I Want My Social Security
But if it’s going to be gone, give me back my money NOW
Commentary, Roy E. Hodgson,
YO! Youth Outlook, Feb 08, 2005
Recently, there has been a lot of discussion and debate about the state of our country’s Social Security program. The Social Security Department is running low on funds, and according to some experts, those funds will be depleted within the next 50 years – if something is not done about it today.
Personally, I find this news very troubling because 50 years from now I will be 69. I would have either already retired or be strongly considering retirement, so whatever reforms are done to Social Security now will affect me, and people my age, tremendously in the future.
When we Americans think about retirement, what people want to do when they retire vary, but one thing is for certain – we all assume we will be receiving a check from Social Security in the mail as a means of income when we retire. In fact, many elderly today rely on their Social Security check as their sole means of income.
In order to help alleviate the problem that the Social Security Department could be facing, President Bush spent a lot of time in his State of the Union address calling for the creation of voluntary accounts, giving workers younger than 55 the option of investing two-thirds of their Social Security taxes in stocks and bonds. That plan offers the possibility of retirement money in addition to a Social Security check, but it also means the check would be for a smaller guaranteed benefit. Bush says money in the private accounts could be passed on to heirs, but a retiree with an account would be required to buy an annuity as insurance against poor investments, leaving less money in the account for heirs.
With all that said, I started thinking, “If Social Security is going to be depleted by the time I’m ready to retire, then why should money be taken out of my check now for something that I may not even benefit from later?” With the money that is already being taken out of my check for Social Security, I might as well use it to open up my own private Social Security account at my bank of choice so I can let the money accumulate to ensure I’ll have money when I retire. Also, why should I be forced to pay so someone who’s already retired, or about to retire, can eat – when I myself might not even receive a penny when I retire?
The idea of personal accounts sounds like a very good idea, if they are carefully monitored and recorded. Also, with those same personal accounts, it would be nice if the government sent an individual quarterly statements letting us know how much money they have up to date in their account, what percentage of the money withheld from their checks is actually going into their personal account, etc. However, I don’t like the idea of two-thirds of my money being invested in stocks and bonds. The stock market goes up and down everyday and I don’t want to gamble part of my retirement fund away on some company I have no say over.
No matter what is done to Social Security, we, the future generations of America should not be denied the same benefits that the elderly of today receive. We should not be forced to work longer in life and pay more in taxes just so we can benefit from something that the U.S. government promised us almost 70 years ago.
Roy, 19, is a writer for YO! 1 of 1
Personally, I find this news very troubling because 50 years from now I will be 69. I would have either already retired or be strongly considering retirement, so whatever reforms are done to Social Security now will affect me, and people my age, tremendously in the future.
When we Americans think about retirement, what people want to do when they retire vary, but one thing is for certain – we all assume we will be receiving a check from Social Security in the mail as a means of income when we retire. In fact, many elderly today rely on their Social Security check as their sole means of income.
In order to help alleviate the problem that the Social Security Department could be facing, President Bush spent a lot of time in his State of the Union address calling for the creation of voluntary accounts, giving workers younger than 55 the option of investing two-thirds of their Social Security taxes in stocks and bonds. That plan offers the possibility of retirement money in addition to a Social Security check, but it also means the check would be for a smaller guaranteed benefit. Bush says money in the private accounts could be passed on to heirs, but a retiree with an account would be required to buy an annuity as insurance against poor investments, leaving less money in the account for heirs.
With all that said, I started thinking, “If Social Security is going to be depleted by the time I’m ready to retire, then why should money be taken out of my check now for something that I may not even benefit from later?” With the money that is already being taken out of my check for Social Security, I might as well use it to open up my own private Social Security account at my bank of choice so I can let the money accumulate to ensure I’ll have money when I retire. Also, why should I be forced to pay so someone who’s already retired, or about to retire, can eat – when I myself might not even receive a penny when I retire?
The idea of personal accounts sounds like a very good idea, if they are carefully monitored and recorded. Also, with those same personal accounts, it would be nice if the government sent an individual quarterly statements letting us know how much money they have up to date in their account, what percentage of the money withheld from their checks is actually going into their personal account, etc. However, I don’t like the idea of two-thirds of my money being invested in stocks and bonds. The stock market goes up and down everyday and I don’t want to gamble part of my retirement fund away on some company I have no say over.
No matter what is done to Social Security, we, the future generations of America should not be denied the same benefits that the elderly of today receive. We should not be forced to work longer in life and pay more in taxes just so we can benefit from something that the U.S. government promised us almost 70 years ago.
Roy, 19, is a writer for YO! 1 of 1
