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I thank God we don't have to depend on social security payments in retirement because we surely would be standing on the dole lines if we hadn't made some alternative retirement plans.
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Everyone is supposed to fund their retirement themselves. Social Security is only designed and intended to be a minimal failsafe to keep the elderly out of poverty. It is only to provide minimal housing, food, etc.
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But, I do feel badly for those in their 20's and 30's who are paying dearly into the system with no or little prospect of collecting anything when it comes their turn to retire. I do hope they are planning some alternatives.
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Huh? That's not true. All we have to do is raise the cap a little, and SS will be heavily funded for the next hundred years. There is no real risk of somebody contributing for nothing.