On the TeeVee
You might have seen me on WABI yesterday at the Social Security Works press conference. I wanted my soundbite to speak to the importance of Social Security for people my age. Here's what I said:
Social Security is not an investment program, it's a safety net and it needs to be strong. Any cut in benefits, any compromise that weakens the system undermines this program and breaks the promise that has been made to my generation.
Visit the new Maine Politics.
posted by @ 11:07 AM 
2 comments
2 Comments:
Any benefit you might receive from social security is entirely dependent upon a future Congress appropriating the funds to pay you that benefit. You are correct, your contribution has not been invested for you.
If you want to remain dependent upon the whims of future Congresses, you can remain in Social Security as it exists today. That is your decision because private accounts are optional .
If you want to have a monthly check about 5 times larger than the poor brainwashed souls who remain on classic social security, you'll put your contributions to work and enjoy the magic impacts of compound compounding. It's your choice.
Just remember that your local Congress critter is enjoying just the exact program that they don't want you to enjoy. Don't be suckered.
Posted by Bob
First, I'm not exactly sure how you define compound compounding, but as I understand, the current proposal for private accounts is confined to index funds Now here is a 1 decade graph of the QQQ, an index fund that tracks the top 100 companies on the Nasdaq. I suggest that you look at this graph and rethink the idea of "a monthly check about 5 times larger than the poor brainwashed souls who remain on classic social security"
Posted by Nathan