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To: Don Lloyd who wrote (2873)1/4/2001 8:12:01 PM
From: Hawkmoon  Respond to of 3536
 
The sooner the SS system disappears from the face of the earth the better,

Well, of course that would be preferable. However, many folks have already factored SS into their retirement plans so we have to continue funding current liabilities.

That said, there is no reason that we shouldn't meet current liabilities (pay as you go), and set aside surplus FICA taxes to be invested in hard assets in individual IRAs (preferably ROTH IRAs).

And 10 to 20 years from now, SS should be means tested to exclude those with annual incomes (dividends, pensions, IRA distributions) in excess of a certain amount to be decided at that time.

SS was designed to be an social insurance program, not a pension plan. We must take the certain, but incremental, steps to return it to that status.

Regards,

Ron