| How many legs does a dog have if you call
| |
| | miserable failure. Taxes will ultimately
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| the tail a leg? Calling the tail a leg
| |
| | have to be increased on us no what fix we
|
| doesn't make it a leg. --
| |
| | decide today for the system. When and by
|
| Abraham LincolnWhew!
| |
| | how much are the only questions that need
|
| I almost wrote a really long article
| |
| | to be answered. Cuts and elimination of
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| about the Social Security System and what
| |
| | some benefits are inevitable. Retirement
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| it means to Black folks.Fortunately, I
| |
| | will become anathema in the future.In the
|
| fell asleep while writing it just like
| |
| | past 10,000 or so years of human history,
|
| you would have reading it. I can't think
| |
| | retirement didn't exist in any way, shape
|
| of anything more boring then an in depth
| |
| | or form as it does today. People either
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| analysis of what is wrong with Social
| |
| | got too sick to work or died. We've tried
|
| Security.I think that one thing the under
| |
| | to change history with our current system
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| 40, Black American, internet savvy crowd
| |
| | but we can't change humans.If you send
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| already knows is that the Social Security
| |
| | someone a check and tell them they don't
|
| system is in trouble and that it won't be
| |
| | have to work anymore, they won't work.
|
| there for us when we retire the same way
| |
| | There are able-bodied and able-minded
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| it is for our parents and grandparents.
| |
| | senior citizens that are not working
|
| Something has to give.One thing is
| |
| | because the governments sends them a
|
| definitely true, the Social Security
| |
| | check every month regardless. The truth
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| system won't exist in the same form and
| |
| | is, a system set up like this will
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| with the same level of promise that it
| |
| | collapse one day on its own because its
|
| has now.So, with all the boring stuff out
| |
| | not the way of humanity.I think its good
|
| of the way, I want to say a few things
| |
| | that my generation believes more in UFOs
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| about private accounts and what I think
| |
| | then in Social Security being there for
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| they mean for African Americans. I'll
| |
| | us when we retire. maybe that belief will
|
| start with the bottom line up front. I
| |
| | be the motivation we need to save outside
|
| think that Social Security private
| |
| | of Social Security to secure our own
|
| accounts are a good deal for African
| |
| | retirement.So, with all of these
|
| Americans but with some very serious
| |
| | reservations, you may wonder why I think
|
| reservations.First of all, a private
| |
| | that Social Security private accounts are
|
| account is the government's attempt to
| |
| | a good for Black Americans. The answer to
|
| add an ownership component to the system.
| |
| | that is simple math.Simple Math Reason
|
| However, in this case, your ownership
| |
| | Number One: Black males live to an
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| rights will be severely restricted.I can
| |
| | average age of 66 years old. The average
|
| invest MY money in stocks, bonds, cash,
| |
| | Black male now collects one year of full
|
| real estate, businesses, mutual funds and
| |
| | Social Security retirement benefits. The
|
| any other investment vehicles I so
| |
| | age of full retirement for the under 40
|
| choose. The private accounts system will
| |
| | crowd is now set at 67. Watch for
|
| likely offer a limited range of choices
| |
| | proposals to raise that age even more.
|
| in nothing but paper assets like stocks,
| |
| | The average Black female has a live span
|
| bonds and money market accounts that are
| |
| | of 72 years meaning that she collects 5
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| managed by large Wall Street brokerages
| |
| | years of benefits. The average White male
|
| and mutual funds - the so-called
| |
| | and White female have life spans of 76
|
| experts.Ownership with restrictions is
| |
| | and 78 years, respectively.Personally, I
|
| merely the illusion of ownership. Very
| |
| | would rather pass my life time of Social
|
| few things you own will have as many
| |
| | Security tax dollars on to my children
|
| complex rules, restrictions and legal
| |
| | and grandchildren then to a little, old
|
| entanglements as private account will
| |
| | white lady I've never known in my life
|
| have attached to it.Second, the
| |
| | like we do now under the current system.
