Old Rocks
Diamond Member
My cousin died years ago SINGLE.
He was late 50s self employed in the apple farming business Clintondale, NY.
His heirs RECEIVED NOTHING from all of the social security dollars he paid in for 40+ years.
NADA, ZERO
If he was in a private system like some countries offer HIS HEIRS GET ALL OF IT.
All that sounds fine except
How many people have seen their supposedly gauranteed pensions from the companies that they worked for a good deal of their life disappear when the company went broke or changed ownership.
One of the fellows I worked with in Boy Scouts events was a lineman. A careful cautious fellow that had over a half million in his 401K. PGE was purchases by Enron. All the 401K's were put into Enron stock without consulting the employees. When Enron went down, he had less than 15K left. He had to retire not long afterward for reasons of health. All he had left was SS.
You won't find much trust out here for private systems. We saw with derivitives how much people can be trusted in financial institutions.