Why do we still paying the Social Security tax?

United States
March 18, 2010 8:16pm CST
On my previous discussion, I had mentioned about by year 2027, our social security will be depleted, and our generation by the time of retirement, we have to depend on 401k and our hard work savings. I understand that our current social security tax is supporting those who is reaching the retirement age now and the next few years. By when we reach our retirement, who are going to support us then? It might sound a little bit of selfish, but why do we still have to pay the social security tax from every paycheck of mine? Should I save it to my saving account for my own benefit better?
1 person likes this
2 responses
@spalladino (17925)
• United States
19 Mar 10
You pay into the social security system because it's the law and because your employer is required by law to take it out of your check. I don't agree that the social security system will crash but I do agree that everyone should have their own money saved for retirement. Everyone should plan ahead.
• United States
19 Mar 10
Instead of paying that much tax to the so called "system" required by law, shouldn't we keep that money in our saving account or roth account for our future retirement sake? We can have some extra money for good usage in the future, won't that be a better solution?
@spalladino (17925)
• United States
19 Mar 10
There's a couple of problems with your idea. First of all, it's not a better solution for the millions of older Americans who have paid into the system for their entire work lives and who now depend on social security benefits to live. The program needs to continue to be funded. Another problem is that, unlike social security contributions which you can't touch, anyone can decide to take some/most/all of their money from their savings or roth account...or will neglect to fund them correctly over time...and will have nothing saved for their old age.
@laglen (19782)
• United States
19 Mar 10
One of the reasons social security is going bankrupt is because Clinton used the money to balance his budget. This is what happens when you rob from one program to pay for others. The democrats are looking to continue this type of behavior so really social security is the least of your worries. They will not give it up.