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February 02, 2008

Retirement funds

D. Powell (1/29, Letters) asked if any supporters of privatizing Social Security were reconsidering their position in light of recent downturns in the stock market. The answer in my case is a flat “no.”

If Powell believes in selling when the market is low and buying high, I can certainly understand why he may love the way the government gives you so little for so much. However, for those of us who hold on to retirement investments over the course of 30 to 40 years, we cringe to think of the millions we would have if we had been allowed to invest our Social Security funds into safe investments over the course of a lifetime.

Instead, with the government handling our funds, we will get just enough to keep us slightly below poverty level.

What is even more insulting is the government has raised the age I can draw funds to 68 and will probably raise it again by my retirement.

This is real life and there are no guarantees, either from the market of the government. However, given their track record of creating wealth, I’ll take the markets.

David S. Salavitch
Lee’s Summit

Comments

swooth

You stated: "the government has raised the age I can draw funds to 68"

Actually, you can retire at any time between age 62 and full retirement age. However, if you start benefits early, your benefits are reduced a fraction of a percent for each month before your full retirement age. SSA.GOV


Mark Robertson

Great points David and No More. Social Security is such a scam. We would be better off putting the money in a bank at 1% interest. Heck we would be better off putting it in shoe boxes, because we would at least have something to show for it. Thankyou.

Mark Robertson
Independence

NoMoreMrNiceGuy

David the Democrats are so uneducated in finance and investing that you are talking to a brick wall.
Historical facts and yet they still believe in truting government crooks that are not willing to allow Soc.Sec. to be T.O.D. or guarantee a ROI. They tell us it is for retiremnt but that it is not an investment but a social program.
I figured just today if I was allowed to invest my SOcial Security in the fund portfolios I wanted, I would be worth in excess of $592,000 today.
While that does not seem like much, it is by far a better nest egg than worthless socialist security. Most of those that try to use 'the market" being down, don;t veen own any stocks, mutual funds, bonds or anything else except for a savings account or their pensions at their jobs.

 
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