Wonder how the new social security proposal could affect you?

by blondie 42 Replies latest jw friends

  • jula71
    If Congress can have it why can't we. We must be too stupid. I think the government is afraid we might do better with out them. I prefer to make my way thru with the government out of my pocket.

    That?s my point. If it?s such a terrible plan, why did Congress, unanimously, pass it for them selves? The truth is being in control of your own money, makes you the worst thing the Government wants, independent. Whether you agree w/ the plan or not, the proposal is VOLUNTARY, it?s your choice.

  • Eyebrow2

    Something has to be done.

    The problem is that you are always going to have people that don't understand the whole concept of personal responsibility, or, those that understand it, but are not well informed on financial matters. These two sets of people may have a hard time with the program.

    One thing I picked up on that I liked, was that it appears under the new plan you are able to leave the money to anyone you want if you should die. THAT is a great idea. I do like the idea of ownership that Bush was talking about last night. Whether or not that will actually be the case is another thing altogether.

    The thing is though, regardless of how social security is going to change, people need to not rely on it 100% for retirement or disability. It scares me that so many people do. That's where, for me, the whole idea of personal responsibility comes in. There are too many people in this country that can set aside money for retirement, but don't. There are a lot that think they cannot afford it, so don't even make an effort to put even the tiniest bit away. Of course, I do know there are people that may be so poor that they really cannot set aside money for retirement without taking food from their kids mouths. But under the new plan, if it really will work the way Bush claims, this group of people will have a chance to make major decisions on how their ss money is invested. I have to tell you, I think for some that will bring them a great feeling, and maybe even encourage them to take another look at any employer investment programs that are available to them.

    I used to sell insurance and investments about 10 years ago. When I met with clients, I took all their financial data, and presented them with an analysis on where they would be when the retired, or died or were injured...etc. What really scared me was how many clients would say, oh Social Security will take care of me...until they got their ss estimated report.

    I guess it just amazes how people in a free market democracy really think the goverment is responsible to take care of them. I am all for helping those that need it. But maybe this whole SS scare and changes will wake up those that don't take personal financial responisbility for their retirement or death.

    Just my two cents...

  • littlerockguy

    I would lose 21%!!!!

  • GentlyFeral

    I'd lose 7%; my daughter, 34%; my son, 28%.

    I've never had any savings until very recently, never done any investing of any kind, own no real estate or any other property but the trailer we sleep in -- and my annual tax return still gives me the screaming fantods.

    Aaah, t'heck with it. I'm just gonna curl up with a copy of David Bach's Start Late, Finish Rich.


  • purplesofa

    12% loss for me. I cannot even live on the income with the 12%.

    What have I been thinking?

  • DaCheech

    What happens to people living 75+ years? How much (negative) money will they have?

    What happens to mentally uncapable people? (people who are just not capable of thinking of money future?)

    My 401k plan seems to linger in nadaland, when the financial people promised the world?

  • Robert K Stock
    Robert K Stock

    Social Security is no different then any other Ponzi scheme. As long as more people pay in instead of taking out everything looks great. Eventually the day comes when there is not enough new people giving money to keep the scheme going.

    This is a scary thought, but Social Security should be scrapped and replaced by 100% voluntary private accounts. People will lose money and be hurt. Better to have the hurt come quickly like ripping off a bandaid then letting the agony go on for years.

    Republicans and Democrats are equally to blame. To say that Social Security can be saved is like saying you can eat ice cream every day and not get fat. Everyone wants to believe it, but it can't be done.

  • donald

    thats the probelm when you go or belive a leftist web site....donald

  • Eyebrow2

    Robert I agree with you there. There definately will be a generation or two that will be hurt by these changes, so those generations...I think those now in there late 30, 40s and 50s really need to do what they can to rev up their retirement savings out side of SS.

    HOWEVER, I think these changes could mean something good for those younger generations after us.

  • Robert K Stock
    Robert K Stock


    That is why it is important to end Social Security as soon as possible. Get the hard part over and the future will be incredibly bright for those in their 20's and 30's.

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