Republicans should propose to phase out SS and replace it with this proven plan.

[Doc7505]

​

 

[Clipper]

Still waiting for all the board Dimwingers who would choose retirement under SS over this plan:

Clipper
meaner gene
Faun
KissMy
BlindBoo

The majority of U.S. citizens, at least those with a brain (which leaves you out) don't want SS turned over to Wall St. banksters, halftard.

The majority don't want thieves like Steve Mnuchin anywhere near SS, cement head.

 

[Nostra]

Here ya go FS.

Social Security Administration/Founded
August 14, 1935, United States.

If NOT for SS, the elderly would have NO additional income. SS is Future Forced Income.
I started contributing to SS at 16, now 61. In 1987. You?
If one dies early ( 50's 60's) they miss out on contributions versus recovery gains.
And Vice Versa, of One living to be 100.

It was started 88 yeas ago, for FORCED protection. Retirement Assurance.
If NOT for the FORCED protection, the elderly may or may have not saved in the traditional Stock Market we know of today.

Now, me being born in '61, probably would have LOVED the
'I'm not forced to pay into SS, and I can invest as I wish"
Cuz the Market has soared, regardless of POTUS.

But, Nostra , I'm accepting the FLAWS in SS to protect my Parents and Grandparents.

Are you denying this?
Waiting>>>>>>>>>>>...........Go.

WTF am I supposed to be denying, Simp?

You confirmed what I said.

 

[Nostra]

The majority of U.S. citizens, at least those with a brain (which leaves you out) don't want SS turned over to Wall St. banksters, halftard.

The majority don't want thieves like Steve Mnuchin anywhere near SS, cement head.

I guess you missed my link to Galveston County, TX, Simp.

 

[Catsnmeters]

I

4 counties in TX opted out of SS before Congress outlawed it. They set up their own system and the results speak for themselves.

Who here would choose SS over this plan?

But the Alternate Plan takes a different approach, one I call a “banking model.” Employee and employer contributions are actively managed by a financial planner—in this case, First Financial Benefits, Inc., of Houston, which both originated the plan and has managed it since inception.

The contributions are pooled, like bank deposits, and top-rated financial institutions bid on the money. Those institutions guarantee an interest rate that won’t go below a base level, and could go higher if the market does well. Over the last decade, the accounts have earned between 3.75 percent and 5.75 percent every year, with an average of around 5 percent. The 1990s often saw even higher interest rates, 6.5 to 7 percent. Thus, when the market goes up, employees make more; and when the market goes down, employees still make something.

Like Social Security, employees contribute 6.2 percent of their income, with the county matching the contribution (Galveston has chosen to provide a slightly larger share). Once the county makes its contribution, its financial obligation is done. So there are no long-term unfunded liabilities.

But not all of that money goes into an employee’s retirement account. When financial planner Rick Gornto devised the Alternate Plan in 1981, he wanted it to be a complete substitute for Social Security. And Social Security isn’t just a retirement fund; it’s social insurance that provides a death benefit—a whopping $255—survivors’ insurance, and a disability benefit.

Part of the employer contribution in the Alternate Plan goes toward a term life insurance policy, which pays four times the employee’s salary tax free, up to a maximum of $215,000. That’s nearly 850 times Social Security’s death benefit.

More importantly, if a worker participating in Social Security dies before retirement, he loses his contribution (though part of that money might go to surviving children, if any, or a spouse who didn’t work and therefore didn’t establish his or her own benefits). But a worker in the Alternate Plan owns his account, so the entire account belongs to the estate. There is also, among other benefits, a disability benefit that pays immediately upon injury, rather than waiting six months, plus other restrictions, as under Social Security.

And those who retire under the Galveston model do much better than Social Security. For example:

• A lower-middle income worker making about $26,000 at retirement would get about $1,007 a month under Social Security, but $1,826 under the Alternate Plan, according to First Financial’s calculations.
• A middle-income worker making $51,200 would get about $1,540 monthly from Social Security, but $3,600 from the banking model.
• And a high-income worker who maxed out on his Social Security contribution every year would receive about $2,500 a month from Social Security vs. $5,000 to $6,000 a month from the Alternate Plan.

What the Alternate Plan has demonstrated over 30 years is that personal retirement accounts work, with many retirees making more than twice what they would have made under Social Security. And that model could work for the roughly 25 percent of public employees—about 6 million people—who are part of state and local government retirement plans. It could also serve as a model for reforming Social Security.

How Three Texas Counties Created Personal Social Security Accounts and Prospered

Three Texas counties opted out of Social Security 30 years ago by switching to personal accounts, and those workers have made money every year.

www.forbes.com

Would rather have my SS and my state pension...but thanks.

