Personal Security
Sorry to disappoint, but it was uneventful last night at U.P.S.
Social Security is a “hot topic” right now. As with every other issues, the left and the right are fighting teeth and nail on this topic. While it is funny to hear the doom and gloom that the Republicans are projecting, it is equally funny to hear democrats trying to convince the public that there is no problem at all.
Former President Bill Clinton stated, when he submitted his balanced budget plan on February 2, 1998, that ”we have a great opportunity now to take action to avert a crisis in the Social Security system.” What is it a crisis then and not a problem now?
According to the Washington Post’s 1998 article, “Unless steps are taken, by 2029 the Social Security system will be able to take care of only three-quarters of the estimated retirees. The problem will continue to get worse without intervention as the number of retirees continues to grow while the work force contributing through the payroll tax continues to shrink.” Again, why was it stated as a problem then, but not now?
When FDR first introduced the Social Security Plan, he wanted a self-supporting system. He also stated that “clear that for perhaps 30 years to come funds will have to be provided by the States and the Federal Government to meet these pensions,” referring to old-age pensions for those who were then too old to build up their own insurance.
If you follow that line of thinking, the States and the Federal Government pays for the pension of people who were or near retirement age, while people starts contributing to their OWN retirement funds and when they retire, they will have a nest egg to live off of. But somewhere down the line, Social Security became the longest running pyramid scheme, a view that is shared by many. In fact, the name in itself implies a pyramid scheme, SOCIAL security. How about Personal Security? or Private Security?
Fact is the government does not trust us to take care of our own retirement, cause after all, we are the bewildered herd. And sadly, the fact is that a lot people can not be trusted. But for people who have the capability and who are willing to should be able to opt out of it. Against, why are we catering to least common denominators in our society?
Look, let’s stop the bickering and go back to how social security was intended. Let the money I put in, become my retirement money. I really don’t want to live off of my grandkids’ social security deduction. Whether it is in a separate personal investment account or in a huge pool, it does not matter to me. But I do want every dime I put in… plus interest.
And please everyone, if you have 401K at your work, contribute fully into it. And always contribute 100% into your IRA or Roth IRAs.
Social Security is a “hot topic” right now. As with every other issues, the left and the right are fighting teeth and nail on this topic. While it is funny to hear the doom and gloom that the Republicans are projecting, it is equally funny to hear democrats trying to convince the public that there is no problem at all.
Former President Bill Clinton stated, when he submitted his balanced budget plan on February 2, 1998, that ”we have a great opportunity now to take action to avert a crisis in the Social Security system.” What is it a crisis then and not a problem now?
According to the Washington Post’s 1998 article, “Unless steps are taken, by 2029 the Social Security system will be able to take care of only three-quarters of the estimated retirees. The problem will continue to get worse without intervention as the number of retirees continues to grow while the work force contributing through the payroll tax continues to shrink.” Again, why was it stated as a problem then, but not now?
When FDR first introduced the Social Security Plan, he wanted a self-supporting system. He also stated that “clear that for perhaps 30 years to come funds will have to be provided by the States and the Federal Government to meet these pensions,” referring to old-age pensions for those who were then too old to build up their own insurance.
If you follow that line of thinking, the States and the Federal Government pays for the pension of people who were or near retirement age, while people starts contributing to their OWN retirement funds and when they retire, they will have a nest egg to live off of. But somewhere down the line, Social Security became the longest running pyramid scheme, a view that is shared by many. In fact, the name in itself implies a pyramid scheme, SOCIAL security. How about Personal Security? or Private Security?
Fact is the government does not trust us to take care of our own retirement, cause after all, we are the bewildered herd. And sadly, the fact is that a lot people can not be trusted. But for people who have the capability and who are willing to should be able to opt out of it. Against, why are we catering to least common denominators in our society?
Look, let’s stop the bickering and go back to how social security was intended. Let the money I put in, become my retirement money. I really don’t want to live off of my grandkids’ social security deduction. Whether it is in a separate personal investment account or in a huge pool, it does not matter to me. But I do want every dime I put in… plus interest.
And please everyone, if you have 401K at your work, contribute fully into it. And always contribute 100% into your IRA or Roth IRAs.
posted by The World Against Me at 10:03 AM
2 Comments:
Thanks, Uncle Sam....
You should be proud. I'm 21 and I opened up an IRA and am investing in Mutual Funds. You can even take money out eventually to down on a house. No more than 10k. WTF can you buy with 10k in the Bay Area???
But watch the money that I put in amount to nothing when I'm old and wrinkly because of inflation. A Ms. Field's cookie will be like $25 when I'm 65. Aiya.
God.. you have always been so damn bad in math.. a 3 dollar cookie would only be 10 bucks at 3% inflation in 40 years.
I told you that book is good, but screw mutual funds! Trend Trade =)
Did I tell you I made like 24% from GOOG in like 2 weeks? ^_^
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