Social security is guaranteed by the federal government. Making social security into 401k only benefits corporations by giving them a guaranteed funding source.
Hell, I hate the fact that companies moved from a pension system to 401k. Social Security is one of the last places where we have guaranteed income.
Social Security is adjusted for inflation and provides a predictable income stream you can plan for. Having it tied to the stock or bond market would result in big swings and also potential loss. Social Security isn’t maximized for profit, it’s maximized for predictability.
Who would opt out of SS the most? People living paycheck to paycheck. Who can’t save for retirement at all? Those same people.
Allowing an opt out would mean homeless and suffering old people wandering and dying in the streets. Which is why SS was created in the first place.
ah maybe you’re confused by what I’m suggesting.
I’m not suggesting opt and not being forced to save. Just force them away from social security and into a 401k style program.
Same intent but with much better results.
Absolutely 1000% no.
Social security is guaranteed by the federal government. Making social security into 401k only benefits corporations by giving them a guaranteed funding source.
Hell, I hate the fact that companies moved from a pension system to 401k. Social Security is one of the last places where we have guaranteed income.
Social Security is adjusted for inflation and provides a predictable income stream you can plan for. Having it tied to the stock or bond market would result in big swings and also potential loss. Social Security isn’t maximized for profit, it’s maximized for predictability.
No.
Were you born after 2008? You want our nation’s social safety net controlled by private banks?
I don’t think they were confused by your point, as the idea is bad on its face for the very reasons they noted.