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Re: Predictions - SS reform
Old 02-04-2005, 12:27 PM   #41
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Re: Predictions - SS reform

Here's a good summary of the situation from a financially savvy guy, Andrew Tobias.

http://www.andrewtobias.com/
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Re: Predictions - SS reform
Old 02-04-2005, 01:19 PM   #42
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Re: Predictions - SS reform

Quote:
Here's a good summary of the situation from a financially savvy guy, Andrew Tobias.

http://www.andrewtobias.com/
Thanks Mikey. That is the best summary I have seen to date.
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Re: Predictions - SS reform
Old 02-04-2005, 02:58 PM   #43
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Re: Predictions - SS reform

Quote:
Here's a good summary of the situation from a financially savvy guy, Andrew Tobias.

http://www.andrewtobias.com/
thanks, mikey. Good summary. I hope the knee-jerk Bushies bother to check the facts. This proposal will never get off the ground if people are paying attention.
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Re: Predictions - SS reform
Old 02-05-2005, 04:05 AM   #44
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Re: Predictions - SS reform

Short, simple and straightforward. Good find, Mikey.
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Re: Predictions - SS reform
Old 02-05-2005, 09:31 AM   #45
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Re: Predictions - SS reform

Glad y'all found it useful.

Mikey
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Re: Predictions - SS reform
Old 02-05-2005, 09:51 AM   #46
 
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Re: Predictions - SS reform

Current DNC Leadership ANDREW TOBIAS DNC TREASURER
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Re: Predictions - SS reform
Old 02-05-2005, 10:43 AM   #47
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Re: Predictions - SS reform

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Current DNC Leadership ANDREW TOBIAS DNC TREASURER
And your point is?

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Re: Predictions - SS reform
Old 02-05-2005, 10:47 AM   #48
 
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Re: Predictions - SS reform

It's called "Conflict of Interest"...well DUH!
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Re: Predictions - SS reform
Old 02-05-2005, 12:44 PM   #49
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Re: Predictions - SS reform

Quote:
It's called "Conflict of Interest"...well DUH!
Should one put any more credence in an analysis by the Bush Administration or its operatives? Seems to me that there'd be a conflict of interest there as well.

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Re: Predictions - SS reform
Old 02-05-2005, 12:54 PM   #50
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Re: Predictions - SS reform

Nobody comes to this party un-biased.

Present your data and analysis - and let your peers fire away.
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Re: Predictions - SS reform
Old 02-05-2005, 01:15 PM   #51
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Re: Predictions - SS reform

I hope that the "powers that be" will take any changes to SS very seriously. I think that a bi-partisan commission should take the problem and give recommendations for any "fix". This issue is far too important for any politicians to shoot from the hip.
Based on past experience, I do not trust most politicians and we definitely need a balanced forum when changing anything.

Leave my SS alone - I used the rules in place when I retired. I have just been thru this with my past employer and am disgusted with this "bait and switch" attitude.
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Re: Predictions - SS reform
Old 02-05-2005, 01:20 PM   #52
 
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Re: Predictions - SS reform

People, people...............the sources quoted are all
biased, as unclemick correctly points out. Many are completely clueless as well. I am not a "Bushie".
The blind leading the blind comes to mind here.

Anyway, to paraphrase : "In myself I trust,
all others pay cash"

JG
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Re: Predictions - SS reform
Old 02-09-2005, 11:26 AM   #53
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Re: Predictions - SS reform

http://www.pimco.com/LeftNav/Late+Br...O_Feb_2005.htm

Another worthwhille SS commentary by Bill Gross.

Edit: I see this article is already being discussed in "Other Topics".
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Re: Predictions - SS reform
Old 02-09-2005, 06:10 PM   #54
 
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Re: Predictions - SS reform

The Bushevick plan to dismantle Social Security ain't gonna happen.
Count on it.
If he succeeds, I'll donate $100 to John Galt's favorite charity.
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Re: Predictions - SS reform
Old 02-09-2005, 06:20 PM   #55
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Re: Predictions - SS reform

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*. . .If he succeeds, I'll donate $100 to John Galt's favorite charity.
That would be John Galt's checking account, wouldn't it?
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Re: Predictions - SS reform
Old 02-12-2005, 05:18 AM   #56
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Re: Predictions - SS reform

Here's your link: http://www.nytimes.com/2005/02/12/bu...ension.html?th

It's a NY times article entitled: Sweden's Take On Private Pensions. Here's just a tad of the article.
---
Its experience, along with those from other countries, highlights some of the benefits involved but also underscores the various risks when a government turns over an important investment decision to people not always comfortable with managing their retirement money.

