my coworker is talking about drawing out his money and investing it in a private retirement plan and says we should do the same cause social security is going broke and we have the right to our money back ?? Any one heard of this ??
2007-02-28 04:58:20 · 5 answers · asked by Rainy 5 in Business & Finance ➔ Investing
I don't think that passed--Bush wanted to do that as part of his social security reform.
2007-02-28 05:01:51 · answer #1 · answered by blah1977 3 · 0⤊ 0⤋
The only way to draw any money out of Social Security at this time is to wait until age 65 and hope there is something left to draw from.
2007-02-28 05:04:59 · answer #2 · answered by Country girl 7 · 0⤊ 0⤋
No you cannot withdraw the money...it's not "yours" its in the "system" and down the road everyone can share it !!
For awhile there they were giving money to alchoholics and drug addicts because they were " disabled"....WHAT A GREAT BUNCH OF POLITICIANS RUN THIS COUNTRY!!
Yeah, Bush and a few others tried to point out a better plan, but it'll never change ..the gov always takes hard-working people's money and finds away to spend it on pet projects or " poor unfortunates" ....coming to you soon " HEALTH CARE FOR EVERYONE....yippee yahoo...I REALLY can't figure out how that's going to work...my mother-in-law just spent 3 nights in a hospital..the only " care" was a heart monitor...the bill $ 75,000.
The first three years that the Clinton's were in the White House...Hillary held hearings and was " going to straighten things out".....just ran up some more expenses and didn't fix a thing!
2007-02-28 09:36:26 · answer #3 · answered by jebediabartlett 6 · 0⤊ 0⤋
This has been proposed politically for several years, but it is not yet law. While I like the idea of it personally, it will never fly because even if it became law, some poor widow somewhere would make a lousy investment and the public outcry for the government to "do something to help her" (fueled on by the liberal media, of course) would be so massive that Congress would have to once again bow to public pressure to save her from her own mistake.
As long as there is a strong public mentality in this country that it is the government's job to "take care of us" (and shame on us for that, by the way!), this won't work. I like the idea, but as a conservative, I accept the facts that the libs have basically won on this one.
2007-02-28 05:08:07 · answer #4 · answered by lmnop 6 · 0⤊ 0⤋
he is crazy. you can not draw out your SS until you retire or become disabled.. he must be talking about 401 K plan.. you can take early retirement at 55 but will not draw full SS til age 63
i think i am right, but who knows he may know something no one else knows...
2007-02-28 05:19:50 · answer #5 · answered by raven1 3 · 0⤊ 1⤋