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Plan Could Cut Social Security for Young Workers
Newsmax.com; AP ^
| January 4, 2005
| AP; Newsmax
Posted on 01/04/2005 12:46:03 PM PST by RetiredArmy
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Recently posted as headline on Newsmax.com
To: RetiredArmy
Well of course it would be cut, they will have a part of what they would have got in a savings account somewhere. Where is the news in this?
2
posted on
01/04/2005 12:50:11 PM PST
by
stopem
To: stopem
Expect a lot of "news" items to come out about Bush cutting SS benes.
Those "cuts" are going to be diverted into private retirement accounts, I think, or something like that.
To be honest, I'm 36 and have been making my retirement plans without SS in the picture. I've pretty much invested in IRAs, mutual funds and some stocks that have proven to be solid investments over the long-haul. Will I retire a millionarie? Prolly not, but I won't be depending on a bankrupt system to be there for me either.
3
posted on
01/04/2005 12:54:34 PM PST
by
fsorbello
(This space available.)
To: RetiredArmy
the monthly promised benefit of $2,032 would be cut by 45.9 percent to $1,099 a month. Ummm...someone needs to invest in a calculator.
To: ravingnutter
Wow thats pretty high figure for benefits. Last I heard the highest was about $500 to $1500 for an average earner isnt it? It certainly isn't something that you can negotiate.
5
posted on
01/04/2005 1:00:29 PM PST
by
stopem
To: ravingnutter
They miscalculated the amount in the paragraph above, as well. Or they think that .9% = 9%.
To: RetiredArmy
My wife and I both hope we can get our money out of this ponxy scheme. We woulf love to invest it our way. And yes we are investing and planning a retirement based on the assumption that SS will not be there.
7
posted on
01/04/2005 1:04:03 PM PST
by
TXBSAFH
(Never underestimate the power of human stupidity--Robert Heinlein)
To: ravingnutter
$2,032-$1,099 = $933/$2,032 = 45.9%
8
posted on
01/04/2005 1:09:46 PM PST
by
wmichgrad
("We must find a way to help the liberals!" Sean Hannity November 9, 2004)
To: RetiredArmy
One would hope the old would be cut as they new will be two to four times more that they would expect from regular social security and taxes will not have to be raised 60 to 70% to pay for the system.
9
posted on
01/04/2005 1:10:57 PM PST
by
YOUGOTIT
To: fsorbello
I'd let them keep all of mine to date if they'd let me out now...
Nancy Pelosi, Dumbass-Calif. ``This is the equivalent of forcing seniors today to live at a 1940s standard of living.''
..it was never supposed to be to enough to retire on, it was to be as it was called, "supplemental" income.
Senate Majority Leader Bill Frist, R-Tenn., ``Young people today recognize it's their money they're putting into Social Security,'' Frist said Tuesday on CNN. ``They own that money."
He's wrong, too . Any money that goes to Washington has a great chance of never coming back.ever.
10
posted on
01/04/2005 1:19:28 PM PST
by
Rakkasan1
(Justice of the Piece: There is no justice, there's 'just us'.)
To: YOUGOTIT
All I can say is, if any democrat in his/her left mind, thinks that SS is going to survive as currently established, we need to discuss the purchase of a certain bridge in Brooklyn that I would like to interest him in! SS is in trouble and sadly, young people who are going to lose out as a result of this program, do not care. They simply think, as do many seniors or near seniors, that Congress will simply FIX it. There is no FIX, because dems like Algore kept telling everyone that SS is in this so called lock box which does not even exist. Yet, stupids drink it in and believe all the socialists tell them.
11
posted on
01/04/2005 1:21:42 PM PST
by
RetiredArmy
(DEMOCRATIC PARTY MOTO: If you can't win fair and square - cheat, steal and lie to do so!)
To: ravingnutter
Ummm...someone needs to invest in a calculator. Someone = ravingnutter. ;O)
12
posted on
01/04/2005 1:24:20 PM PST
by
newgeezer
(Just my opinion, of course. Your mileage may vary.)
To: RetiredArmy
20 yrs from now the young who will be told to shoulder this burden might not have too many ethics that will get in the way of senior abortions...voluntary or otherwise...
13
posted on
01/04/2005 1:25:34 PM PST
by
joesnuffy
(Moderate Islam Is For Dilettantes)
To: RetiredArmy
How about just raising the retirement age one month every year?
14
posted on
01/04/2005 1:49:39 PM PST
by
eccentric
(aka baldwidow)
To: qam1
15
posted on
01/04/2005 2:34:37 PM PST
by
LibertarianInExile
(NO BLOOD FOR CHOCOLATE! Get the UN-ignoring, unilateralist Frogs out of Ivory Coast!)
To: LibertarianInExile; qam1; ItsOurTimeNow; PresbyRev; tortoise; Fraulein; StoneColdGOP; Clemenza; ...
Xer Ping Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations (i.e. The Baby Boomers) are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
16
posted on
01/04/2005 2:52:01 PM PST
by
qam1
(Anyone who was born in New Jersey should not be allowed to drive at night or on hills.)
To: Rakkasan1
I love how Pelosi glosses over the fact that to keep things as they are, she'd force people who are still paying into the system to live at a 1940s standard of living.
I am with you--don't reform it with these stupid accounts. END IT NOW. LET US OUT! YOU CAN KEEP ALL THE MONEY, and even cash out the seniors with big fat checks! JUST LET US GO!
Even Ponzi didn't MAKE people pay in at the point of a gun.
17
posted on
01/04/2005 2:58:04 PM PST
by
LibertarianInExile
(NO BLOOD FOR CHOCOLATE! Get the UN-ignoring, unilateralist Frogs out of Ivory Coast!)
To: RetiredArmy
Honestly, even if it does-ha ha-get FIXEd, there is certainly no harm in planning as if it wouldn't, that's for sure. Too many people are putting all their eggs into one basket, all right.
18
posted on
01/04/2005 2:59:16 PM PST
by
exnavychick
(I'm no expert, but I stayed at a Holiday Inn Express last night!)
To: fsorbello
If you max out your deposit to $12K a year and get even a few points of match then you are looking at close to $15K a year. In seven years that's $150K, 14 years it's $450K, in 21 years it's over a million and in 28 years you have $2.2 million.
The government can keep my SS provided they let my taxes go on my retirement accounts. My goal is to retire before 60 with about $3 mil in today's money and the value of my current house paid for.
To: RetiredArmy
Even if the social security money wasn't invested, just having it in savings and building up would make quite a little nest egg.
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