Actually I am specifically referring to SS. A drug addict in the Federal government’s eyes, is considered disabled and eligible to collect SSDI, which comes from the same pot. The same applies to an alcoholic, a person with ADHD and many others. Over the years, politicians raided the fund for many projects. IMO, politicians only think about their term and not the future. I believe that is the reason most working Americans want the ability to opt out. The following is just a rough example. My friend can collect 2400 per month at 62, 3300 at 65, 3600 at 67 and almost 4000 at 70. when he collects 2400 at 62, because he doesn’t need it to survive, he will invest 50% in an index fund and 50% in a money market. At just a 10% return, the money will double every 7 years and when he dies, his family gets the left over money. Social Security is a scam. I’m on a roll, so here is another one. A 401k is a pre taxed retirement savings account typically sponsored by an employer. As a 20 year old you go to work for Google. You deposit the max for 40 years, after which you start taking withdrawals. It is a foregone conclusion the money you deposited as a 20 year old will be taxed higher than it was 40 years prior? It has a first in first out rule. Now in the US there is another plan, it is called a ROTH, which is after tax money and everything earned in the ROTH account can be withdrawn tax free. I will use me as an example. When I was poor I opened a ROTH. I placed it in an index fund and in 2023 it was worth almost a million bucks. I left the money in the ROTH, but cash out the fund. I believe in November 2023, I bought 10,000 shares of Amazon at $96 per share….96k, still inside the ROTH. It closed today at $232 per share, do the math, now realize it is completely tax free. My point, although better than SS, a 401k is a poor man’s savings account, but both are designed to make people feel warm and fuzzy. Unless Trump changes it, SS is taxed as regular income, just like a 401k. Both the 401 and ROTH cannot be touched without penalty until the owner is 59. More to the point, the government will not take care of anyone nearly as well as people can take care of themselves.
If the socialist’s on this platform get off the government tit, you will be wealthier and happier. I learned the hard way and it was painful. Now there is a financial guru on YouTube named Dave Ramsey, the guy is a money genius!