Good Idea? Bad Idea?

With alot of people here getting to the age of social security, I really want to know what people think about this issue. Is it good? Is it bad? Will it screw up social security enough that when I get that age, I won't get it?

http://news.yahoo.com/news?tmpl=story&u=/ap/20041111/ap_on_go_pr_wh/second_term_social_security_5

 

This is gonna be a long thread....

My opinion is that Social Security will be a JOKE when I am old enough to retire, by which the min age to retire will be 75 years old! According to my statement from Social Security, I will be living in poverty if I have that money only to depend on. I would rather put as much into 401K as possible...it goes up and down sure, but what else do you do? Diversify and invest!

The flood gates will now open..... :Brow:

 

Oh boy, once the brand xer's take a gander at the ole Buick board and see a thread on social security...

 

my advice is to start drinking... heavily

 

SkylarkSteve: Ain't that the truth. Man oh man, we are bombarded with this _rap every day in the news and we now have it here? Sigh! Oh well, just will do a detour around this obstacle. At least there were road signs displayed.

 

I was expecting some discussion between some old guys, where is it?

 

Personally, I think social security should be done away with. They already admitted that in the future, that unless major changes happen, e.g. much higher taxes, the payout will be very little.

Current stat put it at, that in 40 years, the payout would be 20% less than todays.

 

I'm 44 and I'm not counting on it at all. My thoughts are it was a messed up plan from the get go, but what do I know? o No:

 

Excuse me? Last I checked, the majority of members here fall between 32-45 or so. Hardly approaching SS retirement age. :spank:

 

So your point is? The majority rules and the minority should stay in the background and not wander out as we might fall down if we perhaps forget our canes?

 

i could point out a few reasons why ss is in the shape its in, but i dont want to make so many negative sounding posts.

i got further into politics than i should have in my economy thread so i'm going to do my part to let that one die.

henry

 

So does anyone have an idea what privatizing SS will do? I don't have a clue and would like to know. o No:

 

here's a good place to start..http://search.aarp.org/cgi-bin/htse...earch.aarp.org&method=and&words=privatization

 

So basically we'll all be fudged or what?

 

:laugh: I'm just wondering exactly who Cody is referring to as "old guys"... o No: :error:

 

I don't have a clue either. Are you looking for predictions of what it will do? Or the Facts of how it might work if implemented? I don't think you'll find any experts here on this subject, just some opinions and speculation.

 

Cody--go read the book I mentioned in another thread "Running On Empty" by Peter Peterson. Libraries have it as it is a recent book and somewhat popular. It's damn good and a fairly quick read. The author is not a right or left wing extremist espousing crazy ideas. You'll see his background when you read the book(plenty credible with his experience). He equally blames both parties for the mess they have created in Social Security and Medicare. Maybe this guy is wrong and it all gets figured out some other way by the time we retire but the numbers he throws around are pretty scary. Get the book and read it....and start putting some money in the bank!

BTW, the private account suggestion is most likely too little, too late. The gov assumes the stock market will return a certain percent and this system will work. At least it is a start and an admission that the system is broken. I've seen other, well-reasoned arguments recently that the SS system should basically be ended RIGHT NOW--shut it down and convert everyone below a certain age to a different system.

No matter how you look at it the numbers do not work going forward. In a few years we will have 2 people retiring for every new person entering the workforce (and contributing to SS). It doesn't take a rocket scientist to figure out this system will go upside down very quickly. As it exists it appears to be a gov sponsored Ponzi scheme...that's what it would be called in any other form. Our population is shrinking...that is fact. All industrialized countries have shrinking populations...it's a byproduct of the process. More work, trend towards two income families, etc resulting in less kids per family in industrialized countries. We have this "problem" as well as in a bigger way Europe, Japan and China (yes China). So--the byproducts of the expanding family era are retiring while they are supposed to be supported by the byproduct of the shrinking family....the math is ugly. Imagine 75-80%+ of the Federal budget being allocated to just two things--SS and Medicare--that leaves the balance for Defense, Hland Security, highways, and the list goes on forever. Only solution if Peterson is correct is MASSIVE tax increases and MASSIVE cuts. Our vaunted economy----what economy?

Also---there is no SS Trustfund or "lockbox"---please don't buy that line from either side. It is all IOU's.

I know it's repetitive but I'll say it again---get the book and read it. Patton

 

Thanks Pglade.

:laugh:

 

I'm at the tail end of the Babyboom so I figure unless the 40 somethings had enough productive babies, I'm SOL. Jurie's still out on how productive my kids will be.

 

Here's my idea for retirement. CODY GET OFF THE COMPUTER AND GET ANOTHER JOB SO YOU CAN PAY MORE INTO SS SO THAT I CAN COLLECT IT!

LOL