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My email said it would continue on the third week of each month
Honestly it was easier to set up than I expected

Oh I’m aware of the possibilities and I’ve taken my 401k a lot more seriously in recent years for sure. I was more or less pointing out the verbiage that seemed like it equated taking SS as almost the same as taking welfare or something, when it was government mandated and been contributed to.

If they would give me the money I paid in plus what my employer paid in, and let me opt out, I would take that option in a heart beat.

What I think they will do is pass a law requiring all employers deduct a mandatory amount from each employee's pay check and put it in a 401K or 403B. They will gradually increase the mandatory deduction over time to help offset the need to lower payouts.

It will start out low, like 2 to 3% and it will end up being 10%. I am sure they will track it so they can see if you take it out early and penalize you severely.

I’m averaging 125.00 a week SS.
That would almost fully fund a Roth every year.
It’s robbery

Mine gives me 3% at the end of every year regardless if I contributed anything or not. That’s pretty nice. I throw another 4% (working towards more) and then they 50% match that for another 2%. So all told, I put in 4% and come out with 9%.

The only way I could see them shuttering SS that wouldn’t cause a riot would be “okay everyone before x date contributes to SS and receives the benefit, everyone born after X date has no SS withheld and instead it’s withheld by their employer” like you say.

They know if you take it out early; 10% penalty + the prevailing income tax.

But on my last statement I got last year if I’m not mistaken it said I was going to receive 30% of what I was supposed to. Even though myself and employers have paid into it since 1976

According to my statement from the social security department they disagree with you

You need to check that again. The social security department says 30% if I’m not mistaken of your expected amount. I would go grab my statement and check but I keep it in the console of my truck which is in the body shop as a daily reminder if I’m having a good day and want to get angry

My hope and dream is to retire at 62 as well….we shall see

Using the 4% withdrawal rule I’d have to have better than 600,000 in the market to pull 2270/month. I’m sure contributing to a 401k or something like that for my entire career would have yielded more money, but in my late 30’s mid life crisis i probably would have spent it
SS isn’t all I’m depending on, but it’s better than a poke in the eye

Here's another beautiful thing about this "benefit", no matter what day of the month you pass on or whether the funds have been spent:

When a Social Security beneficiary dies, payments stop immediately, as the government does not pay benefits for the month of death. The final check must be returned, (spent or not) but eligible surviving family members may qualify for monthly survivor benefits and a one-time lump-sum death payment of $255.

Lucky.

I’m 34. I’d gladly forfeit all the money I’ve paid in thus far, if I was able to opt out going forward.

My Brother in Law works for the railroad, 100% exempt from Social Security.

So were the municipal employees of Corpus Christie TX, at least for some time frame. It should have been for all of us.

Stop using the 4% rule. Invest in a dividend paying fund that has a 6% return. That would pay $3000 a month and you never touch the $600,000.

I understand that. I pull 5% from my investments. I was just using an example. I’m just saying at 4% withdrawal theoretically my SS balance would be a little more than 600,000

Pretty sure that $23k a year, invested for the next 30-35 years will far surpass $600k.

He’s fortunate. Makes me want to puke, thinking about what that $23k a year would turn into, if invested for the next 30 years.

You are missing the point