Social Security began paying out more than it recieves in 2010. The so called trust fund (which I call so called because it only exists on paper) will run out by 2033. While I personally like the idea of phasing out the program and allowing people to invest for their own retirement, I am open to other ideas. How would you reform Social Security so it is sustainable?
I agree with habee. SS isn't supposed to be a retirement fund, it's supposed to be a fund for people who are too old to work to support themselves.
That definition hasn't changed, even though people are living longer.
I also like the idea of allowing people to choose to invest at least a portion of their contributions in personal accounts... responsibly chosen funds have always far out-performed traditional SS returns... if we had allowed all the baby-boomers to do that, they could get twice the benefits and we wouldn't have the shortfall in the trust that we have.
I agree with you both. While I don't like the idea of means testing, I don't see any other choice until the program is solvent again. And if we moved to full or partial funding through individual retirement accounts, it may take a few generations to get us out of this mess.
You are mistaken. Had boomers invested their contributions (and their employers) in long term, safe, mutual funds they would not get twice the benefits. The number is closer to 10 times the benefits.
I took my SS statement last year and ran a spreadsheet on it, using income figures from uncle Sam coupled with various returns. Results were astounding - I should be a millionaire several times over rather than the near pauper I am. I should have an income to dwarf anything I earned in 40 years of labor instead of the pittance I get from the govt. The numbers I came up were so out of line with what I will get it prompted a hub.
by Ralph Deeds4 years ago
http://www.nytimes.com/2013/03/31/opini … ef=opinionSocial Security, Present and FutureBy THE EDITORIAL BOARDPublished: March 30, 2013 6 Comments"In the fight over the federal budget deficit, Social Security...
by SparklingJewel5 years ago
I would be interested to hear opposition to the stated "facts" in this video...Has anyone done an extensive research on the origins of Social Security?http://www.youtube.com/watch?v=V4BjLrTq … r_embedded
by N. Ramius7 years ago
I wouldn't pay in and wouldn't collect in retirement. I wish they'd let me do that.
by Petra Vlah4 years ago
Through our working years we all paid for Social Security and Medicare, so why are they considered entitlements when in fact we contributed our own money into the system?
by Charles4 years ago
Does he really think that the solution to the dwindling social security fund is to privatize it? Perhaps it would be a better idea to return the money that has been "borrowed" without our consent? ...
by OLYHOOCH4 years ago
A History Lesson on Your Social Security Card1934 - 1980With the elections just a little over 3 months away you'll soon be hearing some Democrats running for political office, warning how the Republicans...
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