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Originally Posted by David1961
Hearing reports about the push to privatize social security is being discussed.
Has anyone read about how this may affect those of us who have paid into the system but are not old enough yet to collect? This group seems to be omitted from the discussions.
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The only thing I have heard about privatization is from before the election. I do not see this happening anymore.
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The proposal would require workers and employers to put a percentage of payroll into individual retirement accounts “to be invested well in pooled plans run by professional investment managers,” as James put it.
In other words, individual voluntary 401(k)s would be replaced by a single national system, and much of the mandated savings would flow to Wall Street, where companies like Blackstone could earn big fees off the assets.
And because of a gap in federal anti-corruption rules, there would be little to prevent the biggest investment contracts from being awarded to the biggest presidential campaign donors.
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Clinton Might Be Moving Toward Social Security Privatization
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FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
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