Good to see Republicans looking for alternatives. You see the writing on the wall?

 

[Nostra]

I

Would rather have my SS and my state pension...but thanks.

Good to see Republicans looking for alternatives. You see the writing on the wall?

As opposed to your state pension and a plan that pays 2-3 times more monthly than SS, has a death benefit 850 times higher than SS, and the ability to leave hundreds of thousands to your kids vs zero with SS.

Yep, you are stupid.

 

[Catsnmeters]

As opposed to your state pension and a plan that pays 2-3 times more monthly than SS, has a death benefit 850 times higher than SS, and the ability to leave hundreds of thousands to your kids vs zero with SS.

Yep, you are stupid.

To old to get much benefit but if I was young I would certainly look into it.

It does have advantages and disadvantages.

 

[Nostra]

To old to get much benefit but if I was young I would certainly look into it.

It does have advantages and disadvantages.

List the disadvantages.

 

[Catsnmeters]

List the disadvantages.

"That said, Brainard wrote, the plan lacks three features that are part of Social Security: a minimum benefit for lower-income workers; protection from inflation; and required annuitization, meaning that participants must receive at least some of their benefit as a lifetime income stream, rather than as a single lump-sum. On the other hand, he said, the long-term cost of the Texas plan is clear and certain. Also, unlike Social Security, plan participants own their retirement assets, rather than being entitled only to a monthly benefit for the remainder of their lives."

Rick Perry says employees in three counties left Social Security for alternate savings plans and are faring very well

Promoting his book, Texas Gov. Rick Perry bemoaned a failure in Washington to confront Social Security's financial shaki

www.politifact.com

This article explains your OP pretty good.

Again, I could agree with it but it's to late for me.

On a side note, I have thought it would be a good idea, that instead of giving people child tax credits, they should instead set that amount in a retirement fund for the kids themselves. It would grow quite a lot even if you didn't add any more money after child tax credits were no longer allowed...but different thread topic. Don't want to hijack and already good thread topic.

 

[Nostra]

"That said, Brainard wrote, the plan lacks three features that are part of Social Security: a minimum benefit for lower-income workers; protection from inflation; and required annuitization, meaning that participants must receive at least some of their benefit as a lifetime income stream, rather than as a single lump-sum. On the other hand, he said, the long-term cost of the Texas plan is clear and certain. Also, unlike Social Security, plan participants own their retirement assets, rather than being entitled only to a monthly benefit for the remainder of their lives."

Rick Perry says employees in three counties left Social Security for alternate savings plans and are faring very well

Promoting his book, Texas Gov. Rick Perry bemoaned a failure in Washington to confront Social Security's financial shaki

www.politifact.com

This article explains your OP pretty good.

Again, I could agree with it but it's to late for me.

On a side note, I have thought it would be a good idea, that instead of giving people child tax credits, they should instead set that amount in a retirement fund for the kids themselves. It would grow quite a lot even if you didn't add any more money after child tax credits were no longer allowed...but different thread topic. Don't want to hijack and already good thread topic.

The minimum benefit isn’t an issue due to the much higher returns and monthly payments.

So is protection against inflation. How many years did SS go without a COLA increase? Even then it didnt make up for Bidenflation.

who takes a lump sum from SS?

 

[Clipper]

As opposed to your state pension and a plan that pays 2-3 times more monthly than SS, has a death benefit 850 times higher than SS, and the ability to leave hundreds of thousands to your kids vs zero with SS.

Yep, you are stupid.

What plan is that? The one from Galveston?

 

[Clipper]

The minimum benefit isn’t an issue due to the much higher returns and monthly payments.

So is protection against inflation. How many years did SS go without a COLA increase? Even then it didnt make up for Bidenflation.

who takes a lump sum from SS?

Workers have an option to supplement their SS & any other payments they may recieve such as a pension or 401k. It's called an IRA or a Roth IRA. Ever hear of them?

 

[Marener]

List the disadvantages.

Who pays the benefits of current retirees?

 

[Nostra]

Workers have an option to supplement their SS & any other payments they may recieve such as a pension or 401k. It's called an IRA or a Roth IRA. Ever hear of them?

So?

 

[Nostra]

Who pays the benefits of current retirees?

Read the link.

 

[Nostra]

What plan is that? The one from Galveston?

Do you know what thread you are in, Simp?

 

[Marener]

Read the link.

I did. It doesn’t say.

 

[Nostra]

I did. It doesn’t say.

Then you have no reading comprehension skills, Simp.

 

[Marener]

Then you have no reading comprehension skills, Simp.

I read it. It doesn’t say. You are just a liar.

 

[kyzr]

List the disadvantages.

It doesn't pay for current retirees. It only works as a 401K, not as Social Security, dunce.