Shouldn't we be allowed to forego social security?

Question

Id rather not pay that 7 percent tax and keep my money and invest it they way I want in my own IRA. Im only 23 and there wont be social security when I retire anyways.

Answer 1

No.  Funds for current retirees would dry up.

Social Security is not an investment account.  Your money goes out right away to a current retiree.

Answer 2

Social security funds cannot dry up. For one thing, it is paid from the general fund. The next generation will pay into your retirement.

Answer 3

I understand what you are saying.  The idea is that current generations fund the program for past generations, and future generations will fund the program for us.  Of course, social security pays for more than just retirement, so there are more issues than just that to consider.  As far as retirement goes, though, I agree that we should each be responsible for our own and not rely on the feds.  In reality, you'd probably better accept the fact that you have to pay social security and still set enough aside to retire on your own.  At 23, that shouldn't be overly difficult.  Time is on your side.

Answer 4

Who wouldn't like to forgo soc sec?  I have been paying into it for over 30 years but I would gladly give up everything I have put into it for those 30 years if they would let me not pay any more into it for the rest of my working career.

But then how would they get the money to give social security benefits to people who never paid in and to people who are in this country illegally?