social security

gandbbMarch 14, 2005

There is a thread on the Household finances board that should interest anyone who is at, near, or even far from retirement. My take on it is that there is a great deal of misunderstanding concerning the President's proposal. My understanding is that we won't "take charge" of our future, we are just giving up a defined benefit. We won't decide for ourselves how much and where to invest. That will still be decided for us. We will just be given a choice of 3 or 4 funds to put our money in. Ask yourself who will be in charge of those funds and if any accounting "mistakes" are likely to crop up. We will be shouldering all the risk without getting much to say about it. I would love to hear from someone who has a different understanding of the matter.

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I will admit first that I don't understand it at all, but in my opinion it is the start of phasing out soc sec. I hear a lot about preparing for your own retirement and many are confident they can do it. BUT they can't count on even it being there. The good thing about Soc Sec is that it can't be taken away from you if a tragedy strikes you or your family. If you or a family member needs a heart or kidney transplant you will of course dip into the retirement fund to save your loved one's life. Or if you or your wife runs a red light and cripples someone you will take a huge loss and may pay the rest of your life. That is just two examples of how you can lose your retirement. We all need to write our representatives and ask them to fight any changes in soc sec. If they run low on soc sec funds they should stop sending money out of this country until their responsibility to the citizens are taken care of.

We are very comfortable, I have prepared for this time in our lives....BUT there is one unexpected problem. Alzheimer's. If my husbands has to be placed in a care home, I will be ok, but only because we have a lot of assets. Anyone with less will lose most of their savings and their income. The saving thing for us is our soc sec and my husband's pension.

    Bookmark   March 15, 2005 at 11:26AM
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