Social Security > Wall Street

[Clandestino]

Semi-true. That's the theory behind it, but in most of it's history, SS has provided a surplus (it's had a deficit in only 13 years, mostly in the late 70s and early 80s) which is accounted for separately than the general fund. Until the 90's under Clinton this was kept completely separate and not touched except to handle deficits of SS itself, but Clinton signed legislation allowing the government to borrow from the SS Trust to pay into the general fund (one of the reasons he could balance the budget) turning the trust into Treasury Bonds earning 3% interest at the same time.

The problem right now is the Baby Boom generation about to retire. The sudden jump in retirees is going to stress that kind of system which is why many people want to fundamentally change the system.

right, currently more goes in than goes out, BUT that is going to reverse in the near future.

[Clandestino]

This isn't your dad's stock-market....as events in the past week have shown us, nobody is minding the store anymore so there is considerable risk for catastrophic losses....Social Security was never supposed to be a retirement plan but a social safety net of last resort....you can make your measly contribution to the social security fund and also fund your own retirement via 401K, Roth IRA or other investment vehicle....when you contribute to social security your money automatically doubles because your employer has to match your contribution...what private investment doubles your money from day one?

Also, all this talk about there not being any money in the Social security trust fund is just that talk....what is in the trust fund is government bonds and certificates backed by the ability of the U.S. government to pay it's debt...if they were to fail to pay this money back the dollar would collapse as would the equity markets and we would all be in the same boat whether you donated to the Social Security trust fund or not....

that is not how it works. your money doesn't double per se. youre paying for someone else. they aren't earmarking for you personally like a private investment vehicle would.

dan, you hate the government, think they are always trying to pull off big conspiracies, stick their hand in too much and now you want them handling your retirement?

[101A]

You pukes who have vocally supported the privatization of Social Security need to start apologizing to those of us who told ya that it was a bad, bad idea...now we are seeing just how bad of an idea it was....

Keep Wall Street out of the retirement business
By Chris Farrell



MSNbC

How many people would have been completely wiped out by the current financial crisis? What would they live on?

I have put less money into my 401K than into SS during my working career.

If I was 65 today; 2/3 of my retirement income would come from my 401k.

If I could opt out of SS RIGHT NOW and surrender ALL of my rights to a SS check after 65 - but be able to take the THIRTEEN ING PERCENT of my salary that goes into with each paycheck - I'd take that deal; and write a check to Uncle Sam on the day I retire for half of whatever is in there to pay for other people's retirements. I'd come out WAY ahead.

[fyatuk]

If I could opt out of SS RIGHT NOW and surrender ALL of my rights to a SS check after 65 - but be able to take the THIRTEEN ING PERCENT of my salary that goes into with each paycheck - I'd take that deal; and write a check to Uncle Sam on the day I retire for half of whatever is in there to pay for other people's retirements. I'd come out WAY ahead.

Uhh, it's only 6.5% of your salary. 13% of your payroll figure, yes, but only 6.5% of your salary and paycheck.

Well, unless you own your own business, then you have to pay the entire 13%. Forgot about that for a second.