Goodbye Social Security...
Today I was going through a gi-normous stack of papers today looking for my 2003 tax return (I know it should be filed, I'm messy, I can accept that...AND WHAT?!?!?!) and stumbled across this funny looking newsletter I must have just folded up in haste and stuck in my box o' papers. The top of the newsletter read "Your Social Security Statement". I realized it was the statement you get every year telling you what your social security benefits would be if you became disabled this year, died this year and what all your survivors would be entitled to. Joy. Anyway, a section of this document also indicates your yearly earnings from the first time you filed taxes to the present. I was all bursting with pride and pretty happy at the benefits I had accrued and then I remembered 'Oh right, there won't be any social security for us'. Then I read this little note at the bottom of the page which states:
I mean, I knew this. In between dozing off in econ during freshman year I did hear our teacher encourage us to amass a healthy portfolio of stocks, a 401K, IRA, etc. Seeing these numbers (my actual earnings history!!!) and realizing that my benefits are now going to keep the baby boomers comfortable in their old age (sorry mom and dad), while I scramble to make up for lost benefits is upsetting to say the least.
The whole idea of privatization is completely alarming. Other countries have attempted the same model and have failed. I do not understand why the Bush administration is ignoring this obvious fact. Get educated on the Social Security debate here
I have always known that my retirement was in my own hands...but the idea of some idiot wiping away any chance I would have had to reap the benefits already withdrawn from my earnings is exasperating! I would not trust those private accounts the village idiot and cohorts plan on setting up for anything. I've decided I am putting my money into various investments and depending on myself. The government, whose purpose is to serve, is becoming more of a DISservice.
"Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2042, the payroll taxes collected will be enough to pay only about 73% of scheduled benefits."super...
I mean, I knew this. In between dozing off in econ during freshman year I did hear our teacher encourage us to amass a healthy portfolio of stocks, a 401K, IRA, etc. Seeing these numbers (my actual earnings history!!!) and realizing that my benefits are now going to keep the baby boomers comfortable in their old age (sorry mom and dad), while I scramble to make up for lost benefits is upsetting to say the least.
The whole idea of privatization is completely alarming. Other countries have attempted the same model and have failed. I do not understand why the Bush administration is ignoring this obvious fact. Get educated on the Social Security debate here
I have always known that my retirement was in my own hands...but the idea of some idiot wiping away any chance I would have had to reap the benefits already withdrawn from my earnings is exasperating! I would not trust those private accounts the village idiot and cohorts plan on setting up for anything. I've decided I am putting my money into various investments and depending on myself. The government, whose purpose is to serve, is becoming more of a DISservice.
posted by Nicole at 12:35 AM
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