With the possible exception of Singapore's ambitious and expensive savings programs, the experience of other countries has been mixed. In Britain, in the late 1980's, legislation permitting savers to divert funds from company and state retirement plans into private investments backfired when the value of those investments fell and insurance sales representatives were accused of selling products under false pretenses.

In Chile, the introduction of private investment accounts almost 25 years ago led to accusations that hidden fees reduced benefits by as much as a third.

In Poland, an army of sales agents, hired under a new private savings regime in 1999, defrauded the system by charging commissions on false accounts. Since some of the sales agents were paid a commission for every new account, they simply invented them. Other accounts were in the names of deceased people. To try to avoid such fraud and secret costs Sweden introduced its private pensions system by placing a state-appointed intermediary, the Premium Pensions Authority, between savers and fund managers, much as President Bush is proposing to do. Moreover, Sweden created a state-administered default account, comprising foreign and Swedish equities, for people who did not want to choose their own investments.

But in seeking a highly competitive program, Sweden threw open its private accounts system to a staggering 675 funds (compared with 6 in Chile and 21 in Poland), requiring savers to pick 5 of them or invest in the default fund.

Unlike Mr. Bush's Social Security overhaul proposal, which would carve voluntary private accounts out of existing taxes, the Swedish system imposes a mandatory 2.5 percent saving on top of its basic benefit. In Sweden, 16 percent of wages goes into an overhauled pay-as-you-go system that defines the contributions savers make but no longer guarantees the same benefits as in the past.

One other quote which I found compelling: "In the United States you have a history of taking responsibility," he said. "We are educated in a completely different landscape where the government has been our big brother."




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Re: Predictions - SS reform
Old 02-12-2005, 06:22 AM   #57
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Re: Predictions - SS reform

?Echos of America's broad range of experience with 401k

I talked to a 'semi retired electrican/schrimper' who sold out his 401k stock funds - down 230k at the bottom of the 2000 -02 drop and went fixed. I presume hot sector stuff - but I didn't have the heart to push.

He expects to be working part time - forever.
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Re: Predictions - SS reform
Old 02-12-2005, 06:31 AM   #58
 
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Re: Predictions - SS reform

Hello unclemick. IT only takes one big mistake in many cases. I have a good friend (60) who comes from a very wealthy family. Back in the 70s, he got crossways
with his employer (big conglomerate) and upon leaving cashed in his stock options in a snit. Maybe he got 100K. In just a few years his stock was comfortably
worth
over $1,000,000. He is past moaning about it.
He is still working also.

JG
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Re: Predictions - SS reform
Old 02-16-2005, 09:59 AM   #59
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Re: Predictions - SS reform

I guess that's that. Moses has come down from the mountain with his perfect wisdom.
----------------------
Greenspan Urges Caution on Social Security
February 16, 2005 1:14 PM EST
WASHINGTON - Federal Reserve Chairman Alan Greenspan on Wednesday urged a go-slow approach on personal Social Security accounts, saying that while he embraces the idea central to President Bush's proposed overhaul, he is concerned about stability in financial markets.

"If you are going to move to private accounts, which I approve of, you have to do it in a cautious, gradual way," Greenspan said in response to intense questioning from both Republicans and Democrats in an appearance before the Senate Banking Committee.

"I think it's a good thing to do over the longer run," he said because something must be done to fix the system.

Bush's proposal would allow workers under age 55 to divert a chunk of their Social Security taxes into voluntary, private investment accounts.

Greenspan repeated his call to Congress to take action to shore up the massive entitlement programs of Social Security and Medicare. Those programs face huge financial strains with the looming retirement of 78 million baby boomers in 2008.

Bush, meanwhile, said he has not ruled out raising taxes on those who earn more than $90,000 a year to help bolster Social Security's finances. Under the current system, payroll taxes are paid only on the first $90,000 in wages.

"The one thing I'm not open-minded about is raising the payroll tax rate. And all the other issues go on the table," Bush told a roundtable of regional newspapers, according to an account Wednesday in the New Haven (Conn.) Register.

The Fed chief's remarks on Social Security came as he delivered the Fed's twice a year economic outlook to Congress.

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Re: Predictions - SS reform
Old 02-16-2005, 10:50 AM   #60
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Re: Predictions - SS reform

- SS estimates paying 73% of expected benefits, from which medicare b premium is deducted, using up the inflation adjustment included in SS. The tax laws for SS are not inflation adjusted, making after med b SS a fully income taxed fixed pension in the future.

I expect reforn to simply codify the current trend, as in above.
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