Ravenwood - 02/14/05 07:15 AM
Whenever I hear someone talk about "guaranteed" benefits of social security, I feel like punching them in the nose. Without ownership of accounts, there are no guarantees, what so ever. You can pay taxes into the system for 20 or 30 years and not get a penny back. Congress could eliminate the system tomorrow, and there isn't a thing you could do about it. The only way to guarantee benefits is to tie account ownership with the individual taxpayer so that it actually becomes your account. If you die, that account goes to your estate. If Congress wants to call Social Security an investment instead of a tax, let it play by the same rules as any other investment.
This is my social security account. There are many like it, but this one is mine. My social security account is my best friend. It is my life. I must master it as I must master my life...
UPDATE: Jeff Jacoby has more on where you send 1/8th of your paycheck.
A guarantee means that you have contract rights, not that you get the money. You could buy a nice annuity from a company that disappears; you're guaranteed a spot in line with the rest of the creditors.
You're probably better off with the government, if security in old age, as to the guarantee part, is the issue. You have a vote and easy access to special interest rhetoric, unlike a bankruptcy court.
That's an excellent icon! Love it.
Posted by: Drew at February 15, 2005 12:19 PMThank you. It's one of my favorites.
Posted by: Ravenwood at February 15, 2005 1:03 PM(c) Ravenwood and Associates, 1990 - 2014
