Question about SS, I keep hearing its about ownership................

[Rebellious Republican]

So if I own the money that would be put into a private investment account, does this mean that I can elect to not have any deduction taken out of my paycheck.

Seriously, if I am a low wage earner, and I struggle daily just to put food on my table and pay for all my other basic needs, can I keep that money instead of investing.

If I can keep that money, then in 30 or 40 years when I have nothing to fall back on, which government program will I be eligible for as an indigent elderly.

If I can not keep the money, (remember its about me owning my money)and I refuse to choose any companies to invest with, then what happens to MY money, where does it go? Does the government decide who to invest with MY money?

These are questions I am not hearing any one asking.

[annabanana]

1. Nope! If you elect to "have that money taken" from the SS pool

Some one else will tell you where it can be invested, and what firms will get the commission for that transaction. You can't use the money to help pay the rent that month, nor can you get at it ahead of time for the operation you need to stay alive. And, regardless of the SOTU... I don't think you get to bequeath it either (although the details on that are pretty fuzzy)

[papau]

2. you'd have a few "ownership rights" - get an annuity, death grant if

death is before retirement, and excess earnings purchasing a government annuity if you had excess earnings.

No early cash out right.

[KayLaw]

3. I sure doubt it

It's just a cute little slogan for the knuckle draggers to hang onto. I'd like to know about my money, as well. I worked for many a year, but quit to raise children. One turned out to be severely disabled who needs constant care, so I won't be able to return to work.

Even if I could, I wouldn't be able to start this screwball plan until 2009 which is when I turn 55. I'd have a whole 7 years to make up the difference between what I was promised by Reagan/Bush I/ Greenspan and what BushII wants me to have.

I just wonder if I could have all the money I paid all those years I worked in a hospital treating patients who needed respiratory therapy. I'd really prefer just to have it right now in a lump sum with--say-- 5% interest added.

Obviously, I can't. It's not really my money, is it?

[Oversea Visitor]

4. Well

You own some stock in a company that you got no say in. Hopefully you dont end up owning some Enron Stock hehe.

[China_cat]

5. It's your money only if you aren't planning on actually doing

something with it yourself. New govt agency in the works to invest it for you (with approx. 40% admin costs as opposed to the 3% admin costs on SS). You just get to pay the brokerage fees and commissions.

Why do you think the administration is having such a cow about them being called 'private' accounts? Wanting them to be named 'PERSONAL' accounts, instead? Because private means that it's yours, personal just means your name is attached.

[izzie]

6. This seems to be very unclear.

I am sure you can not take it before but then , if you go into the plan, you have to buy the annuity as I see it if you fall in that low income or near poverty level. But then if you do not take the plan the SS is going to be lower any how and right now many do not get enough to be at the poverty line. I will keep reading but this does not look like it will ever be your money unless you did not need it in the first place.

[Vinca]

7. That's because it's really not about ownership.

It's about how the Republicans have hated social security since its inception and Bush would be "president for life" if he dismantled it. A side bonus is the financial windfall to his investment cronies.

[Rebellious Republican]

8. Thanks, I think that this may be the fraud that knocks him off his

Ivory tower. Now he is messing with conservative middle class America's money, and we all know how greedy they are.

His own base is starting to get nervous, he may actually try to steal a slice of their pie.

This ought to be fun, I am going to enjoy the show. Could this be the self destruct button we have been waiting for them to push.