48% of Americans would opt out of Social Security if given a choice

[w¡n9Nµ7 §£@¥€r 123]

WELLESLEY, MA (March 16, 2009) - The U.S. division of Sun Life Financial Inc. today released new data from the Sun Life UnretirementSM Index that reveals almost half of American workers (48%), if offered the choice, would prefer to stop paying into the Social Security system even if it meant that they would not receive these benefits once eligible to receive them.

...

Workers in their 30s are most likely to favor not paying into the Social Security system, with 59% responding they would rather not pay the taxes and not receive benefits.

51% of workers age 40-49 prefer to not participate.

44% of workers age 50 to 59 prefer to not participate in the Social Security program, and 39% of workers 50 and older would rather not participate.

Even a significant amount of respondents who are nearing traditional retirement age would choose to stop paying Social Security taxes. One in three (33%) workers over the age of 60 said they would stop paying Social Security taxes even if it meant they would not receive any benefits.

Income level was also not a strong factor impacting American workers’ attitudes toward Social Security. In fact, results were largely consistent across income levels.

Almost half (47%) of Americans with a household income of less than $25,000 would choose to opt out of the system, and 48% of those making between $25,000 and $50,000 a year would as well.

Slightly more than half (52%) of Americans making over $125,000 a year would choose to stop paying Social Security taxes and not receive the benefit.

The research also shows men are far more likely than women to say they would rather not pay into Social Security or receive any Social Security payments.

57% of men age 40 to 49 would opt out of Social Security, while 45% of women in that age group would choose to opt out.

62% of men age 30 to 39 would opt out. Just over half (56%) of women age 30 to 39 would choose to opt out.

As the global recession has continued over the past several months, the Unretirement Index has shown a growing lack of confidence among American workers in the future availability of government benefits. The Index most recently polled American workers in December 2008. When asked if they believed Social Security will be available to them at age 67, over half of Americans (54%) did not believe it would.

The group that showed the sharpest drop in confidence was forty-something Americans. In August, 52 percent of Americans age 40-49 believed that Social Security would not be available from them at age 67. Three months later the number spiked to 66 percent - a 14 point shift.

http://forms.sunlife-usa.com/ga/get_file.cfm?form_id=20218

[Mr. Big Dog 10,747]

There's be a lot of homeless old folk around...

[peejay 327]

Gee...and if they can only do to healthcare what they have already done to Social Security and immigration reform we could really have something to believe in.

[Ban Hammer 14,267]

Gee...and if they can only do to healthcare what they have already done to Social Security and immigration reform we could really have something to believe in.

does the average citizen get a lifetime supply of vaseline then?

[w¡n9Nµ7 §£@¥€r 123]

There's be a lot of homeless old folk around...

I was at the SS office recently with my mother. If she collects on my fathers record, she'll collect a decent amount of money starting 60. Not something she can live on, but it's a start. However, if she waited till 62 to start collecting on her own record, they'd pay her about 300-400 a month. Why? Because her paychecks have been small. You know what? Most people have had smallish paychecks. Not everyone is an engineer or accountant or longshoreman or oil baron. For those people, who are not, SS doesn't even come close to paying a cost of living.

[Dr. A ♥ O 203]

^ Here here! I've been living on my own since I was 16 and most of the time I've worked three jobs at once just to make a descent living. I want to opt out of SS and save for my own retirement. Give me my money back!

[Heracles 417]

There's be a lot of homeless old folk around...

I was at the SS office recently with my mother. If she collects on my fathers record, she'll collect a decent amount of money starting 60. Not something she can live on, but it's a start. However, if she waited till 62 to start collecting on her own record, they'd pay her about 300-400 a month. Why? Because her paychecks have been small. You know what? Most people have had smallish paychecks. Not everyone is an engineer or accountant or longshoreman or oil baron. For those people, who are not, SS doesn't even come close to paying a cost of living.

Bud, you need to checkout out Australia's retirement system. Once you hit a certain age you qualify for a pension, regardless of whether you have worked or not. The only catch is that the pensioner has to have under a certain amount of assets / cash.

You also have a 401K equivalent known as superannuation. Your employer has to contribute 7% to 8%, on top of your salary, to a retirement fund account of your choice. Last time I saw an article on this, Australians' had the largest retirement accounts in the world. Almost double the country in second place. Once that runs out after retirement you basically qualify for the pension.

