posted on Feb, 3 2005 @ 05:42 PM
You don't believe that the number of people paying in is on the decrease? You have to start with that premise, because otherwise, if it ain't
Originally posted by DontTreadOnMe
Problem is, you can't just pull the rug out from all those who are counting on Social Security. It's all well and good to start your own
alternative plan, but you need quite a few years for that to pay off.
I'd say anyone who is now 45-50 can no longer invest enough. Many of us don't make enough to invst and make a difference.
It is't designed to make a fast buck. Like a 401K, it's a long range investment option.
I don't know what they will do with the 40-50 year olds.
Once again, can you just see the ramifications of giving the people responsibility for their own money? People who can't even take
responsibility for making sure their dogs don't crap on their neighbors lawn? How many will screw it up and then come running to the government for
a handout in their old age?
Many of us are smart enough to invest.
Many more of us probably don't know wht a mutual fund is.
My understanding is that there will be a choice of about 5 plans to invest in, from lowest risk, lowest gain to highest risk, highest gain. And don't
forget, participation in these investment plans in voluntary. Also, you don't get to invest all your money, only a portion of it.
One other bright spot is being able to leave the profits to your heirs,if you want to. Today, if your kids are over 18, you're divorced, and you die
the day before you're eligible to retire and start collecting, all that money is gone.
The system is on the way towards insolvency, I firmly believe that. If this plan is shot down, you're looking at many other ways to keep it solvent,
from higher contribution on your part, to older retirement ages, etc.
It doesn't matter to me anyway. My retirement plan is that I'll have to work until I die.