If social security is cut back and dissolved in a sea of blunders, what would ou

1. 53

   whonunuwhoposted 11 years ago

   If social security is cut back and dissolved in a sea of blunders, what would our existence be like?
   
   What would life be like, without social security benefits and trying to survive in this country, in the future?
   
   

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2. 67

   LandmarkWealthposted 11 years ago

   It's mportant to realize that Social Security was never designed to be the primary source of anyone's retirement.  It was to supplement it only.
   
   No political party is looking to disolve it.  They proposals to alter it are more in line with restructuring it to reflect a traditional pension plan.  In such a plan there is a sub account per participant that has a commuted value.  In such a system it iis impossible for anyone to borrow against the funds in your sub account for any other puppose.  As it stands now, the SS liability is just another line item in an ever growing Federal budget.  There is no real "Lock Box" that holds your funds despite whatpoliticians try to tell people.  Additionally every pension fund in the country has a sub account of investments that is made up of equities, fixed income, commodities, real estate and other alternative assets to keep up with inflation.   Social Security can only invest in US treasuries.  The current setup is non-sensical.  The people responsible for paying off the treasuries are the same people you owe the SS benefits to.  That's like saying if I owe you $20, loan me another $50, so I can pay you back the $20.  If a trustee of a private pension fund attempted to run it the way SS is currently run, they would literally be charged with fraud.

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3. 53

   whonunuwhoposted 11 years ago

   Thanks for your learned remarks,Landmark, and yes it is a royal mess and one that keeps us all up at night in worry, sometimes.

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   1. 67

      LandmarkWealthposted 11 years agoin reply to this

      I wouldn't lose alot of sleep.  The system will be altered for the better eventually for no other reason than the math and economics of the current system simply can't work.

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4. 71

   lone77starposted 11 years ago

   It might help us shake off the learned helplessness that seems to have been inbred into recent generations. A Nanny State that "takes care of us" is poison to self-reliance and creativity.
   
   While Social Security is still around, those who paid into it should be allowed to take their money back. When the elite raid this "pension fund," as they might well do, then we merely pick ourselves up and create a new way of doing things. Simple.
   
   Keep Social Security only for those who paid into it. Stop Social Security for newer generations. End the Federal Reserve. Stop personal income taxes and end the IRS. If America was fiscally sane, it wouldn't be spending so much money anyway. These wars of corporate greed are far too expensive, and we don't benefit from them.

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