Should we privatize social security?

[Ben]

Social security was originally intended to be an insurance policy in case you became disabled and unable to work, not a retirement account. Most people in the 30s didn't live until 65 (and if you did, you were probably no longer fit to work). As life expectancy and quality of life have increased, people were brought up thinking of social security as their safety blanket. We need to re-educate people that no matter what they do, social security isn't supposed to be your retirement account, and no matter how well diversified your portfolio is, there is inherent risk in the stock market. There is still no substitute for good old fashioned savings. Privatizing social security is just a distraction from the fact that it has become misused as a retirement account. YOU are responsible for your retirement, not the government. One corrupt Congress can raid the social security trust fund (as they have in the past) and destroy any chance you had of retiring on it - AT ANY TIME. A 401k is useful, but shouldn't be your only means of saving for retirement, neither is a privatized social security plan. Putting money in a CD or buying gold are the surest ways to make sure you don't get screwed if the market takes another turn for the worse - which, if you are under the age of 55, it will almost certainly do before you hit retirement age.