You should be able to opt out of social security
If you make 60k a year you waste 4k a year on social security, for something you may not even be able to draw from by the time you retire because of the horrible mismanagement by the government. Your employer is also on the hook for the same amount.
For calculations we assume you retire at 65 and die at 80, which is better than most Americans.
If you did this for 45 years you’d get around 2k a month back. Which is roughly the same as you and your employer put in. You’re basically giving the government an intrest free loan. Now this doesn’t take into account inflation but let’s assume the amount you put in and get back all match inflation. The total amount put in would be 360k.
If you put this money in a 401k, however, starting at 20, you’d have 2.4 million with a 7 percent average return. Now assuming an average of 3 percent inflation per year, you’d still have double the money if you had paid social security instead.
You’re literally just getting ripped off to give the government an intrest free, minus inflation, loan for the majority of your life.
Also, if you die no one gets what you paid in except in certain cases, versus if I die with a 401k that will be part of my estate and transfer over.
Article from r/Libertarian: For a Free Society