Quote:
Originally Posted by Guest
I have heard many times, "If I did not have to have my money put into Social Security and could have invested it myself, I would be very rich."
What percentage of Americans would have taken 7 percent from eacg paycheck and actually done that instead of spending all their paycheck - even if there was no safety net of Social Security at all?
We would have lots more people living in refrigerator boxes under bridges if there was no Social Security.
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So, where would you get all that money to live high on the hog like Germany, Sweden, etc?
Ever heard of the Federal Thrift Savings Plan? Google it and look at how well the funds have done.
For those that don't know it, the TSP is part of a gov retirement system where you are allowed to invest so much of your salary into a selection of funds. AND they have done very good. I think the only year that they did not do well, was 2008. So, the following year they did great again. If you were able to take half of your SS tax and chose your own fund, you would do very well by the time you retired. Trouble is that congress doesn't want you taking your money and tying it up somewhere that they can't use it. And in case you think that when the stock market tanks, you will lose all your money, thing about this. If EVERYONE is investing in the stock market, bonds, gov CDs, etc. the economy is going to be pretty stable. Of course, I am no expert so I am just guessing at that part.
Basically, the federal gov could/could allow contributions to SS to invested in the fund of the contributor's choice, within the selections available. Similar to the TSP or even using the TSP. The TSP has a great record, so why not?