Social Security

According to the Social Security Act, "the purpose of Social Security is to provide insured persons with payments by way of a retirement benefit, survivors benefit, sickness benefit, and to substitute for compensation under the Workmen's Compensation Ordinance, a system of insurance against injury or death caused by accident arising out of and in the course of employment." In order to finance social security, a Social Security Fund was established, financed by contributions made by the workers and their employers. All benefits, administrative expenses, and capital expenditures are paid out from the Fund.

But according to government figures, "while Social Security takes in more than it spends right now, the situation reverses when the baby boom generation (those born between 1946 and 1964) begins to retire in 2010. Unless the system is overhauled, Social Security by 2013 will be spending more than it collects in taxes and will be broke by 2032."

I will be 69 years old in 2032. I will have paid a very large percentage of my income into a government plan and will have nothing to show for it. Accordingly, Social Security payroll deductions should end for anyone born in 1965 or later and be shifted to a 401(K) plan so they will reap the rewards of their investment when they retire. Those born in 1964 and before should continue some Social Security payroll deduction along with some government subsidy to cover the difference.

With all this talk of tax refunds fueled by a government surplus coupled with the enormous corporate tax breaks given out by our government, I am sure we could find enough money to subsidize a transition plan to save our retirement money.

IF we had the 401k to begin with imagine the amount we would retire with, and the government would have not been able to stick their fat greedy fingers in it. The interest would have been really great had we started our 401k's when we were at the age of beginning of employment. Indeed
a sizable amount of money had been given over to the social security tax.

And I for one would love to have the governments retirement funds abolished. Call me small minded, but the fact they are getting huge retirement funds off our taxes and we are left to suffer is just beyond my capabilities to understanding.

quote:

---

And I for one would love to have the governments retirement funds abolished. Call me small minded, but the fact they are getting huge retirement funds off our taxes

---

small minded, but the fact they are getting huge retirement funds off our taxes?

quote:

---

In order to finance social security, a Social Security Fund was established, financed by contributions made by the workers and their employers.

---

In fact the problem is more of borrowing from this fund to finance (mispropriating) other agency funding. Commonly called borrowing from Peter to pay Paul. Which is probably why we should letsome of those incentative for the wealthy go down the tubes (especially those making money off the elderly), to repay the social security system.

During the stock market 'crash' of 1999, those of us who had 401k's through our employer lost bundles. I lost over $20K, and I have not yet seen that amount recovered. A co-employee lost nearly $50K.

The problem with depending on the stock market is just that. Publically traded companies have a need to provide the stock holders with a profit. If not, then they will sell and go elsewhere. In these days of false reportings, downsizing at the sake of profits, cutting retirements to add to the profit margins, I do not feel moraly comfortable in replacing Social Security with with a system that uses questionable tactics.