Retirement funding

[Channing]

Well it's been predicted that the American Social Security will basically be depleted sooner or later. Within the next 15-30 years. This means any money in those accounts will be no longer available for withdrawal or lost completely. For the mean time I took the money from my 401K from the times I worked when I was younger. (401K is the standard retirement account in my location.) And placed it within a retirement funding account with the bank. (An IRA I believe.) Therefore it builds interest and what not.

For the time I worked and began putting in 401K money. I've collected about $500 over the short time I was legally able to begin. I stared putting money in it when I turned 18. Before then I was still working but was not old enough to have my own account.

My parents explained to me that if I begin putting small amounts into this account when I do work that in fortunate time when I am retiring. I will not have to work. Though I see many kids do not do this, and some parents believe it is a waste of time. I know some people whom have placed $300,000 into a 401K and spent it up all in one year.

I believe if it's managed responsibily it can be a very awesome attribute down the road. But other's have their own opinions about saving that kind of money. How do you feel about it? Do you believe in retirement funding or sticking to the government's social security?

[edczxcvbnm]

Social Security I believe is meant to help you get by. You shouldn't completely depend on it. I have money saved and I have a small 401K started which is a start considering I am only 23. A lot of how much one can save also depends on how much they are able to make a year and what kind of debts they have.

[bipper]

I will admit that I have not ever though about retirement. (Thats what scratch offs are for!) Anyways, My only concers are that when you invest, you should always make sure that you invest ment will at least keep up with inflation. Like if you threw 50 bucks in a jar 30 years ago to save it for a rainy day, you just lost money. That lies my main concern. The different markets of investment all offer chance to make it big, or loose your investment. CD's and bonds are safe, but offer less of a yeild.

Retirement does worry me, but I figure as long as I do what is standard, and invest money on my own, I am sure I will have a fighting chance when I am living on the street and not able to afford any of the rediculously high medical bills. With that, I hope my kids get rich

Bipper

[udsuna]

I try and avoid dealing with SoSec if I can. I'm rather hoping Bush's opt-out idea goes through, because I'd be first in line to say "screw you guys, I trust my investment strategy to help me better than self-serving politicians in need of some quick cash for a pet project."

We'd have enough social security to support this country's people for the next century, at rate of population growth, if it weren't for the government "borrowing" the money for stuff.

[DarkLadyNyara]

Ya know, if Bush and congress didn't keep looting the SS trust fund for their own idiotic purposes, we wouldn't have this problem.

[Cloud No.9]

pensions and social security are enshrined in the human rights act. to not provide them would be a breach of that.

[Mr. Mojo Risin]

Social Security needs to be abolished for all persons born after 1979.

[Cloud No.9]

if you don't get a pension you can go to the human rights court as it is part of the human rights atc. but forgot this if you're american because america doesn't have anything to do with that court. such a shame really.

and this is all down to the baby boomer generation and the inverted population. bird flu might help it along a little.

[Mr. Mojo Risin]

You don't have to collect pension from the gov't.

And could you provide a link to this human rights act.

[Cloud No.9]

article 25 the universal declaration of human rights 1948. comes above all other laws in all countries. comes before every government.

http://www.un.org/Overview/rights.html

[Mr. Mojo Risin]

Article 25.
(1) Everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing and medical care and necessary social services, and the right to security in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond his control.

(2) Motherhood and childhood are entitled to special care and assistance. All children, whether born in or out of wedlock, shall enjoy the same social protection.

Doesn't mean that the gov't has to provide any of these things anymore than it has to provide guns as 'enshrined' in the 2nd Amendment of the US Constitution. Certainly tho' the gov't can't deny anybody these things.

[Teek]

You mean pension is involved in the human RIGHTS act? That makes me laugh even harder. Any rational person could recognize that "security" is hardly a human right. Too bad America can't. We'll probably become socialist, anyway. (hooray for human rights, indeed)

I think actual, private investments should be considered. I have already decided that when I am older, I will not steal from the young in order to keep me alive.

[Mr. Mojo Risin]

I have already decided that when I am older, I will not steal from the young in order to keep me alive.

bingo

[Cloud No.9]

such a shame that you just steal from africa and the rest of the world anyway.

if your going to try and keep up the pretence of these so called morals. do them the full way.

of course security is a human right. and it needs to be provided. that is simple enough. it's about acting proactivley. what is the other choice? let the poor and old starve? or provide for them? (hooray for human rights, indeed)

[Madame Adequate]

such a shame that you just steal from africa and the rest of the world anyway.

if your going to try and keep up the pretence of these so called morals. do them the full way.

Given that Hachi and I can't actually affect our respective government's policies on Africa, how are we supposed to change it? The best we can do is stay out of systems which commit theft in our name. Which is better than not doing anything, yes? Now, kindly stop acting as though individual citizens are able to change national policy and we solely fail to do so through hypocrisy or indolence.