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Author: decath Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 59814  
Subject: Re: SS & here is my plan. Date: 6/25/2007 12:39 PM
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markr33:
If I don't need the Social Security payments that I receive, I will donate them to a more worth charity than the US Treasury.

I agree with that sentiment.

I have 17 years before I hit 62 so I can't say what finincial condition I'll be in. But baring any catastrophe to my finances, I should be well-positioned and without the need for SS. If I still qualify, I'll use it to fund important charital work, set up educational funds for my grandchildren and great-grandchildren or perhaps use it to fund retirement funds for them as well.

Who knows what will happen though. 17 years is a long way to go and I don't really expect it to be there for me. I don't agree with SP that it should be means tested. I've already paid into it for 30+ years now and it would not be right to punish savers like those of us with the LBYM/RE mentality.

I've writen off the possibility of privatized accounts. So, IMHO, what should be done is extending the retirement age brackets. If that does not do enough then reducing benefits to the level of "pay as you go". IOW's pay out only what the gov't expects to receive each year. High tax rates should be avoided and I don't think they are political viable anyways. Also, I don't want to saddle the younger generation with higher taxes than they already currently have.

Americans have known for years that SS will eventually be in trouble. The choices that present themselves right now are to save/invest more NOW - or expect to have to work as long as you have to.

decath
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