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Hard-core CEG\'er
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Originally posted by TGO:
i know that...the question i am asking is how is it my fault?
If Bush would have been successful in establishing private Social Security accounts (and particularly if he had taken it as far as I wanted), you would be in control of your own retirement.
The money would be in your account in your name. You would have control over how the money is invested, therefore control over the growth and risk charcteristics. Since you would be in control over your retirement, you would be responsible for the net result, if you ate steak, hamburger, or cat food.
Brad "Diva": 2004 Mazda 6s 5-door, Volcanic Red
Rex: 1988 Mazda RX-7 Vert, Harbor Blue.
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ok, but the reason that is not happening is NOT MY FAULT! jeez! i feel like i'm talking to a wall here!
1999 Silver Frost SVT
#609 of 2760
Quaife, lightened SVT Flywheel, SPEC stage II clutch, removed resonator, k&n drop in - various other goodies too.
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Joined: Aug 2000
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Hard-core CEG\'er
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Hard-core CEG\'er
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Originally posted by TGO:
ok, but the reason that is not happening is NOT MY FAULT! jeez! i feel like i'm talking to a wall here!
You're not making any sense. Please reread black's comment:
Quote:
And if we let Bush have his way with social security, it would be your own fault if you have to eat cat food; in other words, you would make your own destiny.
I believe I explained it perfectly. IF Bush's proposal had passed, you would be in control of your own retirement. Therefore, the quality of that retirement would be your responsibility, and it would be your own fault if it were inadequate.
Nobody is blaming you or anyone that it didn't pass. In fact, your post is saying Bush flushed Social Security down the toilet, which is not true.
Brad "Diva": 2004 Mazda 6s 5-door, Volcanic Red
Rex: 1988 Mazda RX-7 Vert, Harbor Blue.
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Joined: Dec 2002
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Private accounts are what our citizens had before social security. That system worked great then and it will again.
Just as soon as our life expectancies drop and our elders move in with their kids. Let's make three generations under one roof the norm again.
And putting all the investment risk on individuals? Ask people who held stock in Enron for their retirement nest eggs how that worked out, then tell them it was their fault/responsibility they lost it all. Adam Smith's invisible hand sure made that turn out right.
Or there's the real Bush solution: Win the Ovarian Lottery.
MSDS, SHO-shop Y, custom 2.5" catback; xcal2; 63mm TB, K&N 3530; Koni struts, Aussie bar; THaines forks, Quaife, SpecII, UR fly; DMD; Nima UD pullies; Stazi brakes; f&r Pole120 mounts. Just a daily commuter car. Silver '98 SVT E0 #3159
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The general public has access to far greater growth investments now than they did prior to Social Security. It is possible and feasible to take a small fraction of your income, invest it in a well diversified portfolio, and have a lump sum enough to guarantee a stong income for life. A 3% contribution into a diversified stock/income portfolio in a Money Purchase Pension grew to a lump sum more than adequate to replace my father's work income.
The Enron people who did not diversify their retirement accounts and held large percentages of a single security were stupid and irresponsible. While it does not excuse the executive fraud, those people had the power to mitigate the damage.
The other advantage to private accounts is you have the ownership of the assets to bequeath to your heirs. Under the current Social Security system, you die at 57, and you don't get squat for the 30-40 years you've paid in. My father dies at 57, and my sister and I were able to receive the proceeds of the Money Purchase Pension to jump start our financial security.
Brad "Diva": 2004 Mazda 6s 5-door, Volcanic Red
Rex: 1988 Mazda RX-7 Vert, Harbor Blue.
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CEG'er
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SS plays a vital role. The major problem with SS is that Congress will not leave the funds alone and "borrows" from the fund for other budgetary matters.
There are some folks I would not trust to carry my groceries. Sure they have perhaps a basic good idea but are just not competent enough to do the job.
Basically.... Approximately 7.6% or so is deducted from your check for SS. Employer pays same amount in. If you earn 50k per year, that is roughly $7,500 per year into your account. If Congress would stop borrowing these funds and allow SSA to properly manage these investement accounts with millions of folks in them -- many can have an excellent retirement. Think of the interest income in and of itself that could be generated. The problem is Congress not Social Security.
I just don't trust Bush to lead the way on this.
If we had a more comprehensive health care plan that would help alleviate some of the problems in regards to medical care costs associated with SS, etc.
I have little patience nowadays for elected officials that have their hand up and out and their head up their #$%#$%$.
Bob
An ounce of prevention provides a pound of cure!
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nor am i happy that when i retire, i'll most likely have to eat cat food to survive.
I think the Drug Companies will come up with a new prescription drug to solve your eating cat food problems.....
An ounce of prevention provides a pound of cure!
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Originally posted by Viss1:
Originally posted by Jeb Hoge:
Hey, everyone loves the Beeb.
I don't know, dude, I've spent some time over at Corvetteforum (which is more or less a repository for links to ultraconservative blogs), and God help the BBC over there
Yeah...I was being kind of tongue-in-cheek, but at the same time, if the BBC is reporting it, you know there's got to be some meat to the story.
"Think of it, if you like, as a librarian with a G-string under the tweed." Clarkson on the Mondeo.
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Originally posted by btrautman:
SS plays a vital role. The major problem with SS is that Congress will not leave the funds alone and "borrows" from the fund for other budgetary matters.
yeah, like the "war"
1999 Silver Frost SVT
#609 of 2760
Quaife, lightened SVT Flywheel, SPEC stage II clutch, removed resonator, k&n drop in - various other goodies too.
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Joined: Aug 2001
Posts: 5,810
Hard-core CEG'er
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Originally posted by Honed Diva:
The general public has access to far greater growth investments now than they did prior to Social Security. It is possible and feasible to take a small fraction of your income, invest it in a well diversified portfolio, and have a lump sum enough to guarantee a stong income for life. A 3% contribution into a diversified stock/income portfolio in a Money Purchase Pension grew to a lump sum more than adequate to replace my father's work income.
The Enron people who did not diversify their retirement accounts and held large percentages of a single security were stupid and irresponsible. While it does not excuse the executive fraud, those people had the power to mitigate the damage.
The other advantage to private accounts is you have the ownership of the assets to bequeath to your heirs. Under the current Social Security system, you die at 57, and you don't get squat for the 30-40 years you've paid in. My father dies at 57, and my sister and I were able to receive the proceeds of the Money Purchase Pension to jump start our financial security.
Well said! Although Soc Sec. helps the poor widow/er who was a homemaker all his/her life in the event that the spouse wasn't able/willing to set up a retirement, in every other sense it is just too much big government taking your money that you could use in your own way.
Perhaps a mandatory retirement tax that allowed you some control over how it was invested would work as long as there was a minimum system available like their is now. So essentiall if you do nothing then SS would work for you like it does now. If you applied then it could be set up to where you have limited investment options into very low-risk/secure investments that would set you up for success in the future years.
Former owner of '99 CSVT - Silver #222/2760
356/334 wHP/TQ at 10psi on pump gas!
See My Mods
'05 Volvo S40 Turbo 5 AWD with 6spd, Passion Red
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