Posted on 12/26/2005 11:38:30 AM PST by qam1
slinks away...."U-R".
"Lockhart was executive director of the Pension Benefit Guaranty Corp".....Shoulda/coulda been captain of the TITANIC --same diff.....Bad Choices have consequences PBGC was as doomed as the ship---just a bone thrown to the public to quiet concerns back then...bankrupt now..except for taxpayers who will/are expected to bail them out..recall FSLIC?
why does the government pay for your kids to go to college?
Just remember you cannot squeeze water from a rock.
I'm thinking it's probably along the same lines as why the gubmint is allowing illegals to receive disabilty payments ... though they are here illegally and have never paid Dime One into the SS system in the first place.
If he's so good for this country, after reading this info why in the hell does he insist on making illegals eligible for SS.......even though many of them will not even pay into the system for a period anywhere near what an American has been forced to do?
We've also aborted 40+Million potential taxpayers... not to mention that women....since the 1950's have decided to have more career and less children....thanks to the Wimmen's lib movement.
BTW... wasn't the SS system supposed to be "temporary"?
Consider this: Social Security pays more than $450 billion in benefits each year. If nothing is done, by 2060, the combination of Social Security and Medicare will account for more than 71 percent of the federal budget.
If you think you'll have enough to live the way you want for the rest of your life, why not? I don't think that's enough of a pot to generate the necessary life income for most people, nor do I think it will be easy to hide that lump of cash when the Gummint comes knocking on your door in a few years to tax the money in 401K accounts BEFORE it's withdrawn.
(They will, you know. They'll have to do SOMETHING. And 401Ks being mostly repositories of Gen X and Y money, I'm betting on that being one of the first taxer targers.)
But assuming you have enough to live on, go for it! I will definitely be retiring gummint-wise at the earliest possible age, if I have that opportunity, just so I get SOMETHING back. Men get more screwed than women by SS actuarial tables, blacks more than whites, so why not get some back while you can?
Suggest you retire somewhere that pot of cash will last longer, where the cost of living is lower, but the hospitals are still decent if you have dough. Maybe the Philippines or Guatemala. Keep your money outside the U.S. and outside of your host country, too, and you'll be golden in your golden years.
"I do worry that, at some point, those of us who planned ahead will be taxed or penalized (through benefit reductions) because we are "better able" to support ourselves."
I would worry about getting that savings taxed, too. You might consider putting it somewhere safe, outside the country.
Just a suggestion. I'm not gambling on my money getting stolen by the government when it tries to fix things. Government 'fixes' always end up meaning someone who earned their money gets it taken and awarded to someone who didn't.
Kinda sad dont,cha know.....
The more afluent a country, the lower the birthrate regardless of how it comes about.
BTW... wasn't the SS system supposed to be "temporary"?
Not that I am aware of. It was supposed to be a safety net, not the main source of retirement income.
Bush Urges Business to Protect Pensions
http://www.freerepublic.com/focus/f-news/1534428/posts
Gubmint Schemes Excluded
40 YEARS AGO, I went to work for the Social Security Adminitration and was told the same thing (the imbalances have obviously only gotten worse since)! No one wants to solve the problem because they will be "tagged" with the blame for their having been the final "messenger" bearing bad news!
I could have sworn I read somewhere that this was a temporary program to help overcome the Depression. Oh well. I've read so much lately... my poor brain is on overload. *chuckle*
36 years? I'll be 88! I'll probably need the money for viagra and hair plugs by then! Oh, wait, I'll probably be dead. (just like all the RATS in congress who killed SS reform) Never mind.
Just let people do what they want with their money. It's their money, so government doesn't need to tell them what they can and can't do with it.
That's of course how it was billed. But FDR had definitely made it clear privately that he set it up so that it could not be dismantled later on. So in other words, he used a crisis to ram through permanent programs that people would most likely not have voted for under more normal conditions.
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