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Privatizing social security …
Ugh. I didnt think it was possible, but I’m about to agree with Dubya on something. Well, sort of. It has to do with social security. Seems that the latest numbers show that by the year 2016 there won’t be any money left to actually pay people. Like all of us.
The current social security system was created in the 1930s, during the Great Depression and worked well at that point. Unfortunately, there werent as many people around at that time and now the outdated system is showing its age. Its simply unable to support the vast quantities of people that will be needing it twenty and thirty years down the line when WE retire. Afterall, the sytem is supported by tax dollars that WE put in from every one of our paychecks.
The plan for “individual retirement accounts” would mean that part of your social security taxes from each paycheck could be put into an account, where you could invest in stocks and bonds, and be able to actually take charge of your retirement money rather than having the government do it for us.
The negatives for a plan like this is that you could theoretically lose all of it, if you invest it in crappy stocks. On the flip side, you could make alot if you invest in some good mutual funds. I’d be set for something like this, because I actually work for an investment company and they could help me set up a good retirement plan.
Now of course if we dont go with a restructured social security plan, then the government says they simply won’t be able to pay out any more benefits without implementing some cost cutting measures such as raising social security taxes on your paychecks, cutting spending on other government programs, borrow money or cut the benefits currently given out, which means that you’d be paying for taxes and getting less in the end. Great.
Now, at this point, I have almost forty years before I have to worry about retirement money from social security, but I dont want to wait to get started on this. I’d rather know now that the money is growing right now, and I’m getting statements showing me exactly what I have, rather than waiting on the government to do it for me. For those of you interested, you can actually submit a for to the social security commission and request a statement of your future benefits, but dont be surprised when you see how disappointing they are. After ten years of working, mine was around $5,000. Thats just pitiful.
All I can say is that ALOT of people are going to be really pissed if there isnt any money left for us, after we spent forty years putting money into the system, so something has to be done. I want my money.
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One Response to 'Privatizing social security …'
hey. i was searching online for information about privatizing social security- im making a debate speech on it. and u make a good point. heh feel special- ur included in my speech!