From the Rasmussen website:
"Forty-nine percent (49%) of U.S. voters say working Americans should be allowed to opt out of Social Security and provide for their own retirement planning.
A new Rasmussen Reports national telephone survey finds that 37% disagree and do not believe Americans should be able to opt out of Social Security. Fifteen percent (15%) are not sure.
A majority of voters under 50 say workers should be allowed to opt out. A plurality of those over 50 disagree."
With the unfunded liabilities this Ponzi scheme currently has, I have no illusions that the money I've paid into the system over the years will be available for me when I retire. In fact, I'm making other plans because I expect there to be nothing left by the time I'm eligible to collect.
And the trustees who oversee Social Security are predicting no cost-of-living-allowance (COLA) increases for the next two years, due to the formula which ties such increases to inflation. But politicians want to break the rules anyway, spending even more money and covering the cost by increasing taxes:
"The cost of a one-time payment, a little less than $8 billion, could be covered by increasing the amount of income subjected to Social Security taxes, ..."
This means younger workers would be paying for older recipients to get an increase in violation of the current rules.
This is proof that those younger than me are certainly at a disadvantage in the Social Security system. As the system goes broke, government must reduce the amount of payouts or massively increase taxes to cover the obligations. If younger workers could put the same amount of funds into an IRA or other type of retirement account, they own those funds and are assured of actually getting them back, plus interest. Such assurances are not possible with Social Security.
Where do you stand? Would you forgo any withdrawals of Social Security funds in exchange for having your own retirement system? Would you opt-out if you could?