Mark Stewart on Social Security
A: Yes, we should allow Americans to opt out of Social Security.ÿ A government fiduciary can remain for those who trust government more than themselves to conservatively invest for retirement.ÿ But many people, especially young people, will want to opt out.ÿ They can thereby save 15.2% a year.ÿ They can let that money build, earning interest in the vehicles they or their private fiduciaries see fit.ÿ And they don't have to wait to age 65 (soon to be 70) to use that money.ÿ If buying a home, starting a business, or putting a child into private school is more important, that couple has a USABLE nest egg.
A: Remember, Social Security is the most regressive tax we have. Forced contributions stop above $106,000 in earnings, meaning the $500,000 earner is takes at around 3.5% while the $40,000 earner is taxed at 15.2%. ÿ Think that's unfair?ÿ How about dying before you reach 65--Your return on all that you invested in Social Security is ZERO.ÿ Think that's unfair? How about being African American in this system--On average African American men die at age 65.9; they are able to recoup for less than one year after retiring.ÿ By contrast White men on average dies at age 73.2.ÿ Thus they collect on average NINE times longer than the African American male.ÿ Blacks should be absolutely irate about forced Social Security.
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