Should the federal government seize 401k holdings to save social security?

[w¡n9Nµ7 §£@¥€r 123]

... even Alan Greenspan was saying will be bankrupt by 2008.

Greenspan said that? Link, please. I think you'll find that's not quite what he said.

[Dr. A ♥ O 203]

Why does everyone always ask for a link? I remember watching it was on Bloomberg in 2003 while I was running the treadmill at 6am. Anyways do you see what I am saying for the low income ppl and more education? In a way I am in the basic principle of agreement with you that the larger the nest egg the larger the return but we have to have the funds made avaliable to us to begin to build that. The more liquid net worth you have the more you qualify for in investments, ect...

[w¡n9Nµ7 §£@¥€r 123]

Why does everyone always ask for a link? I remember watching it was on Bloomberg in 2003 while I was running the treadmill at 6am.

Anyways do you see what I am saying for the low income ppl and more education?

Of course. No question that financial education is a good thing.

[46]

Hell no!!! I can manage my account much better than the government.

Maybe, but if you agreed, then all those people without your financial management skills who will depend on social security for their post-retirement survival, will actually survive.

Won't you do that much for your fellow man?

You will have to explain why people would die without Social Security. The concept of retirement will simply end for those who make poor choices and have no one to support them, that's all. Perhaps it would also lead individuals to make much more responsible decisions and lead to better lives. Also, a private system does not require an individual to have financial abilities, only that they can hire one who does. Flying does not depend upon your ability to build and pilot an aircraft, only your ability to choose an airline and buy a ticket.

If one wishes to support one's fellow man, a number of charities exist that will redistribute wealth with greater efficiency than the United States government to those more deserving than Social Security eligible recipients.

[MrsCat 6]

Hell no!!! I can manage my account much better than the government.

Maybe, but if you agreed, then all those people without your financial management skills who will depend on social security for their post-retirement survival, will actually survive.

Won't you do that much for your fellow man?

You will have to explain why people would die without Social Security. The concept of retirement will simply end for those who make poor choices and have no one to support them, that's all. Perhaps it would also lead individuals to make much more responsible decisions and lead to better lives. Also, a private system does not require an individual to have financial abilities, only that they can hire one who does. Flying does not depend upon your ability to build and pilot an aircraft, only your ability to choose an airline and buy a ticket.

If one wishes to support one's fellow man, a number of charities exist that will redistribute wealth with greater efficiency than the United States government to those more deserving than Social Security eligible recipients.

[Dr. A ♥ O 203]

If there was a social security reform, which it sounds like there needs to be, there are also other government systems that can be delegated some of the responsibilities of Social Security for those that would die without it.

[Dan J 277]

Social Security is a necessary part of retirement, even for those who do prudently save for retirement. Its solvency can be maintained by increasing the income cap up to which you will contribute to social security. We don't need social security to provide a lavish retirement, but it should be able to provide for basic needs.

A successful private retirement system needs several elements in place that are actually contrary to a free market system.

You need to be able to earn enough to actually have money to save, the national median household income is $44,389. Even for a family of 2, that doesn't leave much left over for saving. Even less if you have a family.

When you most need to start saving is when you are young. But entry level jobs don't often pay very well. Nor are we very good at long term planning. We will often take a short term reward over a greater long term reward.

We need a stable, well-regulated market. With the recent market downturn, it would suck if you were retiring right now.

Everyone needs to be educated to be financially savvy. Putting your money into a managed mutual fund, can end up with a good amount of retirement being eaten up by fee's paid to the financial managers. Even though few can really beat average market returns. Even then, without educating everyone, people will be manipulated into buying stocks which are bad investments. To the benefit of someone else. When people have difficulty managing their own fiances, I can't see how they can manage their stock portfolios.