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Author: rainphakir Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 68355  
Subject: Re: A fix for social security and medicare Date: 3/15/2007 11:24 PM
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Hi Goofy
I'm not proposing that the person save AFTER tax monies... I'm proposing that the govt take the monies that WOULD be paid to SS and income tax for a few years and put those monies into a nontaxable account, such as an IRA or 401k or some such. i.e. the person pays no SS or income tax... that money is put into an account for that person's future needs.

No, it will not save 20,000/year but it WILL save close to 2500/year and in 8 years that will add up to 20,000. This could serve as the nest egg needed for compound growth to mature into a sizeable retirement fund.

SS is reportedly set up for a fall in a few years... we need to be looking at alternatives so that todays young folks have a 'plan b'...

I don't see 'means testing' or any of the other 'fix it when they get old' strategies successfully meeting the retirement needs of the young people who are just starting their work life...:-)


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