No kidding! this idea CAN save social security

[jtexas]

Heard it on the radio, wish I could remember who came up with it - it was some guy who until recently was on Bush's cabinet.<br /><br />From birth to 18 years of age, put $1000 every year into a retirement account for every American child. At a 7.25% rate of return, they will have $1 million at age 65. Don't tell me we can't afford it - today we get a $1000 tax credit per child. <br /><br />There's some details to be hashed over, like what about immigrants, what about transition, etc. But overall I like the concept.

 

[NathanY]

Re: No kidding! this idea CAN save social security

I like the idea of doing away with SS better.

 

[cmyers_uk]

Re: No kidding! this idea CAN save social security

The question is after 47 years of inflation is $1million dollars going to provide your needs at retirement until the day you die and an you get 7.25% return in a very safe investment?

 

[Terry H]

Re: No kidding! this idea CAN save social security

You're kidding, right jtexas? If the feds pay back what they borrowed and made everybody pay in, SS would be just fine. It don't need much fixin, the Feds just needs to do the right thing.<br />Chief

 

[PW2]

Re: No kidding! this idea CAN save social security

That's Paul O'neil's plan.<br /><br />Not sure of all the details, but from what I heard, it makes some sense.

 

[PW2]

Re: No kidding! this idea CAN save social security

I applaud your honesty Nate.<br /><br />A good share of Republicans would like to trash the entire system, too, but won't admit to it directly. They just want to screw it up so bad it can't be fixed.

 

[Laddies]

Re: No kidding! this idea CAN save social security

You got that right Chief, but it would not matter were the money was the politcans would spend it. The only way for it to get fixed is to take the politcans retirement away and make them draw S/S it would be repaired in about 30 seconds---Bob

 

[fixin]

Re: No kidding! this idea CAN save social security

Originally posted by laddiesservice:<br /> You got that right Chief, but it would not matter were the money was the politcans would spend it. The only way for it to get fixed is to take the politcans retirement away and make them draw S/S it would be repaired in about 30 seconds---Bob

Couldn't agree more!<br />Unfortunately, that wont ever happen.

 

[Fly Rod]

Re: No kidding! this idea CAN save social security

Originally posted by Chris Myers:<br /> The question is after 47 years of inflation is $1million dollars going to provide your needs at retirement until the day you die and an you get 7.25% return in a very safe investment?

With inflation counted in you will get the same results!!! you will earn $1400.00 a month at retirement!!!!

 

[Terry H]

Re: No kidding! this idea CAN save social security

1400bucks a month...you're gonna hafta get a job just to make ends meet. Then they'll deduct what you make from what you earned in SS. What a rip...you'all better start stashing money away now, $1400 in 20 years won't even buy you a cardboard box in a Cincinatti alleyway. Don't get me started. Chief

 

[12Footer]

Re: No kidding! this idea CAN save social security

Another vote for NOT saving it. Kill it. Kill it before it takes your first-born!

 

[jtexas]

Re: No kidding! this idea CAN save social security

Originally posted by Chief 101:<br /> You're kidding, right jtexas? If the feds pay back what they borrowed and made everybody pay in, SS would be just fine. It don't need much fixin, the Feds just needs to do the right thing.<br />Chief

I hear ya, chief, but the feds only have two sources of funds:<br /><br />1. us (taxes).<br />2. our children, grandchildren and all our descendents in perpetuity (borrowing).<br />3. cutting costs.<br /><br />Okay, that's 3 sources, but I don't believe #3 will ever happen!<br /><br />

Originally posted by pw2:<br /><br />That's Paul O'neil's plan.<br />

What does the New York Yankees rightfielder care about social security, hasn't he got enough money for one lifetime?

 

[snapperbait]

Re: No kidding! this idea CAN save social security

My harsh pesimistic side says kill it.. The reason?.. I want to see all those others who say "kill it" crying their arse off when they're old and gray, having burnt thru all their life savings and needing social security just to keep the lights on..<br /><br /> As of right now, today, even if you've saved 1million$ over the course of your life, add in a few medical problems, even with the best full-on health insurance, a well invested million won't get you very far.. In caring for a great aunt with alzheimers, my mom is watching over a million$ dwindle away at a startling rate...<br /><br />Yep.. We better jolly well fix social security, or some folk are going to be in for a very rude awakening when their old and gray, and that's a fact..<br /><br />(edit) I've been planning ahead and saving $ like SS won't be there...

 

[12Footer]

Re: No kidding! this idea CAN save social security

I don't know the exact amount (who does?), but I know I've been forced by the government to fork-over a very substantial amount of my life wages to a program that has been abused since it's inception.<br />Kill it now! If you don't want to kill it outright, why not let me and those who choose, opt-out? Don't extort my paycheck, and don't give me a dime whenever I would otherwise be eligable?<br />I'm 52, and would GLADLY wave goodbye to a lifetime of governmental extortion today. Right now.

 

[Tinkerer]

Re: No kidding! this idea CAN save social security

Originally posted by laddiesservice:<br /> You got that right Chief, but it would not matter were the money was the politcans would spend it. The only way for it to get fixed is to take the politcans retirement away and make them draw S/S it would be repaired in about 30 seconds---Bob

Sounds like your politicians are just like ours. Living it up on the gravy train while telling the rest of us to work harder, produce more, do with less, and be grateful for what we're given by the corporations and goverments that can always find big dollars for their own pockets but say it'll destroy civilization as we know it if the workers get another 10 cents an hour. Funny how none of them ever show any inclination to apply the same standards to themselves.

 

[Tinkerer]

Re: No kidding! this idea CAN save social security

Double posted. DOH! Sorry.

 

[Terry H]

Re: No kidding! this idea CAN save social security

If we need to make a positive change in the system I think that "we the folks" are gonna hafta take matters more seriously, because "thems in charge" are just not gonna do the right things for this great country of "ours". Chief