Reply #8: I want out NOW

[leftyandproud]

This damn won't be there for me and I know it.

In reality, everyone is paying 15.2%. in social security taxes. You pay 7.6% and your employer generously "matches" this...meaning it comes directly out of your paycheck from day one. They factor this tax into the cost of employment before you even get the job..

Hell, out of that 15%+, I would be happy just to take 1/3rd, or 5% of the taxes for use in a personal account. I'd be happy to keep paying the other 10% into the current system if they would just let me go.

Here's a statistic that will blow your mind.
If you make $7.00 an hour for your WHOLE LIFE...$7 bucks and you NEVER GET A RAISE from age 18-65, had you invested just 4% of your social security taxes in a private account, you would have a nest egg worth 2.4 MILLION DOLLARS. At 5% interest, you could draw an income of $120,000 a year without EVER touching the principal! You could live on that $10,000 a month forever, and pass your entire $2.4mill to your children or grandchildren...giving them some true "social security".

Compare that to today's whopping $1100 a month (and likely to shrink as the baby boombers drain the system). This figure is using just 4% of the current 15.3% FICA tax. It should demonstrate what an incredibly bad deal workers 35 and under are getting with the current system.