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Originally Posted by Boomer
Nope. JimJohnson said nothing political.
But I guess post-reporting depends on whose ox is being gored.
Back to the topic of concern for the future of Social Security, this decision could grow arms and legs.
This decision could eventually threaten not just those who depend for the most part on Social Security in retirement, but also could threaten those who have invested carefully, but depend on SS to provide a buffer that keeps investors from needing to tap into their IRAs sooner rather than later. And where a Roth is concerned maybe forever.
Anyone who thinks that privatization of SS is not in the wings is kidding themselves. Another thing that could be looming in the wings is means testing — that could hit those who have been paying in for years, but have accumulated assets — though they are not super high income people, just good long range planners.
Please do not base your opinion on personal politics. Please think through how this SS decision can affect personal finances in retirement — for all of us.
Cassandra Boomer
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I do not see privatization happening but something must be done to make it sustainable.
It was set up to pay out at age 65 when the majority of people did not live that long.
Now that we are living well past that time enough is not coming in to maintain full payment for more than say 10 years.
Congress and President must either raise retirement age, allow people who want to do so to opt out probably sacrificing what they put in, raise the amounts paid into the system either by rate or income after which no more payments into the system or allow those who wish to to invest part of their money in some sort of mutual fund assuming some degree of risk.
Instead both parties would rather kick the can down the road. At some point action will have to be taken and the longer they take to do so the more difficult the fix will be.