Presidential Candidate Fred Thompson Pushes For Personal Accounts For Retirees

All Headline News ^ | November 9, 2007 | Danilo Gagelonia

[2ndDivisionVet]

Washington (AHN) - Republican presidential candidate Fred Thompson proposed Friday to reduce promised retirement benefits and to create a system of voluntary personal retirement accounts that can also help to finance the Social Security program.

Under the proposal, retirement benefits for workers who are now 58 and older will not be affected. Employees who are now younger will get smaller monthly Social Security pensions because their benefits will be calculated based on the yearly increase in prices.

Meanwhile, the personal retirement accounts will be funded with workers' contributions to be matched by funds from the Social Security trust fund.

Workers can contribute 2 percent of their salary into their own account. The government will match the first $20 in monthly individual contributions with $50 from the Social Security Trust Funds. Succeeding contributions will be matched 50 cents on the dollar.

Distributed written material on the plan said, "The money belongs to the worker. It could be withdrawn at the worker's discretion after age 62 and used for any purpose, or left in the account to continue growing."

According to Thompson, the creation of personal accounts will stimulate the economy and provide increased tax revenue. The Treasury can then make a payment each year back to the Social Security trust fund to recoup the program's reserves.

Thompson said, "If somebody's got a better idea let them put it on the table."

[2ndDivisionVet]

Senator Hillary Clinton (D-NY) says she'll appoint a commission to study the matter. Weasel words, IMO. No one else, that I know of, has any plans at all, just glib sentences on their websites.

[Constitutional Patriot]

I still think Fred is the man.

I’m not buying into the “he doesn’t really want the job” hype that is being circulated in the LSM. I’m sending a few buck to his campaign tomorrow.

[Nathan Zachary]

It’s basically your own retirement 401k plan. Instead of the money which is already taken off your pay for social security, which disappears into the black hole known as general revenues and spent by government, you can see it and watch it grow, just like a regular 401K. Contribute the min, and you end up with the min., but for those smart enough to take advantage of a good 401k where the government contributes a portion to your plan on top of your own contributions, there is no reason why anyone should retire poor.

[Roccus]

The article mentioned nothing about SSD or SSI. I don’t know whether Mr. Thompson’s plan addresses these or not, but if there is any solution to this mess, they must be.

[pieceofthepuzzle]

“Contribute the min, and you end up with the min., but for those smart enough to take advantage of a good 401k where the government contributes a portion to your plan on top of your own contributions, there is no reason why anyone should retire poor.”

I agree. Also, when you die this money can be passed on to your family. When my father died my mother had to choose between her social security or my father's, her pension or my father's (they both worked). She essentially lost nearly 50% of what had been coming in from their pension plans and social security. If it was your own account you would be able to pass that money on. Why shouldn’t you be able to? You worked for it.

[W04Man]

Bump!

FRED VETS, SIGN UP TODAY AT:

[2ndDivisionVet]

THANK YOU!!

[Oldexpat]

He is the only candidate who is proposing the only solution to our mess..individual accounts. It could be different,,but individual accounts is the answer.
If you look at the success of Chile, Singapore and Australia..it is stunning.
Makes capitalists of all of us.

[W04Man]

Huh? link?

[kindred]

Yeah, Hillary the centrist will say whatever you would want to hear, she is an ear tickler as all liberals are and rationalize doing evil on the lie that it will bring good. The nazis thought so also. And todays rinos are liberals.

[primatreat]

It is a great plan. We have a similar plan at work that matches dollar for dollar into your 401K.
Unfortunately, some don’t trust “the market” and think the gov. knows best.

I feel sad for them and really there is nothing one can do to convince them otherwise. it’s the old “you can take the horse to water, etc.etc.

[SuziQ]

Thompson said, "If somebody's got a better idea let them put it on the table."

Sounds like a good challenge.

[Wonder Warthog]

"If you look at the success of Chile, Singapore and Australia..it is stunning."

Yup. I wonder if the Republicans offered a similar alternative back when FDR was pushing his Ponzi scheme??

If we had gone that route instead of the "pay for your parents" one we did, the USA would have a gargantuan pool of capital, instead of a mountain of debt.

[Coldwater Creek]

Basically, it is the same plan that President Bush worked on, but our sorry Republican congress did nothing to help.

[Rick_Michael]

He’s one of the few candidates to have a more concise plan on a few issues.

[RasterMaster]

http://www.synthstuff.com/mt/archives/ginsburgsnooze.jpg

[RasterMaster]

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[Bull Market]

This is a thread about financial freedom. Protectionists need not apply.

[RasterMaster]

Financial freedom doesn’t come from those who sell our sovereignty to COMMUNIST enemies.