Should social secruity be reformed or privatized?

[QUETY]

Will there be social security for 19 years olds when we retire? What if we invest in bad stocks, how can we get money then?

[scoobyd3]

I am ready for privatization. I currently pay 3000 a year into social secutity. The last report told me I could expect payments of 1500 a month (if its still there). I would like to think I can do better on a private fund. One of my funds on my roth is running about 10% over 5 years.

[tonalc1]

It has been estimated that if SS is not reformed, it will become insolvent in the year 2041.

I personally believe your instincts are correct--"what if we invest in bad stocks?" I don't want to entrust my money to such a volatile, unpredictable entity such as the stock market. It's like saying, "Give me your savings account to bet with at the track. This horse hasn't lost a race all year."

We need reform, and should abandon all talk of privatization.

[Arbitrage]

It's a debate topic. Personally, I don't think it should. Then, the SS fund would become another place for corrupt politicians to distribute money. The stock market isn't a panacea for our SS problems. If it's privatized and there are mandatory contributions to that, it doesn't really encourage good savings habits but rather the general public will still complain.

At the current pace, no, the current generation of teenagers will not receive full benefits because SS will run out of money from the Baby Boomers. If the investments turn out to be poor investments, then there will be less money for the future. There won't be zero money.

There are a few articles with differing points of view on SS.

[elizabeth]

Privatizing would be a way to reform it. It definitely needs to be reformed somehow. People are retiring at the same age but living much longer. It's a problem.

[Frank Castle]

1) Yes
2) Yes
3) Sell Alaska to Exxon Mobil, British Petroleum, Chevron Texaco, Canada, Mexico, Venezuela, Ecuador, Colombia or Brazil.

Top 3 Answerer in Business & Finance. (Vote for me)

[RBCO]

YES!