& put those funds into IRAs instead?
And if that is the case, why does the US need Social Security (except for the extremely poor)?
2007-11-25 01:39:08 · 6 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
it needs them because of the poor that are struggling from week to week , do you really think they could save enough to retire on?? again this would only help the rich and i dont think they need any more money.
2007-11-25 01:42:41 · answer #1 · answered by Anonymous · 1⤊ 0⤋
People who currently have the opportunity to put money into 401Ks and IRAs fail to contribute the maximum amounts and some fail to contribute at all. It seems unlikely that many individuals would voluntarily use their social security payments to invest in IRAs when those payments could be used to pay their current bills.
The contributions therefore would have to be mandatory. The returns on such investments might or might not produce better results. The current system depends on a continuing work force. The problems within the system need to be addressed rather than scrapping it. People should be encouraged to contribute more to current retirement accounts but for many it is very difficult.
2007-11-25 02:00:06 · answer #2 · answered by tribeca_belle 7 · 0⤊ 0⤋
This reflects a common misunderstanding about how social security works. The money people pay in now doesn't go into some kind of savings account. It goes right back out as benefits to all the elderly who receive them. The only way to stop paying into the system is to tell all the people who now receive benefits that they are on their own. Are we ready to do that?
2007-11-25 01:50:20 · answer #3 · answered by TG 7 · 1⤊ 0⤋
Americans and Savings don't go together.America must be the only country to have national figure for personal savings as 'Negative'.(people spending their future earnings in advance with credit cards and so on ).They may make more money as you suggest but aren't going to save it .
2007-11-25 01:52:21 · answer #4 · answered by brkshandilya 7 · 1⤊ 0⤋
Americans would not save anything, and we would end up having to pay for them just the same.
2007-11-25 01:45:36 · answer #5 · answered by Made in America 7 · 1⤊ 0⤋
YES! It's a government program. When was the last time you saw the government stop a program?
2007-11-25 01:52:26 · answer #6 · answered by Anonymous · 0⤊ 1⤋