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Author: whiteben One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75339  
Subject: Re: Social Security Tax Date: 8/26/2003 3:08 PM
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Do you think the government will ever allow SS tax to be used as retirement money? Basically take your SS tax dollars and put them in IRAs or 401k?


It sounds like you are asking whether or not monies taken as SS tax will ever be privately managed by the taxee. Various proposals to privatize various parts of social security have been floated over the past few years. All seem to be considered DOA because of the presumable massive vote against such measures, largely cast by the elderly and the baby boomers. The fact that this comes up in things like election debates, however, is a good thing. It means that it is an issue which is on a table and perhaps not as much of a 3rd rail as it has been in the past.

I suspect that ultimately there will be at least a partial privatization but it will be a couple of decades off and will necessarily include provisions not to reduce the entitlement of retirees or those close to retirement age. No matter what happens, I sincerely hope that the social security system (and the tax code in general for that matter) is overhauled in the near future. I intend to vote at the ballot box and with my wallet for those who seem to have a desire and the capacity to make this happen.

Eternal vigilance is required to make sure that government entitlements do not careen out of control. Things like this (http://www.heritage.org/Press/Commentary/ed081903c.cfm) will happen under our noses if we do not pay attention.

BEN
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