Why can't we use the social security surplus to set up private individual savings accounts?
474044
There is currently a YEARLY surplus of Social Security  withholding that is being generated by boomers being at their highest lifetime earning levels, and a not-yet increased demand for Social security payments.  It is decreasing fast.\nThis surplus is 'borrowed' into the general budget of the United States.\nIn order to pay Social security back, taxes would have to be increased, because...we just borrowed that money from ourselves.\n\nIf people stop contributing into Social security and start putting money into Individual Investment accounts, the Social Security payments will not have enough SS withholding to pay them - in other words, the people who paid into Social Security all their lives would face a insolvent fund.\n\nOnce you put your money into a Social Security personal investment (with a contracted outside investment company) your investment has the same pitfalls that private investing has.  It can suddenly lose half it's value during a market correction, it can be lost entirely should the country go through one of the downturns that usually happen about every 50 years...\n\nPanics, recessions and Depression are cyclical economic downturns that have roiled this country on a regular basis since it's birth.  They are characterized by bank failures, bankruptcies, foreclosures, business failures, and declines in property values.  Before the very recent creation of Social security, the term for retirement during an economic downturn was PAUPER.
684344
It's just another grubby way for state governments to grab some money some money and squander.You can guarantee that private enterprise will recoup there investment at our expense.It's obcene it was our taxes that built the scheme.
1100134
Nope.  Not allowed.\n\nThat limit is per year, each year.  No retroactive contributions.
1135858
same as everyone else.  Social security and if they want some kind of 401K or retirement plan offered by their university.
1019214
As far as I know consolidation is only on govt loans you cant consolidate a private loan.
396838
I don't believe in forced savings. It is one more example of the government trying to save us from our own stupidity. Furthermore, I have something close to forty years before I become eligible to recieve Social Security and it look unlikely that the program will still exist in that time. The government has borrowed from that progeam, therefore us, for it to pay us back in full eventually. I don't know if I would call it a fraud, but at least a scam.
227528
It is dependent if you incorporate or not. I know many who do not and just use their social security number.
33416
that change would have to be made by someone that already has administrator privledges. That's the whole point of limited accounts ... limiting what those people can do or change.
29019
No.  Each account is for an individual person.
820515
In 10 years, based on current estimates.\n\nAs for the general fund thing - social security receipt surpluses have always been 'borrowed' to pay for general fund outlays. That's why social security is a tax, but not an entitlement. There's a bunch of IOUs in the "lock-box". Guess who gets to pay back those IOUs?\n\nYes, WE do! More tax, isn't that great?\n\nHey, why not thank all the people who fought against Social Security reform? Gee, thanks, guys!
121220
No, alot of older conservitives don't want social security messed with, It really is a bad idea to invest in a stock market with its ups and downs. There must be an answer between that and the way it is going.
410821
First, because we do not own it. If we die, we lose it. It is 14% of what you make, and you (and your family) might never see any of it. It is a tax, and the government can eliminate the benefits if they feel like it - you have no entitlement to it.\n\nIt pays horrible returns. If allowed to invest this money via some managed brokerage type deal, you would not only have more money to retire on, it would be all yours. If you died, it would go to your family.\n\nPoor working class people would be able to accumulate wealth and leave it to their families.\n\nThe government has been dishonest with us. Over all the years, they've taken the excess social security taxes and spent it, dropping IOUs into the so-called 'lock-box'. They've taken billions upon billions. Guess who gets to pay back these IOUs? We all do. More taxes.\n\nIn short, it's a bad deal, and you lose lots of money, that gets spent by slimy politicians who are blowing smoke up your ass.
1059792
You can't, only your ex can. And then there may be penalties, and if your ex wasn't "vested" there may not be any money coming from it at all.
1182297
Until it's gone.  The surplus SS funds are spent on other programs every year, rather than being saved for the retirment benefits of baby boomers.  More people are putting into the SS fund(babyboomer generation), than the number of people currently collecting.\n\nChile had the same problem and took measures to phase out their social security program, by privatizing it.  This is something Republicans want to do and Democrats are fearful of, I wonder why?  Democrats won't have access to SS funds if they are private, that's why.  Democrats won't be able to borrow SS money and give it to "tax draining" social programs.  Republicans want you to save money for your retirement, they also want that money to be there when you retire.  If the Government is allowed to borrow from it like it has every year, chances of it being there when you retire are less.  If You and the Gov. can't touch the money, it will be there when you retire.
143087
The government has already made it clear that the burden of responsibility for your financial future is on you. This started back with the creation of the 401k and other defined contribution plans.\n\nAmericans need to wake up! We have a pitiful savings rate as a country. It just turned Negative!! Social Security should be privatized and saved, but no-one should make the mistake of thinking that their social security retirement benefits will be enough.
5741
There is no way that you can get such a lump sum pay out from the social security system because there is no such amount available.  Social security payments are derived from current workers paying into it.
950503
In the entire history of USA till now,there is no instance of the national policy  tuned to the needs of the world. rank selfishness and constant opportunism, in the guise of opportunities has been the sole guiding principle. if no opportunity exists for USA,they will perpetrate destruction of other nations and in the name of re-construction,create opportunity for themselves. If u don't want to repay debt u are a defaulter and may be declared insolvent.But when USA does not want to repay its liabilities to others,a new principle of accountancy has been invented in the form of freezing of assets. However there are millions of right thinking individuals in USA, who contribute their mite individually and collectively for the benefit of mankind especially in times ofnatural calamities. Perhaps the unbridled free market economy and uncontrolled profit motive,with a citizenry more interested in spending rather than saving,as if there is no tomorrow in crass consumerism are responsible for the malady.