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Investing/Strategies / Retirement Investing
|Subject: Re: Don't worry about boomers killing the market||Date: 8/3/2006 2:11 AM|
|Author: OldOne||Number: 52919 of 74489|
Investing money that's not yours is responsible investments?
Of course it is. In fact failing to invest it wisely shows a complete lack of fiduciary responsibility.
Do you own any shares of a mutual fund? If so, someone is investing money which is not theirs for you. And they are charging you a fee for doing it.
If you put your money in a bank, the bank invests it. The bank is investing your money for you. If they didn't they could not pay you any interest.
Listen, I know the whole argument, but the fact is that SS is not a 'pay & invest' system. The money you put in now goes to today's retirees (or soon anyway). Your money will come from workers around the time that you're retireed.
Your second and third sentences tell me that you absolutely do not know "the whole argument". SS has run a significant surplus in the past and continues to run a surplus. Rather than investing this money in a responsible fashion, the government has spent it. If the management of a mutual fund did this, they would be tried, convicted and jailed.
If the surplus had been responsibly invested SS would not be in any trouble at all right now.
Spending the surplus is not something that GW Bush invented. I has been going on for half a century.
Try to understand though, that the fiscal health of SS is not the issue we were originally discussing. Even if SS were perfectly heathy, it would not pay enough to support a comfortable retirement. The government has been telling us that we need to save in addition to drawing SS for at least 50 years. The vast majority of Americans have ignored the government advice on this, and now want to blame the government. This is crazy.
If the government tells you not to play in the street, but you do it anyway and get hit by a car, is it their fault or yours?
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