Re: The other night.....



I settle for letting them keep what I've already paid, as long as I can keep my money from this point on..........I'd still come out way ahead.

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P.Fritz wrote:

be
the
promptly
can
ahead.
I'd settle for winning the lottery. I think the odds are better than either scenario actually occurring ;-)
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No doubt

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Slim-to-none...
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Pierre Levesque, AIA wrote:

savings
longer
retroactively to

as I

occurring ;-)

the same

Which gets us back to chances of the government giving back money...Maybe I should have said the odds would be the SAME.
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The real crisis facing Social Security today isn't that it's going broke or that it's going to go broke in 25 years. The real crisis is a crisis of confidence. Simply put - most people my age don't think Social Security will be there for them. 20 and 30 somethings are convinced they'd be crazy if they intend to count on Social Security for the bulk of their retirement income in 30 or 40 years. Much better to put money away in IRAs. Social Security, if there's antyhing left of it in the 2040s and 2050s, maybe could pay for a sailboat or an RV.
That said, I'd love if, instead of building a huge bureaucracy surrounding 'private accounts' (that you can bet won't really be 'accounts' and definitely won't be anything ressembling 'private'), they deducted the dollar amount of my IRA and 401(k) contributions from my social security taxes. If I paid about $2200 in SS tax over a year, and I contributed $1900 to my IRAs and 401(k) that year, then my net SS tax was only $300 and I get a nice return for $1900 from it - in addition to and separate from any income tax deductions I might get. If I paid $2200 in SS tax and put $4,000 to my IRAs and 401(k), then I get the whole $2200 back that year.
Don wrote:

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> The real crisis facing Social Security today isn't that it's going broke > or that it's going to go broke in 25 years. The real crisis is a crisis > of confidence.
Oh to be young and naive.....................................
The real crisis is that the money is already spent. There is no trust fund, simply IOU's from the same entity that spent the money.......and there is NO safeguard that you, or anyone else will get anything for it. They could simply end all payments and keep taxing you.
> Simply put - most people my age don't think Social > Security will be there for them. 20 and 30 somethings are convinced > they'd be crazy if they intend to count on Social Security for the bulk > of their retirement income in 30 or 40 years. Much better to put money > away in IRAs. Social Security, if there's antyhing left of it in the > 2040s and 2050s, maybe could pay for a sailboat or an RV. > > That said, I'd love if, instead of building a huge bureaucracy > surrounding 'private accounts' (that you can bet won't really be > 'accounts' and definitely won't be anything ressembling 'private'), they > deducted the dollar amount of my IRA and 401(k) contributions from my > social security taxes. If I paid about $2200 in SS tax over a year, and > I contributed $1900 to my IRAs and 401(k) that year, then my net SS tax > was only $300 and I get a nice return for $1900 from it - in addition to > and separate from any income tax deductions I might get. If I paid > $2200 in SS tax and put $4,000 to my IRAs and 401(k), then I get the > whole $2200 back that year. > > > Don wrote: >> The other night Bush said this: >> >> "I feel strongly that there needs to be voluntary personal savings accounts >> as a part of the Social Security system." >> >> Is there something wrong with that question? >> The word *needs* followed by the word *voluntary*. >> >> It seems to be an oxy moron or something. >> >> Here's the deal, Bush can come right out and say, "Effective retroactively, >> to the year 1971, Social Security tax will no longer be witheld from the >> American citizens." "And further, retroactively to the year 1971, all Social >> Security tax that has been paid will be promptly refunded to the payors". >> >> If Bush would come right out and say that, before the end of 2005, I and 50 >> friends and associates will purchase a full page ad in the New York times >> pledging that we will vote for anyone Bush wants us to in the next election >> and we will do all that we can to try to get as many people as possible to >> vote along with us. >> >> Short of that, my solemn wish is for overwhelming peril to descend upon Bush >> and all of his enablers immediately and continuously. >> >> > >
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For older folks, retiring in 2015 or 2025, the crisis is as you said. You say to yourselves - "Gee, I hope all the people who owe social security money pay it back so that my benefits will be paid"
But for 20 and 30 somethings, it's a different story. We ask ourselves - will Social Security exist and be worth anything in 2040 or 2050 when we want to retire? And, as I was saying, not many of us think it will be.
You yourself wrote:

We suspect they will. Hence the crisis in confidence.
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