opinion, Politics

Opinion: How will you keep your retirement money?


Thomas Benigno / Former elected Republican Central Committee Member

I read that those who are on Social Security and have other income coming in will soon lose a big chunk of their money.
I can’t say I agree with the concept, although I’m no longer in business and collect my Social Security. It would be nice to have other money coming in. As with many government programs that have been developed over the years, there always seems to be catch 22 in our ability to come out on top.
Most citizens who have a job and pay the taxes necessary to build up a retirement account for Social Security are now seeing the system falling apart. Mainly because the rules were changed for those who had money and didn’t want to pay higher contributions.
You can’t blame them because many foreigners are coming to America and are using up that Social Security money to help them get a start in here. The soft side of America needs to harden so that there will money for those who worked and wanted to use Social Security as a supplement.
Now there will be less money in the social security accounts because it’s being used up by outsiders. Our Government feels this is good because these people will come here and work and contribute more money into the Social Security.
The ultimate goal for our present leaders is to generate the economy with new blood to replace those baby boomers who will be retiring between 2012 and 2025 —which would have been a good idea but there were to many jobs outsourced in the last 10 years.
As we can see, about 4 million people just lost their life savings in the stock market and the housing that was to be part of their plan to retire.
We must not let this economy take neither another citizen’s life savings nor the future of their children by leaving them with a legacy of debt.

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Discussion

2 thoughts on “Opinion: How will you keep your retirement money?

  1. Sir I’m glad to see your doing so well, now go out and help some of the homeless people that help make your 401healthy.Many people lake Madoff have screwed up things for others. I hope to see you on the soup line.

    Posted by citizen's voice | February 4, 2011, 3:26 pm
  2. What nonsense. Yes, Social Security does need revisions to make it viable long term, but the things you state are not the problem. The formula for calculating benefits, the way the COLA is calculated and applied and yes, early retirement all need to change. The growing number of retirees relative to active taxpayers is also a fundamental issue. And, PS there are no accounts just accounting.

    People who lost their life savings in the market and were close to or already retired were foolish. They should never have been in the market to any great extent at that point in their lives. My 401k and investments have fully recovered and more since the crash and even those heavily in equities have had a major recovery at this point.

    Posted by rdquinn | February 3, 2011, 6:12 pm

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