2nd option for a proposal of reform on Social Security?

Question

ok how about
"privitization of investment to assure benificiary a basic benifit along with a second benefit from the investment portion"

Is this a good idea and why??

Answer 1

Third option:

Just give me all of the money I currently pay in Social Security taxes and let me invest it myself.

Answer 2

private accounts will not work for the ones that need Social Security benefits the most. True, a lot of people will invest it and be careful and have a large nest egg at retirement.

Those that need Social Security the most won't do it. The working poor. They don't save money now as they don't have any extra to save. They would find a way to dip into it, and have nothing when it came time to retire.

I suggest doing away with the ceiling on the amount of earnings taxed. The rich would pay much more. However, the downside of this is that they would be entitled to a much larger benefit when they apply. And trust me - the really rich are out there with their hands out too.

Some benefits need to be done away with. For example, a widowed mother with children 16 and younger can get benefits for herself until her youngest child is 16. The benefits should stop when her youngest child is 7 and in school. Mom could get a job then. The children's benefits continue till they are 18, so that extra money would still be coming in.

Back in the 80's, some benefits were changed, such as lowering the age of the child to 16 when the mom's benefits stop. Prior to that change, the mom also got benefits till the youngest child turned 18. Excuse me, but if money is an issue, mom can get a job as soon as the youngest is in school. The kids still get their benefits.

Answer 3

Yet another option: Why not raise the cap on how much of your money is taxed by social security? The current cap is around $96,000. This means that the Donald Trumps, Tom Cruise's and Madonna's of the world only pay social security taxes on the first $96,000 they make. SHAMEFUL!!