and retire at age 65, after having paid mandatory social security taxes for 47 years.
47 years of paying taxes, if exchanged for 47 years of contributing an equal amount to an interest bearing account would have made you a millionaire.
But, government gorilla’s, noting that when the ‘boomers’ begin to retire at age 62, in 2008, they usually stop paying taxes. And if retiring at age 65, 2011, a larger percentage stop paying taxes. (don't tell anyone but they are thinking of moving the retirement age to 67)
For you statistical guru’s out their, as those paying into social security, decrease in number, the funds decrease. Since apparently, the government does not invest those social security taxes in interest bearing ventures(they spend it each year), the fund continues to decrease until those paying in no longer create a surplus, but a deficit.
Around 2015, when the baby boomers are reaching age 69, the system goes into the red. By 2018 they are 72,(it is bankrupt and must be paid from the general fund supported by income and corporate taxation (confiscation).
Now if you are a young person, you might consider refusing to pay those FICA withholdings and invest your 7.5 percent and your employers 7.5 percent in an interest bearing account to provide for your own retirement. (15 percent of the average salary is a good investment) NOT!
I tried it. 20 years ago. They threaten you with prison time if you don’t pay the FICA.
So, even if you were born if the 50’s, or 60’s, it’s just around the corner for you.
Thought you ought to know.
But then I did this thread before when Bush tried to reform social security in a very small way and Congress shied away.
Amicus…
They will be eligible to retire in two years, at age 62, (unless the confiscatory gorillas change the age) and will have been paying mandatory social security taxes for 44 years assuming one began work at age 18.
Or they can wait and receive full benefits and retire at age 65, after having paid mandatory social security taxes for 47 years.
47 years of paying taxes, if exchanged for 47 years of contributing an equal amount to an interest bearing account would have made you a millionaire.
But, government gorilla’s, noting that when the ‘boomers’ begin to retire at age 62, in 2008, they usually stop paying taxes. And if retiring at age 65, 2011, a larger percentage stop paying taxes. (don't tell anyone but they are thinking of moving the retirement age to 67)
For you statistical guru’s out their, as those paying into social security, decrease in number, the funds decrease. Since apparently, the government does not invest those social security taxes in interest bearing ventures(they spend it each year), the fund continues to decrease until those paying in no longer create a surplus, but a deficit.
Around 2015, when the baby boomers are reaching age 69, the system goes into the red. By 2018 they are 72,(it is bankrupt and must be paid from the general fund supported by income and corporate taxation (confiscation).
Now if you are a young person, you might consider refusing to pay those FICA withholdings and invest your 7.5 percent and your employers 7.5 percent in an interest bearing account to provide for your own retirement. (15 percent of the average salary is a good investment) NOT!
I tried it. 20 years ago. They threaten you with prison time if you don’t pay the FICA.
So, even if you were born if the 50’s, or 60’s, it’s just around the corner for you.
Thought you ought to know.
But then I did this thread before when Bush tried to reform social security in a very small way and Congress shied away.
Amicus…