Pension payments are as follows:

Individuals: $569.80 every fortnight

Couple: $475.90 (each) every fortnight

Edited May 5, 2009 by Constellation

[Ban Hammer 14,267]

There's be a lot of homeless old folk around...

I was at the SS office recently with my mother. If she collects on my fathers record, she'll collect a decent amount of money starting 60. Not something she can live on, but it's a start. However, if she waited till 62 to start collecting on her own record, they'd pay her about 300-400 a month. Why? Because her paychecks have been small. You know what? Most people have had smallish paychecks. Not everyone is an engineer or accountant or longshoreman or oil baron. For those people, who are not, SS doesn't even come close to paying a cost of living.

i guess she'll be living with you then?

[w¡n9Nµ7 §£@¥€r 123]

There's be a lot of homeless old folk around...

I was at the SS office recently with my mother. If she collects on my fathers record, she'll collect a decent amount of money starting 60. Not something she can live on, but it's a start. However, if she waited till 62 to start collecting on her own record, they'd pay her about 300-400 a month. Why? Because her paychecks have been small. You know what? Most people have had smallish paychecks. Not everyone is an engineer or accountant or longshoreman or oil baron. For those people, who are not, SS doesn't even come close to paying a cost of living.

i guess she'll be living with you then?

The plan is a WIP.

[Ban Hammer 14,267]

There's be a lot of homeless old folk around...

I was at the SS office recently with my mother. If she collects on my fathers record, she'll collect a decent amount of money starting 60. Not something she can live on, but it's a start. However, if she waited till 62 to start collecting on her own record, they'd pay her about 300-400 a month. Why? Because her paychecks have been small. You know what? Most people have had smallish paychecks. Not everyone is an engineer or accountant or longshoreman or oil baron. For those people, who are not, SS doesn't even come close to paying a cost of living.

i guess she'll be living with you then?

The plan is a WIP.

uh huh....and soon you'll have two women bossing you around the house.

[I AM NOT THAT GUY 5,715]

There's be a lot of homeless old folk around...

I was at the SS office recently with my mother. If she collects on my fathers record, she'll collect a decent amount of money starting 60. Not something she can live on, but it's a start. However, if she waited till 62 to start collecting on her own record, they'd pay her about 300-400 a month. Why? Because her paychecks have been small. You know what? Most people have had smallish paychecks. Not everyone is an engineer or accountant or longshoreman or oil baron. For those people, who are not, SS doesn't even come close to paying a cost of living.

i guess she'll be living with you then?

The plan is a WIP.

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[Sofiyya 1,687]

I didn't pay social security for years as a federal government employee who went in before they changed that rule in 1983. Ironically, if I went back on the government dole today, I would still not have to pay because I'd still be under that system unless I choose to opt out. My younger brother is still under that system and has never paid a cent of SSI in his life.

[stangguy 0]

I looked into trying to opt out of SSI when I started working. Unfortunately unless you are certain categories of clergy or railroad worker you can't. I didn't realize that there used to be an exemption for government workers.

[Ban Hammer 14,267]

There's be a lot of homeless old folk around...

I was at the SS office recently with my mother. If she collects on my fathers record, she'll collect a decent amount of money starting 60. Not something she can live on, but it's a start. However, if she waited till 62 to start collecting on her own record, they'd pay her about 300-400 a month. Why? Because her paychecks have been small. You know what? Most people have had smallish paychecks. Not everyone is an engineer or accountant or longshoreman or oil baron. For those people, who are not, SS doesn't even come close to paying a cost of living.

i guess she'll be living with you then?

The plan is a WIP.

Weather Interactive Program

Web Interoperability Pledge

West Indian Preparation

Wildlife Inventory Plan

Women In Power

Work In Process

Work Integrating People

Works In Progress

wild india parties.

[AlHayatZween 2]

As the global recession has continued over the past several months, the Unretirement Index has shown a growing lack of confidence among American workers in the future availability of government benefits. The Index most recently polled American workers in December 2008. When asked if they believed Social Security will be available to them at age 67, over half of Americans (54%) did not believe it would.

i totally feel this way.

i don't believe i will ever be able to retire...

hope the Mayans are right about 2012 to spare me my misery

Edited May 5, 2009 by AlHayatZween