RE: GEN X doesn't want Social Security anyway

[Michael Jones <powderfinger99@yahoo.com>]

Charlie,

I encourage you to seek out as much information as possible on this
topic. You will need to make sure you plan for your own retirement
because the Social Security system will not be there for you.

<<<
   Speak for yourself.  My name is Charlie Hoyt and I am 15 years old.
I believe in Social Security and if you knew how seniors (our parents
and grandparents) suffered in poverty before the system was instated,
you would too.  
>>>

The current system does help to keep people out of poverty. However,
the benefit by itself will not keep most people out of poverty.
By the time you retire there is little evidence that your benefit
will even match the level of today's retirees. It will most likely
be significantly less.

<<<
   The Social Security "reform" movement in this country is misguided.
If social security is left alone, it will be fine until the year 2034.
After that, it will be able to operate at 70 percent capacity.  The Wall
Street executives and the politicians they own want "reform" in the form 
of so-called individual investment accounts.  This would mean that they get
millions in administrative fees.  It would also mean that the funds are
risked in insecure stocks.
>>>

Learn about the different types of investments. You can invest in
stocks, bonds, or a money market account (like a bank account). These 
Investments range from zero risk to high risk. 

When you "invest" in the Social Security system, you will be receiving
a negative return. This means that you will receive less money 
than you paid in. Even a government insured bank account, earning 2%
per year will do better!

<<<
    The solution is obvious, raise the earned-income tax cap.
Bill Gates presently pays 72000 dollars into the Social Security
System anually, yet he is the richest man in the world.  Make these
people pay their fair share and the system will last for years into
the future.
>>>

In order to maintain the current system taxes will have to be raised much higher than
they are now. Simply targeting higher wage earners will not be enough
money. There is only a certain point where more money can
be raised. If taxes are raised too high, I, and others will simply
find ways to reduce "earned" income.

Michael Jones