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Are we going to keep Social Security or abandon it?
Posted: Sep 22, 2012
Social Security is a progressive entitlement program created by Republicans and Democrats working together. Those conservatives ideologically opposed have always tried to get rid of it, but voters wouldn't let them because it has always served its purpose of protecting us from the possibility of destitution when we're too old to work.
Now their tactic of destroying it by delaying necessary adjustments has successfully brought Social Security to the point of failure. Like a home on which maintenance has not been allowed for decades, it is now close to ruin. Nevertheless, Social Security can continue on, doing what it has done so well for us indefinitely--IF we choose to finally start taking care of it.
The choice is simple. One of two:
1. The Obama administration plans to make the changes necessary to rescue and continue Social Security, currently an entirely self-funded system. Social Security taxes would increase to pay the costs, and the eligibility age would go up for younger people, who can expect to live into their 90s on average.
2. A Romney-Ryan administration, ideologically opposed to entitlement programs, plans to change Social Security as we know it. Opponents have long advocated changing us to a privatized method of investing retirement money on our own, subject to the risks, and benefits, of the free market. (Any investment money lost in the market goes where it goes now.) Romney plans to begin that process by offering private investment accounts as an alternative.
These are our choices. If we're going to continue the Social Security program that has worked so outstandingly for ourselves and our children, we need to stand up and make it happen. We will also have to vote for a Congress that will cooperate enough to do its job.
Here's some basic info, including some choices: http://www.economics21.org/commentary/it-becoming-too-late-fix-social-securitys-finances
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Where do you people come up with this crap? MSNBC? - Aunt Sue
[ In Reply To ..]nm
Very informative report from a Social Security trustee. - Sobering, and yet hopeful. NM
[ In Reply To ..]x
I worry about all the young people who would divert - savings to investments thinking they will
[ In Reply To ..]be there for them after several decades ...we don't know what. It would presumably work well for some, well enough for others, but many no doubt would be wiped out, leaving them with a partial benefit inadequate to support themselves from the lesser amount they had paid into a common fund--IF one still existed. By then, very likely not.
Young people are so optimistic, and so inexperienced. I would have put as much as possible in personal investment immediately myself. I was a lot more optimistic myself then, and old age was very far away.
If they abolish SS, I want ALL of the money I paid into it back! - anon15
[ In Reply To ..]If everybody demanded their money back that they paid in, as security for their futures, then the govt would be TOTALLY broke and have nothing to "steal from" any longer. We did not pay in to have them take it to use for their schemes and manipulations, we paid in to have our needs met as we became seniors....they are so wrong about this!
That won't happen. We who are 55+ stay the same. - Social Security keeps the name but becomes
[ In Reply To ..]something different, and much less secure, for the next generations. Our money stays where it is for now, though.
Nobody talks about what will happen to those whose investments are wiped out by various economic downturns, or how we will pay for at least getting them off the sidewalks and into shelters for the night.
They just can't seem to grasp that. - Over 55 too.
[ In Reply To ..]nm
SocSec is tried and true. So 30 years of benefits - will cost more than the previous @15?SM
[ In Reply To ..]I am more than glad to be able to look forward to a long retirement, either poor-secure or nice-secure depending on how the rest goes for me, but secure under a system that has proven itself for decades.
I read your link but it says nothing-I repeat- NOTHING - backwards typist
[ In Reply To ..]about privatizing SS. That was supposedly Bush's idea but even so, the full Social Security dollars were not to be privatized, only a portion IF THE RECIPIENT CARED TO DO THAT. It was VOLUNTARY, not MANDATED. The Dems succeeded in blowing that all out of proportion through their scare tactics and the idea was dropped.
From your article:
Mitt Romney has laid out the approach he would take to modernizing America’s entitlement programs, guaranteeing their continued vitality for future generations. Mitt’s proposals will not raise taxes and will not affect today’s seniors or those nearing retirement. He proposes that Social Security should be adjusted in a couple of commonsense ways that will put it on the path of solvency and ensure that it is preserved for future generations.
"First, for future generations of seniors, Mitt believes that the retirement age should be slowly increased to account for increases in longevity. Second, for future generations of seniors, Mitt believes that benefits should continue to grow but that the growth rate should be lower for those with higher incomes. With just those two simple steps, and no change in benefits for those at or near retirement, America can guarantee the preservation of the Social Security system for the foreseeable future.
"Mitt is committed to saving Social Security. He will ensure that America honors all of its commitments to today’s seniors and strengthens the program so that it is financially secure for future generations."
Now, I am not against raising the age of recipients like they did back in the '80s. It didn't hurt a bit. I also can't see a cap on the amount to pay in; i.e., not necessary to pay into the fund after reaching $110K.
I also don't think those who earn more through a combination of pensions, IRAs, etc., should collect full Social Security benefits. They can usually afford to do with a smaller amount depending on their income from the other funds.
Back in the '80s, there was a big brouhaha [sic] about double and triple dipping retirement funds; i.e., work for a company, retire early, take the pension, yet young enough to get another job with full another pension (mostly government workers). I wasn't into politics a lot then, so I don't know if anything ever came of it (probably nothing).
Private accounts are part of his plan. A first step to - the privatization many are eager to see. SM
[ In Reply To ..]Allowing partial, voluntary private accounts won't stop the financial industry salivating over getting their hands on our retirement money from wanting the rest. It's likely to be a very big crack in the dam.
BTW, anyone noticed what's been happening to 401K and other retirement funds, etc? Turns out many, many have lost money or fallen far short of what they should have earned. Their administrators make big money just administering them, charging us for various services, whether the funds do well or not. It's a national scandal. Google it and find more than you can read about it.
It really depends on what accounts you go into. - backwards typist
[ In Reply To ..]Before investing, it would be wise to bone up on the terminology, the different companies, and cost of each package. A lot of IRAs only cost a few pennies in expenses.
When I went to roll over my 401K to an IRA, I spent 3 months reading up on everything. I did pretty good until the crash in 2 accounts (higher risk)(the firm I'm with allows you to split your 401K into 4 IRA accounts) but still did okay with the other 2 (low to moderate risk). Expenses are practically nil and even though the dividends/income interest is not what it used to be, I still have more than what they cost.
I also moved my most of my money to the Money Market end when everything started going south.
I'm far from rolling in the dough and those accounts will never let me retire in style, but as soon as I can, I want to start adding to them again.
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