No. of Recommendations: 0

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 ( will happen under our noses if we do not pay attention.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.