If the US won't have social security when you're 65

Well, I could wish it were optional but I look at it this way, I have several grandparents who are on social security and I figure what I am paying in is help supporting them. I have my own retirement account through where I work and I am definitely planning not to rely on social security for my retirement.

The issue about not having social security has been going on since I was a kid. It isn't a new subject and I'm only 17 years away from retirement.

I wish that they would just do away with the program. Most people would probably not be smart enough to save their extra money on their own, but why base a program on saving the people who are not so bright from themselves? I would save some money and be ready for when I'm older (probably past 65). It's nice that the program is there for my grandparents, but it doesn't even give them that much as they're always having to sell things for money. I think if you're allowed to save that money yourself, you'd probably end up with more later on than what is eventually given to you (if it's even still there).

I would say keep it. When I was living in the states, I never made enough money to save it for a rainy day much less for retirement. I would have to rely totally on the social security payments. Now that is frightening. I haven't worked since 2001 so I would not get very much money. If I had worked till I was 65, then I would have expected roughly $1200.00 a month due to what I was earning. Now I would be lucky to see $200.00 a month. Since I have moved to another country, although I will still be able to collect the small amount, I have to take exchange rates into account. No matter how you look at it, it would never be enough money to survive on. I had to have 2 jobs in order to be able to afford a 401K. I was only able to put in about 2% as I needed the rest to live on. Saving these days is almost impossible, unless you don't want to eat much.

I am not an American and I am 65, but I hope that the Americans who are unable to get social security would put their money into GICS, high interest savings accounts. If you put it a 401K will you get taxed when you take it out? That is what happens when we withdraw money from our retirement fund, it is taxable. Also the money we put into our taxes that help pay for our Old Age Security (don't you just hate that name - we're old, just shovel the dirt over our bodies, we all are using a cane or in walkers, etc.) it might go to things we do not want to support. I think Social Security should be optional. In that way, those who really need it can get the money and those who have good jobs with high pay can pay for their own retirement. I would not put it into a retirement home, that is like saying, that when you get sixty-five, you are old. Put money aside to live on, and you might be traveling or own your own home.

Sounds like a good idea, but that would collapse the system faster than how its collapsing now. What most people don't know about Social Security is that the dues that are taken out of our paychecks today, are going to pay benefits today. The funds aren't saved for us at some later date. If it became optional to fund Social Security, a lot of people who are already at retirement age, or disabled, would lose their funding. Although I don't like the thought of not being able to collect on what I have paid into when I reach retirement age, I couldn't stand the guilt of forcing the retired back into the work force either.