Social Security

[Zrow]

There's not already a thread on this?!?!



So social security is an important issue that could effect a lot of us in the not-too-distant future. Should it be privatized? How great actually is the threat? If not privatization, then what?

 

[Danoff]

I'm also kinda surprised that there isn't a thread on this. Obviously privatization/abolition is the solution.

 

[Swift]

There kinda was a thread on it.

https://www.gtplanet.net/forum/showthread.php?t=58848&highlight=Security

But it's about Bush's plan to reform Social Security.

Personally, I hate social security. It's PURE theft. I will never see that money and that's literally how the system is setup. It's very upsetting to look at my paystub and see all that money just one that I had ZERO say in how it's dispearsed. At least with taxes we have little bit of a say.

Anyway, I want mine back, with intrest right now! But that's not going to happen, so I'll settle for what Danoff said.

 

[a6m5]

Whatever happend to his privatization plan? Was it shot down?

 

[Kylehnat]

It was an okay system until they realized that it could (and would) go bankrupt. I really don't like the idea of paying social security when it is all but certain that the program won't be around when I turn 65. Taking someone's money without their consent, giving it to someone else, and then never paying it back...yup, theft.

 

[Joey D]

My Social Security plan is a few mutal fund that I try to put at least 1,000 bucks in every year.

 

[Danoff]

My Social Security plan is a few mutal fund that I try to put at least 1,000 bucks in every year.

You should use IRAs and/or a 401k before putting money directly into a mutual fund. And $1k/year isn't going to be sufficient. You'd have what like 100k when you retire? You need a lot more than that.

Max out your IRA, that should help.

 

[Swift]

You should use IRAs and/or a 401k before putting money directly into a mutual fund. And $1k/year isn't going to be sufficient. You'd have what like 100k when you retire? You need a lot more than that.

Max out your IRA, that should help.

Yep, a Roth IRA is usually the best option for young people.

 

[Joey D]

You should use IRAs and/or a 401k before putting money directly into a mutual fund. And $1k/year isn't going to be sufficient. You'd have what like 100k when you retire? You need a lot more than that.

Max out your IRA, that should help.

I'm 19, once I get older and get a steadier job then I will be putting more and more money in...although this year I came into some money after a good sale in the stock market and dropped a little over 7 grand in to various funds.

 

[Danoff]

I'm 19, once I get older and get a steadier job then I will be putting more and more money in...although this year I came into some money after a good sale in the stock market and dropped a little over 7 grand in to various funds.

That's good. It's good that you're doing anything at all while you're 19. Just keep in mind that there are tax advantaged places like IRA's and (if your company offers one for you) 401ks that can save you some cash and make your investment go a lot further.

 

[Joey D]

Oh once I get a full time job I'll be doing IRA's, 401k's, whatever is offered...because I want to retire while I'm still fairly young, by 55 at least.