If I kept my 12.4% social security tax how much could I retire on?

http://www.lp.org/issues/social-security This site says I could retire rich. Should the Govt take 12.4% of my income each month that is for my retirement, spend it in ways I don't agree on and then may or may not give it back to me? Wouldn't be better for me to be in control of my own retirement? Yes, I have websites that make a few grand a month and I pay myself out of my Texas corp. and my husband is a contractor and we both pay ourselves through our texas corp. avg: 150k

Public Comments

1. Actually, unless you are self-employed, each person is only contributing 6.2% into Soc. Sec. Using the 31,695 median income stated in the article, that's only $1,965.09/year. Good luck!!
2. Social security was never meant as more than a supplemental to your own individual retirement plan. It's not meant to live on the way many young people seem to think. You need to get a 401k or some sort of retirement plan in place as soon as possible. IRA's are fairly popular, as are 401k's. Companies rarely offer pension plans anymore, so this probably won't be an option. We're talking about the government here. Since when have they ever been concerned about what we think would be a better way to spend our money?
3. it's unrealistic to say without knowing the future rate of inflation. in 1900 a chicken was 7cents and a lb of beef was 10 cents. A dollars at that time was worth fifty to eighty dollars at current prices. And if they tax social security taxes may double within the next two or three years to meet the enormous budget of the present administration. But as far as controlling it myself I would say so ; my guess is yes if wisely dealt with the economy is looking dim for the future in relationship to now regardless.
4. What you think you could do with your share of social security is not guaranteed. Your social security is. It will also cover you if you are disabled and your family if you die. The operative word is security.
5. I'm always amazed at the number of young people who fiercely believe that if they didn't have to pay payroll taxes that they would have the discipline to save the same percent and the skill to guarantee a return. Simultaneously, I deal with people nearing retirement age who beg to know if there is a way to buy-into Social Security because it's such a good deal and not only did they stay off the radar, they didn't save a penny. For a married couple, social security pays a better "annuity" rate than any insurance company.