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To: GVTucker who wrote (103358)5/12/2000 8:45:00 AM
From: willcousa  Read Replies (2) of 186894
 
An observation from doing estate work. Social Security appears to be a bonus for people from semi-skilled union worker or secretary on up. I have no experience with lower paid workers. I have yet to see anyone pass away who didn't have a bigger estate than when they retired. Those who bought stocks, regardless of their means, had a lot more. Even those who simply kept their excess cash in the bank had more dollars. These people were retired through the ruinous high inflation of the Carter years and the low inflation now.

The Bush plan to invest 2% privately is optional so those who have no confidence in the future or in their ability to manage the money can opt out. Some people value the security of that more highly than others. So there is the safety net for those who want it.

Remember that the average return to a social security recipient on the dollars he or she invests is abysmal. If the system were merely changed to put all of the money into bank CD's and bar invasion of the funds prior to retirement for any reason the public would be better off.

Few politicians or government workers are under social security. They have other plans. Why do you think that is? One reform would be to force these folks to participate in social security. I would be the system would be improved in a hurry.

I go to a lot of estate planning seminars and see people shopping around to find the consensus among the so-called experts before making a move. I believe that most of the public is quite capable of making good decisions about their finances.
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