privatization of Social Security

[Gerianne]

A lady from Social Security Works spoke about what it would mean if Social Security were to be privatized.
I learned some things I didn't know.
She is a baby boomer herself.

[BATISTAGIRL663]

what did you learn ?  can you share it with us? please

[6265AT99]

and what did she have to say??

[adriarobi]

I think Soc. Sec. is toast, no matter which way it is run.

Government is corrupt. They have been taking money us seniors put in there for years to give housing and food stamps to people who crawl over our fences.

I got a $2 cost of living increase per month this year Who are they fooling? It is a token to prove they gave it.

Soc. Sec. is money we put in, not there for them to take out and squander on other interests.

Privatization is the same. You think corrupt gov't can objectively pick a company with no illicit interests, or no kickback to law makers who put it thru?

Save for your retirement aside Soc. Sec. also. Don't put all those eggs in one basket, and expect it to be there.

 

[ktheodos]

Privatization has some pros and cons - it puts more of the responsibility on us as individuals which is always risky....the problem with SS is the corruption and unfairness involved....

[Gerianne]

I shared the name of the website; we aren't suppose to post links in the forum.
I try to watch what I say. There was one post of mine deleted. I want to keep a good record here.
Seventeen thousand people signed the petition to keep Social Security as it is.

[bretay]

with social security they are always changing and saying something..you have to take it as it is at the time...best to save money yourself for those days ahead

[nannycoe1]

I earned my Social Security and had to start drawing early due to disability. Some people think that because I was younger I was getting something free. It means that I do not get as much as I would have if I had waited. I get nothing free!

[ghunter]

I don't know, but I will look into it because I am getting close to getting my social security

[oldbuddy]

I have been on it for 17 years and so far so good. Any savings I have are in low interest super safe government guaranteed accounts, because I have a very low risk tolerance these days. I just learned about MyRA.gov and will be opening an account there soon.

[dsawan]

hope theres there for me when i retire.

[Tresbn00]

I believe that social security served it's purpose, it has been abused by the government and we should stop deducting a percentage of everyone's wages to fund it unless they want to continue contributing. Keep paying the people that are already getting paid and perhaps people that expect to get it within the next three years.  For those that want to continue contributing, put the money into an annuity and set the penalty period for the day that people anticipate retiring. I think that the large percentage of Americans are not equipped to handle the management of their money and that many will be working until the day that they die. So many people are living from paycheck to paycheck, why penalize them with social security withdrawals that they most likely will never get back? Or when they do get it back the cost of living will have risen to the point that the social security check won't be worth the check it is printed on?

[oldbuddy]

I believe that social security served it's purpose, it has been abused by the government and we should stop deducting a percentage of everyone's wages to fund it unless they want to continue contributing. Keep paying the people that are already getting paid and perhaps people that expect to get it within the next three years.  For those that want to continue contributing, put the money into an annuity and set the penalty period for the day that people anticipate retiring. I think that the large percentage of Americans are not equipped to handle the management of their money and that many will be working until the day that they die. So many people are living from paycheck to paycheck, why penalize them with social security withdrawals that they most likely will never get back? Or when they do get it back the cost of living will have risen to the point that the social security check won't be worth the check it is printed on?

I believe that is what MyRA.gov is trying to do. If someone has a few years left to work and sets up a payroll deduction to their account now, it could get them into the habit of saving for themselves.

[sfreeman8]

I got a $2 cost of living increase per month this year Who are they fooling? It is a token to prove they gave it.

Soc. Sec. is money we put in, not there for them to take out and squander on other interests.

Privatization is the same. You think corrupt gov't can objectively pick a company with no illicit interests, or no kickback to law makers who put it thru?

Save for your retirement aside Soc. Sec. also. Don't put all those eggs in one basket, and expect it to be there.
 

First of all, the COLA wasn't worth a cent because Medicare Part B went up the exact same amount of the COLA. I talked to quite a few people and it didn't matter what your monthly COLA amount was, their Part B went up that exact amount.

Tell me how you don't put all your eggs in one basket if you don't believe in privatization? That's what you do when you start a retirement fund. That's privatization...unless you're putting your money under your mattress.

As for government, privatization would be voluntary. Privatization is in IRAs, 401Ks, ETFs, whatever.  It would be up to you where to put your money. it's my understanding that you would only do HALF of the monthly amount that's taken from your paycheck to put into private  investments and the other half goes into SS. YOU make the decision, NOT the government.

You are correct that SS has been robbed. So has Medicare. There are that many IOUs into the SS "lockbox" (which isn't really locked) that if it was paid back, SS would be fine for another 50 years plus added to the years it is now projected to last. As for Medicare, they robbed that to cover Obamacare's start up and put it towards Medicaid. This is part of the reason Medicare is in trouble, too. What were they thinking??

[monnee]

They better start now or it's going to go broke when the time comes for me to retire.