Social Security Benefits

[christina0001]

I think they'll have to continue social security; if they didn't the consequences would be immediate and nothing short of a crisis. They need to stop raiding social security, and probably they'll tax us higher for it, to boot.

[Sgoldie]

This scares me to death. It's not uncommon these days for women to become divorced late in age. You know, the young tart who thinks she's found a man who laid the golden egg.

Having worked hard all my life, saved a bundle and did everything right (except the X maybe) I will only receive less than half per month in SS of what I would need for an apt to live. Forget about eating and other amenities.

Gone in atty fees, to the X, and min SS on advice from accts. This is a scary prospect when you currently don't have your own place to live nor much of a bank account. Especially bad when you live in a place with bad job prospects, not that people are rushing to hire the close to SS aged.

Tenuous and uncertainty are what I live with every day now.

[unknown stuntman]

I was never as disgusted with a large contingent of politicians at once as I was when the Democrats got up and applauded during Bush's speech that alluded to thrawts to his attempt to privatize Social Security. Wow! A bankrupt system thanks again to the vast majority of corrupt, slime-ball politicans. I guess these politicans lauded their own efforts to prevent reformation of another federalized system that allows these same self-admitted low-lifes with their teenage mentality of a no limits, open checkbook to spend on what ever they choose as long as it buys them re-election votes, taxpayer be dammed. God forbid we should do something about social security, particularly privatization and putting it in the hands of us, where it belongs! It is not at the authorization of the federal government to even create and micro-manage indiviudals' retirement funds.
The "New Deal" on some fronts was the very worst thing to happen to this country. Yes I'm very angry that this automated deduction from my hard earned working money isn't going to mean squat when I reach retirement age. But it is what it is and the faster we get it out of the hands of these bureaucratic thiefs and liars, the better we'll all be.

[Dingler]

Plans are underway to increase the retirement age to over 70 which will solve the problems in social security and medicare but will open up a huge segment of the population from age 62 to 70 to poverty. It is nearly impossible to find a job once you get over 60.

[JustPassinThru]

Originally Posted by unknown stuntman

I was never as disgusted with a large contingent of politicians at once as I was when the Democrats got up and applauded during Bush's speech that alluded to thrawts to his attempt to privatize Social Security. Wow! A bankrupt system thanks again to the vast majority of corrupt, slime-ball politicans. I guess these politicans lauded their own efforts to prevent reformation of another federalized system that allows these same self-admitted low-lifes with their teenage mentality of a no limits, open checkbook to spend on what ever they choose as long as it buys them re-election votes, taxpayer be dammed. God forbid we should do something about social security, particularly privatization and putting it in the hands of us, where it belongs! It is not at the authorization of the federal government to even create and micro-manage indiviudals' retirement funds.
The "New Deal" on some fronts was the very worst thing to happen to this country. Yes I'm very angry that this automated deduction from my hard earned working money isn't going to mean squat when I reach retirement age. But it is what it is and the faster we get it out of the hands of these bureaucratic thiefs and liars, the better we'll all be.

US - I understand your dissatisfaction with the SS system, and the desire to be in control of your money. I, too, feel that I would be able to invest those funds wisely, or at least should have the opportunity.

Then I think about market risk, currency fluctuation, inflation risk, political turmoil, volatility, taxes, diversity, and allocation. Many people do not have a clue when it comes to investing, and would have to pay others for their expertise. Of course, you'll always have the Enrons to leave you high and dry.

My two biggest problems with allowing individuals to invest this money is that it may not be a good time to sell or start making withdrawals when you need this money at retirement, and that many people would try to beat the system by borrowing their own money, leaving nothing for retirement.

The prevailing thinking when I used to sell life insurance was: you couldn't hurt anyone because they - or their beneficiaries - would always get the full amount or more returned. If the same amount of money was invested instead of handed over to the insurance company, you would probably realize significant, if not extraordinary, gains by comparison. However, how many people would take that insurance premium and invest it every month?

For many of us, the thought of having those funds to invest is very titillating, but I think the real winners would be the stockbrokers.