Sure thing...and it will still be controlled by your loving government. They will still be able to steal your assets at will. Freeze your bank account and investing account. Then what? The real problem is not social security or medicare. It is that we were and are being forced to participate in these lousy schemes. We are forced to accept that this government was born with some magical power over its slaves. Not true...not true at all.
How can we say "Social Security is going bankrupt," when they won't get rid of the fraud, which is far more abuse, than taxpayers who paid in wanting to get it back. They should've never taken it from us so that we could have invested it ourselves. They'll pay illegals but they won't pay Americans who worked for it and from whom it was confiscated?
As an Australian I support the idea. In the Australian context however the union movement and their puppets in the Labor government (Democrat equivalent) use the AUD4T as a slush fund to support the ideological causes of the left. So be careful what you wish for.
I love the financial tools this administration is starting for the American people! Two questions -
First, would there be any ability of congress to take away / restructure / influence , etc these funds once people really start having some good money in them? Because I know they’re going to want to.
Second, I haven’t heard much discussion about the 401k option that was started a few months ago for people who can’t get a traditional IRA through an employer. I’m interested to know more about how that’s structured.
As a federal retiree, I found great value in one of the few federal programs that actually works: The Thrift Savings Plan, where employees choose a variety of savings and investment funds in which to invest. It has performed very well across most of its funds (bond funds, not so much, but that’s true of the market in general). Creating or converting Social Security into a similar (or the same!) fund would do as you propose, which I fully endorse. In the meantime, they can “save” social security by doing two things: returning it to its original mission as an anti-poverty program by establishing a single across-the-board benefit of 150% of the poverty level (about $24,000). That would significantly reduce benefits (like mine) for wealthier seniors, who frankly don’t need the big check, and increase SSA benefits for those on the lower end, who rely more heavily on them. Second, index benefits not on wages, but a true measure of inflation. Those two steps alone will return to the program to balance.
Not only have they made SS benefits small by govt waste, fraud, and abuse - they also created a way to take more by Income Related Monthly adjustment - IRMAA. For me, this constrains my ability to make Roth conversions, as they tax away my SS benefits I paid into my whole working life. I started making IRA contributions early on because of how corrupt and dysfunctional the government is. So they saw how much money people were putting away in these accounts and then they double, triple, or soon even more your Medicare copays.
Of course one could just leave their money in the IRA and face the massive taxation that comes from their Required Minimum Distribution which becomes huge at the back end, and then there is the widow tax, when typically the wife becomes a widow and they tax her as a single.
Do you honestly think anyone gives a sh*t about Trump Accounts right now? I personally could not care less what that pedophile says or does. Ordinary Americans have much more important things to worry about such as oh I don’t know WWIII potentially breaking out, the cost of living crisis, or how about the fact that we are being ruled by satanist pedophiles? Try writing about something that matters for a change. MAGA is dead. Move on.
This would be fantastic, but I don't see how it could work under the current pay-as-you-go system. If everyone's contributions went into private accounts instead of the general Social Security fund, where would the money come from to pay today's retirees? The transition would create an enormous financing gap and significantly increase the budget deficit. Maybe the only practical way would be to phase it in over time, for example by shifting 5% of contributions into private accounts each year, so that after 20 years all contributions would go to private accounts.
401ks have been very successful. Your company typically provides them and you put a portion of your paycheck in each pay period. You adjust to a smaller paycheck and your investments just keep growing.
Sure thing...and it will still be controlled by your loving government. They will still be able to steal your assets at will. Freeze your bank account and investing account. Then what? The real problem is not social security or medicare. It is that we were and are being forced to participate in these lousy schemes. We are forced to accept that this government was born with some magical power over its slaves. Not true...not true at all.
Well said.
How can we say "Social Security is going bankrupt," when they won't get rid of the fraud, which is far more abuse, than taxpayers who paid in wanting to get it back. They should've never taken it from us so that we could have invested it ourselves. They'll pay illegals but they won't pay Americans who worked for it and from whom it was confiscated?
As an Australian I support the idea. In the Australian context however the union movement and their puppets in the Labor government (Democrat equivalent) use the AUD4T as a slush fund to support the ideological causes of the left. So be careful what you wish for.
I love the financial tools this administration is starting for the American people! Two questions -
First, would there be any ability of congress to take away / restructure / influence , etc these funds once people really start having some good money in them? Because I know they’re going to want to.
Second, I haven’t heard much discussion about the 401k option that was started a few months ago for people who can’t get a traditional IRA through an employer. I’m interested to know more about how that’s structured.
The elephant in the room will remain. There are too many people not contributing but benefitting.
As a federal retiree, I found great value in one of the few federal programs that actually works: The Thrift Savings Plan, where employees choose a variety of savings and investment funds in which to invest. It has performed very well across most of its funds (bond funds, not so much, but that’s true of the market in general). Creating or converting Social Security into a similar (or the same!) fund would do as you propose, which I fully endorse. In the meantime, they can “save” social security by doing two things: returning it to its original mission as an anti-poverty program by establishing a single across-the-board benefit of 150% of the poverty level (about $24,000). That would significantly reduce benefits (like mine) for wealthier seniors, who frankly don’t need the big check, and increase SSA benefits for those on the lower end, who rely more heavily on them. Second, index benefits not on wages, but a true measure of inflation. Those two steps alone will return to the program to balance.
Not only have they made SS benefits small by govt waste, fraud, and abuse - they also created a way to take more by Income Related Monthly adjustment - IRMAA. For me, this constrains my ability to make Roth conversions, as they tax away my SS benefits I paid into my whole working life. I started making IRA contributions early on because of how corrupt and dysfunctional the government is. So they saw how much money people were putting away in these accounts and then they double, triple, or soon even more your Medicare copays.
Of course one could just leave their money in the IRA and face the massive taxation that comes from their Required Minimum Distribution which becomes huge at the back end, and then there is the widow tax, when typically the wife becomes a widow and they tax her as a single.
Do you honestly think anyone gives a sh*t about Trump Accounts right now? I personally could not care less what that pedophile says or does. Ordinary Americans have much more important things to worry about such as oh I don’t know WWIII potentially breaking out, the cost of living crisis, or how about the fact that we are being ruled by satanist pedophiles? Try writing about something that matters for a change. MAGA is dead. Move on.
This would be fantastic, but I don't see how it could work under the current pay-as-you-go system. If everyone's contributions went into private accounts instead of the general Social Security fund, where would the money come from to pay today's retirees? The transition would create an enormous financing gap and significantly increase the budget deficit. Maybe the only practical way would be to phase it in over time, for example by shifting 5% of contributions into private accounts each year, so that after 20 years all contributions would go to private accounts.
which assets do you trade within your 100.000-portfolio ?
401ks have been very successful. Your company typically provides them and you put a portion of your paycheck in each pay period. You adjust to a smaller paycheck and your investments just keep growing.