You can rely on Social Security benefits when you retire. Despite any doubts lingering in the back of my mind, I know it’ll be there to fund my early bird specials at seafood buffets once I’m retired. Sure, the age to start collecting might rise from 62 to 67, but hey, we’re living longer these days, right? And let’s be honest, who really needs Social Security benefits that early anyway? Let’s not get too greedy!
The Middle Class in America has strengthened my belief that Social Security benefits will endure for everyone, indefinitely. People have passionately defended the merits of the ROTH IRA in my posts, even though I’ve clearly argued against contributing to one before maxing out a traditional IRA and 401K. It’s almost like they’re trying to justify their actions to feel better about them. But maybe they have a point. Those who support the ROTH IRA likely have one themselves and trust the government more than their own financial skills. Remember, only the middle class can contribute to a ROTH IRA. Higher earners are out of luck!
I always keep an open mind and listen to both sides. From the comments on my ROTH IRA post, it’s clear: because so many people back the ROTH IRA, Americans believe the government can handle Social Security payments as promised when the time comes. If people didn’t trust the government to deliver on Social Security, they wouldn’t willingly give more of their money to manage.
Even though I’m a bit annoyed with those contributing to ROTH IRAs against my advice, I’m hopeful. The strong faith of America’s middle class in our government is why I believe Big Government will keep getting re-elected. I’ve even challenged Republicans to bet me up to $1,000 on whether Obama would get re-elected. My offer still stands for any skeptics out there.
It’s interestingly ironic that the income cut-off for ROTH IRA contributions is so low—$105,000 for singles and $169,000 for couples. This protects hardworking Americans making more from being taxed further. Politicians know they can’t mess with the middle class, defined as individuals making less than $122,000 by the government. President Obama wisely set the cut-off at $200,000 for individuals.
The only risk with Social Security is your own loneliness. If you’re single and pass away before receiving benefits, tough luck—it’s not passed down to your kids to claim when they hit full retirement age at 67. Your money stays with the government, regardless of what you had in mind.
If you’ve ever thought marriage comes with financial penalties, especially with both spouses earning well, consider the benefits. If one spouse dies, the other gets to enjoy their Social Security benefits.
People’s confidence in the government’s ability to deliver Social Security in retirement shows in their actions. If they thought the government would fall short, they wouldn’t be contributing to ROTH IRAs or paying extra taxes. Thanks to everyone who contributes; your patriotism and generosity are appreciated.
Remember, if you can rely on yourself, you can count on Social Security too. It’s funded by you and your employer to look after you in retirement!
