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The Truth may not be out there in data. Let us assume that not all of those who "expected" to contribute to their IRA did so, there are many self-employed who may not be counted either way. Many who would like to contribute may not be financially able to, and owning an IRA doesn't mean the tax payer contributes every year. Young people who could benefit the most from the benefits of long term compounding often find it hard to fund an IRA due to lower incomes and obligations to family. Others (young and old) don't know an IRA from a fence post! For these reasons and many others I believe we should be allowed to allocate only part of our SS Taxes to chosen investments, but i strongly feel there would have to be some guidelines in place or many would end up with less than they started with & less SS Benefits also. Do YOU think it could be stipulated that anyone wanting to invest a portion of their SS Taxes in stock market equities or an IRA fund be required to pass a test on "Investing 101". Even those who are knowledgable about investing can and do find it difficult to make the right choices.
Be assured that WE will support those who do not have enough income to cover the basic necessities when they reach an old age, if not through medi-caid then some other assistance program.
I don't believe either Bush or Gore have it right! We need a middle of the road stance and a trial period to work out a plan. I cant see Congress or the Executive branch compromising for the good of the people or for any other reasonm so where does that leave us. Go Figure! ~djw
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