Why does McCain thinks putting Social Security into the stock market is a good idea?

[danstone65]

Your question is false.
McCain supports creating government-managed accounts that would allow individuals to invest PART of their Social Security payroll taxes in widely diversified stock or bond funds.

The plan proposed by President Bush and supported by McCain in 2005 would not have allowed anyone born before 1950 to invest any part of their Social Security taxes in private accounts. All current retirees would be covered by the same benefits they are now.

Obama would have been correct to say that many workers under age 58 would have had some portion of their Social Security benefits affected by the current market turmoil – IF they had chosen to participate. And market drops would be a worry for those who retire in future decades. But current retirees would not have been affected.

Only a little under one-third of any participating workers' total Social Security taxes could have been invested (a maximum of 4 percent of taxable wages, out of the total 12.4 percent now paid, split equally between worker and employer.)

Remember, the money paid into SS is from money YOU earn. It's really YOUR money, but instead goes to pay current beneficiaries! Under the present system, if you die before retirement age, your estate and heirs receive only a portion of your SS benefits. Also, there is no guarantee of future benefits under SS because benefits are determined by law, and that amount can change. Under the proposed plan, the funds in your private account are YOURS, and you may pass them on to your heirs or survivors or a charity.

History of Soc Sec: http://www.ssa.gov/history/pdf/2007historybooklet.pdf