|
| government is forcing every American to
| |
| | You may not like this truth but that is
|
| become an investor without committing the
| |
| | who is getting your benefits now.Simple
|
| resources to raise the level of basic
| |
| | Math Reason Number Two: It is not hard at
|
| financial literacy in this country. Alan
| |
| | all for the to earn more then the 2%
|
| Greenspan has said that basic financial
| |
| | return on investment that Social Security
|
| literacy should be taught in our public
| |
| | provides now. A money market mutual fund
|
| schools.The government did this very
| |
| | is paying anywhere from 3% - 5% interest
|
| thing before when they created the 401K
| |
| | at this time. You could easily and safely
|
| retirement system. That system has been a
| |
| | earn double what Social Security
|
| boon to Wall Street, Corporate America
| |
| | offers.Simple Math Reason Number Three:
|
| and many fellow Americans. However, the
| |
| | The average Black American has a net
|
| pain felt when the 401K gets hurt is not
| |
| | worth less then $5,000 and that is only
|
| shared as freely as the benefits. Ask
| |
| | one-tenth of the average White American.
|
| employees at Sun Microsystems, Enron,
| |
| | Social Security private accounts, because
|
| Martha Stewart Omni Media and other
| |
| | they are form of forced savings, will add
|
| companies that have gone belly up or
| |
| | to the net worth of Black Americans. All
|
| otherwise taken a brutal pounding in the
| |
| | other Americans will see their personal
|
| stock market because of mismanagement and
| |
| | wealth build also so I don't expect that
|
| corruption.Who will get hurt when Social
| |
| | private accounts will close the racial
|
| Security private accounts take a beating?
| |
| | wealth gap. I do believe that private
|
| Will the average citizen be the last to
| |
| | accounts will inject much needed wealth
|
| know, as is already the case, when their
| |
| | into the accounts of African Americans
|
| private accounts hit rock bottom? Without
| |
| | and we need the boost most of all.Also,
|
| a major, national effort to boost the
| |
| | because we don't live as long beyond the
|
| financial literacy in this country, how
| |
| | retirement age (which I hope will one day
|
| will people react to negative news about
| |
| | change), more of the wealth in our
|
| private accounts? Will the government
| |
| | private accounts will get passed to our
|
| restrict our ability to react to negative
| |
| | children, helping them to build wealth.
|
| news?Third, what will the government do
| |
| | So, a legacy of wealth will begin to grow
|
| should you out-live your private account?
| |
| | from the seeds of investment into private
|
| Because the account only offers limited
| |
| | accounts.Simple Math Reason Number Four:
|
| ownership not real ownership, I expect
| |
| | This relates to what I said about bucking
|
| that we won't be able to bet their
| |
| | human history by creating this
|
| private account at the casino on the day
| |
| | artificially constructed, man-made system
|
| they retire. I do expect the withdrawals
| |
| | of retirement and actually believing that
|
| from our private accounts to be amortized
| |
| | it will sustain us unchanged in
|
| over a period of time based on something
| |
| | perpetuity. The system is breaking down.
|
| like the average life expectancy. What
| |
| | We need to start taking complete
|
| happens if you are the lucky somebody
| |
| | ownership - and control - for our
|
| that lives a long, healthy life to 120
| |
| | retirement security.Partial privatization
|
| years old? If your account goes broke,
| |
| | is a step in the right direction. Even if
|
| what will the government do for you? If
| |
| | the step is one small incremental one, we
|
| you enroll in private accounts, you agree
| |
| | must begin somewhere.
|
| to a cut in your benefits. Will you
| |
| | I don't think the destitute and disabled
|
| suffer if your private account
| |
| | should be left out in the cold without
|
| suffers?Fourth, the new promises are just
| |
| | our help and support. I do believe that
|
| as shady as the old ones. Private
| |
| | the truth needs to be told and that no
|
| accounts will salvage the system for some
| |
| | one is telling it today.So, here is what
|
| time but ultimately will become plagued
| |
| | I have to say: make a plan to provide for
|
| by their own, new and different
| |
| | your own financial independence, invest
|
| challenges that will need to be fixed by
| |
| | heavily into your own financial
|
| a future generation.No one in either
| |
| | education, invest your money wisely,
|
| political party wants the truth to get
| |
| | prepare for the absolute worst and hope
|
| out about Social Security. Socialism is a
| |
| | for the absolute best.
|
