Bush's social security plan

[Gr8_Hindustani]

I am not sure how many of you are following this story. If you do follow, do you agree with his plan of allowing people to divert chunk of their money into voluntary, private investment accounts?

I think it is a good idea.

Another comment, in 2008 around 80M baby boomers will retire. So, that will really heat up the job market. That means 2008 onwards, our salaries might jump quite a bit

[echarcha]

I prefer to manay MY money on MY terms. I like it that some morons in government wont be investing my hard earned dough on my behalf. Let me decide, and i I screw up then I will be the one to blame. Right now, the government is not doing a good job of investing SS money.

I am happy that the stupid Al Gore or Kerry did not win otherwise we would be forever locked in Gore's 'lock-box' theory!!

[chando]

We are going to have tax hike to support Social Security. So much for Mr. Bush promise of not increasing taxes. I guess what will be the reaction of Bush a$$ lickers on this board

[UMA]

Today, it seems like a great idea as people like you and I can keep a good part of our social security contribution under our control. What worries me is the possibility of people being stupid with their money. "Not my problem", I am sure, many will say and I agree except that some democrat president may decide to tax social security payout to help those who lost their's in stock market.

Another question, where will Bush fund the difference from? Right now, social security funds collected are used to pay the recipient. Since more is collected and less is disbursed, there is a surplus. With baby boomers retiring and less money coming, social secuirty would go bust sooner. Hope the president has a plan or it will be a disaster to be dealt with in 2020s.

The best thing is to not rely upon social security and make enough retirement savings. If social security is there, it's a bonus.