The Social Security program was a much needed, albeit poorly planned, program that helped a lot of people when they needed the help.
Sadly, now it is the young, working people paying so that more people can retire earlier and live longer than ever before. This has brought up some controversy as to whether or not Social Security is still needed, or whether changes should be brought to the program to sort of update the program to better fit today's demands.
The El Paso Independant School District, the school district for which I substitute, has implemented a Social Security Alternative. By law, they have to offer some sort of Social Security program;
This new plan takes more money from my check than the normal Social Security taxes would take out, but the money is saved for me and me alone. Should I quit, it would then be deposited into a special interest account and sit, interest-free, until I can retire.
I am torn as to whether or not this program is actually better. If I continue to participate, I will be ineligible to collect any traditional Social Security benefits or funds when I retire; and I've already been paying into that for 14 years. Do I really want to throw that investment out the window and start over again? But I do rather like the idea of being self-sufficient and not having to rely on those of you younger than I to pay for my retirement.
So, I am wondering, do you believe that a Social Security alternative program will work; or will there be many people with the same qualms as I? Would you participate?
Initially, a number of people would likely have the same problems for you. But our social security system is rapidly failing. If we don't find an alternative, there's not going to be enough money to GIVE you when you retire. Of course, I think we should cut some of our congressmen's retirement funds, since I've heard that they don't experience any type of pay cut when they retire.
I'd personally rather have this option than pay for other people to get money while I sit in the dark when I get older. Then again, if this system were to be initiated nationwide, there would be a collapse in the system we have in place, and we'd have to have a nice backup for those that have contributed to the system for years and didn't have this option while they were working.
~C
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