Social Security – Please explain something to me?

Discussion in 'Politics & World News' started by Konabumm, Jan 7, 2008.

  1. Konabumm

    Konabumm Konaboner

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    Thanks to our great government and our constant pissing away of tax payers’ dollars it’s estimated that 2017 our SS will be in the red. So please explain to me WHY the IRS has announced it will leave the 401(k) limit at $15,500 for 2008
    I don’t understand why the government caps how much we can save for 401k.
     
    #1 -   Jan 7, 2008

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  2. Westy

    Westy the teste

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    Probably because if they let you defer more taxes SS would be in the red even sooner.
     
    #2 -   Jan 7, 2008
  3. firemandivi

    firemandivi They drank my Tooters

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    Since I can't retire for another 35 years min. and SS won't be around by then, I want to know why I have to put money into it? I have a Roth IRA that I do on my own, and my wife has a 403b I think. Since we are prepared and SS won't be around in 35 years we shouldn't have to put money into it and our boss should put money into my IRA instead. my $0.02.
     
    #3 -   Jan 7, 2008
  4. Konabumm

    Konabumm Konaboner

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    Well that's not going to work - who's going to take care of the old fvckers that didn't prepare for retirement?
     
    #4 -   Jan 7, 2008
  5. Westy

    Westy the teste

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    The Soylent Green corporation.
     
    #5 -   Jan 7, 2008
  6. binary visions

    binary visions The voice of reason

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    I don't plan to save a penny for retirement.

    I figure I'll just knock over a bank and flee to a non-extradition country.
     
    #6 -   Jan 7, 2008
  7. firemandivi

    firemandivi They drank my Tooters

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    I'm sorry I forgot that because I make money I'm suppose to give it away to the idiots of the world. When you give your money to the less fortunate isn't that grounds for a tax write off?
     
    #7 -   Jan 7, 2008
  8. dante

    dante Unabomber

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    they prepared by paying into a system that was guaranteed to take care of them when they retired. my grandparents, for example, owned a farm and therefore didn't have to pay into the SS system. however, they did, and often paid more so that they would have a greater return when they retired. don't forget, the 401k system has only been around since 1979, and the traditional IRA has only been around a few more years than that.

    we know that SS probably won't last till we retire, and can plan/save for it now. many people who are retired didn't have that luxury...
     
    #8 -   Jan 7, 2008
  9. PsychO!1

    PsychO!1 Monkey

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    "I don’t understand why the government caps how much we can save for 401k.".........

    I believe they cap the amount you can contribute tax protected. you can put as much as you like into your 401k, but only 15K a year is tax protected. Somebody please correct me if i'm wrong.
     
    #9 -   Jan 8, 2008
  10. ohio

    ohio The Fresno Kid

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    Correct. And $15k is quite a bit. Contribute that every year and compound it at 5% over 30 years (say, from age 35-65) and you've got a nest egg of over $1 million in today's dollars. That feels about right. People should be tax protected to give themselves a safe healthy retirement. Once you're safe and healthy, anything beyond that should be taxed, IMO.
     
  11. ATOMICFIREBALL

    ATOMICFIREBALL DISARMED IN A BATTLE OF WITS

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    SS should be eliminated.
    1)Stop taking it out of my paychecks.
    2)Payout whatever they took to date & i'll save it myself.
    I DON'T need the government to save my money for me! Government bastards already spent that borrowed SS money from what i gather.
     
  12. $tinkle

    $tinkle Expert on blowing

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    when the universal emperor-for-life ron paul has decreed that currency can only be used by jews, this too will be a fruitless plan. there will be no borders. just imagine: there's no countries. it isn't hard to do. nothing to kill or die for. and no religion too. imagine all the people. living life in peace
     
  13. fluff

    fluff Monkey Turbo

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    You're a dreamer.
     
  14. Jim Mac

    Jim Mac MAKE ENDURO GREAT AGAIN

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    Well, ya know, soylent green is people; and people come 1st in this god derned country!
     
  15. binary visions

    binary visions The voice of reason

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    Look, I just want something that I can trade for coke, beer and whores. If I need to enslave a jew to spend that money for me, so be it.
     
  16. dante

    dante Unabomber

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    *And* you can always put an additional 4k/year into a Roth IRA as well. you can't deduct it from this years taxes, but anything you put in grows tax free and you don't have to declare it as income when you take it out. So no tax benefits now, but good tax benefits in 30 years...
     
  17. 3D.

    3D. Monkey

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    Cigar box stash... no interest to be earned, but when the banks collapse you'll still have fists fulls of cash:biggrin:
     
  18. Westy

    Westy the teste

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    I'm just hoarding Twinkies. I figure in a post apocolyptic world all those fat chicks will do anything for a Twinky. Of course by then they won't be fat anymore and possibly hot.
     
  19. $tinkle

    $tinkle Expert on blowing

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    a dearth of electricity would play in their favor after sunset. just remember: it's a squirrel's tail that makes it cute.