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Originally Posted by cologal
First:
the money that was put in your private account will still be there.
Be serious....most everyone lost 15-25% on all investments.
Actually, in this case, that would be a big NO. My childhood experiences have made me very leary of the Stock Market. For the "investor" it is much like going to Vegas. The people who make money are the dealers and the house. Just look at things now.....the big investment firms got bailed out, received their expect bonuses and now are showing big profits. Not so in my 401k.
This is history about 401K pension plans in Nebraska...they were touted has being the answer and now years later they are in the dustbid.
The only ones who would have benefited by this plans was Wall Street.
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There are big gains and big loses. When I got laid off I transferred all my money to an IRA. I have the choice to diversify my money to what I want. A certain percentage goes to safe investments and a certain amount goes to higher risk. It is my money and I can put it in stocks or bonds or equities or CD's if I'm really worried about the market. When you put 15% of all your money(you and employer) into SS and it goes under...you screwed. With the weight of 78 million baby boomers about to collect...what makes you so sure you will get what you think you will get. If they do means evaluations...you monthly payments could decrease significantly.
Oh, by the way, you can blame the democrats for dipping into the SS. Johnson needed the money to fund his Great Society and his War on Poverty. Also, the Kennedy-Johnson Vietnam war was funded through SS too.