'It's All A Scam': Tommy Tuberville Lets Loose On Social Security And Government Spending

[harddriver]

 

[PDC]

"I could have put my social security money for 40 years in the market and it would probably be worth $8 - $10 million today."

Say what you will about Tommy - he's definitely telling it like it is on this point.

To be clear - I haven't made what Tommy made over his coaching career and my SS withholdings haven't been as substantial. But SS withholdings are capped at a certain income. And there isn't anyone who would not have had more money - by far - had all of their SS withholdings been invested in a simple diversified fund in the market like a 401k or a Roth over the 30-40 years that they worked. Considering how much we all pay IN to social security over our lifetimes and what we (hope) to get back in retirement, it truly is pathetic. I'm 57 right now and I genuinely believe my generation will be the first to get f*cked by the social security system. I can't imagine it being solvent by the time I'm 62 - let alone 67...

 

[MadAsAHatter]

Granted social security wasn't meant to be a person's sole source of retirement income. Even still the program is such shit and the last report shows less than 50% of Americans have a retirement savings account outside of SS. If all those people could have put that money towards something better they'd be much better off when retirement came.

I'm happy to be a state worker and not put into SS. I'd be all kinds of pissed knowing how little I'd be getting back from it when I retire; assuming SS hasn't collapsed on itself. My state's retirement program is set up near identical to a pension. If that's all I had towards retirement I'd at least be better off than those who are stuck with SS only. It's still small, but I've been investing in a Roth IRA as well and have about 20 more years for it to grow. And once my house is paid off in about 4 years I'll be looking into other investment accounts. I don't want to end up like some folks who HAVE to work literally until the day they die. Hopefully when the time comes for me to retire I can do it comfortably and only work if I WANT to.

 

[PDC]

Granted social security wasn't meant to be a person's sole source of retirement income. Even still the program is such shit and the last report shows less than 50% of Americans have a retirement savings account outside of SS. If all those people could have put that money towards something better they'd be much better off when retirement came.

I'm happy to be a state worker and not put into SS. I'd be all kinds of pissed knowing how little I'd be getting back from it when I retire; assuming SS hasn't collapsed on itself. My state's retirement program is set up near identical to a pension. If that's all I had towards retirement I'd at least be better off than those who are stuck with SS only. It's still small, but I've been investing in a Roth IRA as well and have about 20 more years for it to grow. And once my house is paid off in about 4 years I'll be looking into other investment accounts. I don't want to end up like some folks who HAVE to work literally until the day they die. Hopefully when the time comes for me to retire I can do it comfortably and only work if I WANT to.

Absolutely everyone needs to be thinking downfield like you are on this issue. I got my seat at the ‘grown-up’ table a little late in life and spent the first few years spending like a drunken sailor. (I’ve stopped wishing I had those years and those dollars back…) Had I skipped my first ‘nice’ car (23 years ago) and kept the totally ‘reliable’ car I had at the time and instead put that monthly payment into an after tax Roth IRA - its just staggering what a difference that would have made after 2+ decades of market growth. At the same time, that was a dam cool car (1991 DINAN ///M5) and I could die of stress, melanoma, or prostate cancer before I ever hit ‘retirement.’ But at age 57, I sure do see the world differently than I did in my early 30s.