Remember when putting Social Security money in stock market was a good idea?

[b5blue]

OK I was watching the news about stock market when I remembered this...everyone was running around saying what a great idea to be able invest your SSI in the stock market...it gave me chills...if that had gone through...then this happened, I was never for it but many around me wanted to. Anyone remember who was pushing that? Kinda scary and nobody is talking about what could have happened.   

[Troy]

Without getting too much into it... yeah, I'd rather lose my own money than have the government waste it (or tax me more so the system doesn't collapse under mismanagement). However, anyone with any foresight whatsoever pulled their money out of the market a while back. Historically it's still a better way to go.

Troy

[bakerhillpins]

  Dude, it was an awesome idea! What the hell are you talking about? 

 

[69_500]

I would say that its just as good an idea as leaving it where it is, and me continuing to put money into it to never see a dime of it when I turn 67. At least if I was in control of it, or it was in the market I'd have a chance to get at least some of it back.

[b5blue]

Your money is safe with the gov. they just print more when they need it!   

[Polygon]

Well, if you remember the 'good old days' you could take you goverment check tax refund (or a social security or savings bond check) and put it under the mattress.

Take it out 30 years later, good as gold, and ready to cash.

Not today, a 90 day limit, the you have to request a new one.

I like the old way...
John

[PocketThunder]

Your money is safe with the gov. they just print more when they need it!   

Aint that the truth.  The federal gov't is flat broke and are afraid to admit it.

[68charger383]

OK I was watching the news about stock market when I remembered this...everyone was running around saying what a great idea to be able invest your SSI in the stock market...it gave me chills...if that had gone through...then this happened,

Well it kind of did happen that way.....it was called a 401K 

[twenty mike mike]

Let's forget about those pesky details of the plan. The plan was voluntary, unlike Social Security, and it was limited to 5% of the account. 

So anyone who chose that plan would have lost 40-50% of the value of that 5%, just as most 401Ks have, and that would have sucked, too. However, a 21 year old today, who has beeen volunteered by the gov't to "contribute" part of his or her paycheck to a Social Security account will likely never see any of that money, since the politicians can't seem to figure out that the baby boomers are going to wipe out the SS till (such that it is, since they keep robbing that till).

So which is the better deal? 

[PocketThunder]

http://en.wikipedia.org/wiki/Social_Security_Act#Creation:_The_Social_Security_Act

Some good reading here for those of you wondering how we got in this mess to begin with.

[bull]

Your money is safe with the gov. they just print more when they need it!   

Aint that the truth.  The federal gov't is flat broke and are afraid to admit it.

FLAT broke? That creates the impression that it's at zero when in fact we're so far below zero can't even see zero with a telescope.

[Tilar]

I would say that its just as good an idea as leaving it where it is, and me continuing to put money into it to never see a dime of it when I turn 67. At least if I was in control of it, or it was in the market I'd have a chance to get at least some of it back.

I've been hearing that song for 40+ years, and so far nobody that has contributed to it has been denied it... Nobody that I'm aware of anyway.