Author Topic: Privatizing Social Security (Read 293 times)

Shuckins · « **on:** July 20, 2002, 12:42:30 PM »

Just received my Social Security statement for 2001.

After 25 years of employment I have been told that if I work until I am 62 (another 14 years) the my Social Security payment will be a little over $1000 a month. If I work until the age of 66 the payment will be $1340 a month.

My Teacher Retirement check will, in just three years from the present, pay me almost twice the amount that SS will at the age of 62.

Had my SS payments gone into my retirement system instead, my monthly retirement payments after 28 years of service would be almost $4000 a month.

Had SS been privatized from the very beginning, its' participants would be far better off financially when they retire. Instead, the system begun during the Great Depression to provide aid for the elderly poor who had no other means of support was made mandatory for the rest of society. Congression mismanagement during the 1970's started the system on the long slide toward bankruptcy. Whenever any politician suggested changes to revamp the system, the subject became a political bogeyman which was used to frighten the elderly and galvanize their political muscle for upcoming elections.

Privatization would remove Social Security from the political arena, where it has no business being, and allow it to be managed by saner heads.

What are your thoughts?

Regards, Shuckins

Eagler · « **Reply #1 on:** July 20, 2002, 01:17:12 PM »

of course it would be better, for those who could manage it. But the average joe is just to dang dumb to be responsible for his own future.

we need to thank our lucky stars we have such a caring big government. And what does our typical fat arse politician get when they "retire" from their "job"?

Montezuma · « **Reply #2 on:** July 20, 2002, 04:30:05 PM »

Quote

Originally posted by Eagler
of course it would be better, for those who could manage it. But the average joe is just to dang dumb to be responsible for his own future.

I bet he feels like a dumb sucker when he looks at his next 401K statement.

Gadfly · « **Reply #3 on:** July 20, 2002, 05:20:56 PM »

If he looks at his 401k statement and he is not nearing retireent, is indeed a dumb sucker.

Further, if you had been in a 401k all along, and you were near retirement, your money in pocket would STILL be way more than SS.

jdm3 · « **Reply #4 on:** July 21, 2002, 04:20:37 PM »

I believe that those that benefit from the program should pay for it. There fore, I would like the option to save the money myself, rather than support the generation before me that chose to raise my taxes and spend the money on all sorts of things, other than what was intended for.

Social Security takes about 10% non deductable from my paycheck. Chances are I will never see that benefit, and if I do, the money accumulated can not be left to my heirs. Benefits are dwindling so fast, and are taxed, so I am going to pay taxes on my money a second time, to receive enough to keep me comfortably housed in a cardboard box for my golden years and feasting on gormet cat foods, and, hell, If I were to start a program such as this here, I would be arrested for running a pyramid scam.

All this to the wonderful thanks of who?!? Lyndon Johnson and his great society? It started there! AND back in the 70's Mr. Bob Dole was head of the committe that doubled social security taxes (that number behind the initials FICA on your paycheck only represents 1/2 of it! The other half is called a contribution from your employer, you got a raise you didn't even know of!)

I swear, when the rest of Generation X stops screwing around with tattoos and body peircings. Realizies that they need to know a little more about money than how much their X-treme sports equipment costs and starts planning for the future, there is going to be hell to pay!

popeye · « **Reply #5 on:** July 22, 2002, 07:47:47 AM »

Social Security was designed to keep little old widow ladies from starving. It was not intended to be a savings plan. The first reform should be means testing. Taking SS taxes from low income workers to provide an extra week of island vacation for wealthy retired people is ridiculous.

Eagler · « **Reply #6 on:** July 22, 2002, 08:06:21 AM »

Quote

Originally posted by Montezuma

I bet he feels like a dumb sucker when he looks at his next 401K statement.

?

You think the government can do a better job than me at handling my own money???

give me my ss taxes and I'll get a much better return, cruddy DOW or not ...

Udie · « **Reply #7 on:** July 22, 2002, 08:19:16 AM »

Quote

Originally posted by Eagler
And what does our typical fat arse politician get when they "retire" from their "job"?

they get to keep all our SS dollars

Karnak · « **Reply #8 on:** July 22, 2002, 03:10:54 PM »

popeye hit the nail on the head.