via The Raw Story / NY Times/ SS website (hat tip HF)
Their question 18 Why can't I invest my Social Security taxes into an IRA rplan?
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| Why can't I invest my rSocial Security taxes into an IRA plan? |
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| Question | |
| I think I could do better if you let me invest the Social rSecurity I pay into an Individual Retirement Plan (IRA) or some other investment rplan. What do you think? | |
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| Answer | |
| Maybe you could, but then again, maybe your investments rwouldn't work out. Remember these facts: |
-Your Social Security rtaxes pay for potential disability and survivors benefits as well as for rretirement benefits;
-Social Security incorporates social goals - such as rgiving more protection to families and to low income workers - that are not part rof private pension plans; and
-Social Security benefits are adjusted yearly rfor increases in the cost-of-living - a feature not present in many private rplans.
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Question: I think I could do better if you let me invest the Social Security I pay into an Individual Retirement Plan (IRA) or some other investment plan. What do you think?
Answer: Maybe you could, but then again, maybe your investments wouldn't work out. Remember these facts:
-Your Social Security taxes pay for potential disability and survivors benefits as well as for retirement benefits;
-Social Security incorporates social goals - such as giving more protection to families and to low income workers - that are not part of private pension plans; and
-Social Security benefits are adjusted yearly for increases in the cost-of-living - a feature not present in many private plans.
After he was shown the passage on Thursday, a White House spokesman, Trent Duffy, said: "The president is not talking about this approach.
It must be hard trying to get a plan together when it just doesn't make sense.
