Business & Finance

Why dont we just save our own money and use that when we retire. I dont think we need the gov't's help to save money.

Hopefully in 12 yrs it be there for me.

That is the entire reason it was established. Far too many people have no concept of saving money. It is always spent before it comes in. SS is a forced retirement plan. Also, SS was not intended to fund a person's retirement. It was only intended to subsidize it.

The purpose of the tax is to pay the benefits of current beneficiaries, including retirees, survivors, and the disabled.

Social Security was never intended to be the sole source of income in retirement, but as a safety net against becoming destitute. It was instituted after the Great Depression principally to provide a source of minimal income for those folks who lost everything in the depression after the failure of over 5,000 banks and the collapse of the equity markets.

This isn't a government handout, but a safety net against catastrophe.

BECAUSE there are too many idiots who DON'T.
SS was supposed to be a supplement for savings, never to provide totally for one's retirement years.
The SS taxes one pays provide SS payments for their parents and grandparents.
Look at all the FOOLS who withdraw money they put into their 401ks, before age 59 1/2, losing 25-50% of it, squandering their retirement savings.
HOW much have YOU saved for YOUR retirement?

We do need somebodies help to save for retirement. At least most of us do.