posted
I'll bet you thought I meant Super Sport? I mean Social Security!
I have 2 questions!
1. If you were given the choice to invest your Social Security money, would you?
2. Would you want to invest your money in funds that the Government managed, or stocks, bonds, options, etc.?
I was reading an article about this, and wondered how many people would actually want to do this. To start us off, if given the option, I would choose to invest my Social Security money in Stocks and Options; that is if there is anything left for me to invest... lol!
[ 25. March 2004, 11:09 PM: Message edited by: MY02SSLE ]
Posts: 145 | From: Royal Oak, MI | Registered: Nov 2003
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posted
QUOTE]Originally posted by MY02SSLE: I'll bet you thought I meant Super Sport? I mean Social Security!
I have 2 questions!
1. If you were given the choice to invest your Social Security money, would you?
2. Would you want to invest your money in funds that the Government managed, or stocks, bonds, options, etc.? [/QUOTE]
If I were younger I would want to invest my Social Security money myself, and I wouldn't want Uncle Sam managing it.
But at my age it's too late for that although I have managed to invest and save a little besides Social Security. Hope to retire at the end of this year or the very latest next year. Just think then I'll have time to work on the 68.
posted
I have been saying that Social Security will not be here when I retire. I'm not looking to get it and I can offically retire in 5 years but at 53 there are to many governmert penalties. I have been paying in for over 30 years and the retirement age to dray keeps getting pushed farther away.
Now to the question If I had the chance to take the rest I would invest it myself although you think twice after the stock drop we had several years ago.
Posts: 3091 | From: Canton Mi. | Registered: Oct 2002
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posted
I would rather invest the money comming out of my check each week than let those politicians in Washington play with it. After all it is my money that they are taking. Like Ed said, we probably won't see any S.S. when we get ready to retire, but the Government better find a wat to give me back everything I paid into it for all of the years.
Posts: 5682 | From: Dearborn,Mi. | Registered: Feb 2002
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posted
2019 is the expected time when it will run our, according the the current track we are taking. If I were to invest that money myself instead, I would use that money to hedge my portfolio (reduce the risk of it) and invest it in probably high quality bonds or goverment bonds. Of course, this is all pending on my future income! It would probably seem like chump change though if I'm making $120k in a few years.
These days you CANNOT rely on SS anyways, its just not feasible. So I dont even CONSIDER SS as a source of income, you just cant. Its best to to start early when invest...the power of compounding interest..but I'm sure you guys and gals know that. But yeah, that's my take on it.
(Oh, and I'll have my BS in Finance from Penn State in June!!!!) Posts: 2651 | From: Enola (Harrisburg Area), Pennsylvania | Registered: Jan 2002
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quote:Originally posted by Cavy Dan: These days you CANNOT rely on SS anyways, its just not feasible. So I dont even CONSIDER SS as a source of income, you just cant. Its best to to start early when invest...the power of compounding interest..but I'm sure you guys and gals know that. But yeah, that's my take on it.
(Oh, and I'll have my BS in Finance from Penn State in June!!!!)
Dan you are young and Smart to be thinking this way.Putting away as much as you can into 401's will help. The wife and I lost $300K between us when the bottom fell out but never changed what was going into them we actually added more.
Posts: 3091 | From: Canton Mi. | Registered: Oct 2002
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posted
Thanks Ed, appreciate it! Oh, I practice what I preach! I started up my 401(k) when I turned 18! And have since moved aroud funds and how they were invested...last year...i made a 55% return
Hopefully I can retire before my dad did at age 59!!!
And hey, if anyone needs help, pointers, etc, I'd be glad to try and help, even if my focus is in banking....for the time being, Posts: 2651 | From: Enola (Harrisburg Area), Pennsylvania | Registered: Jan 2002
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posted
Well I retired over a year ago at age 47. Was going to go at 46 but tax reasons prevented it. But I had an option not allowed to all. I didn't pay SS. I placed 20% of my pre tax income into a private retirement account. I paid SS early in life, 1972 - 1979, and I don't really expect any of it back. In a few years should I get bored and want to go back to work I will. But I will not like paying SS knowing what I know... IMHO it is a scam and because they rob peter to pay paul it will come to an end... This is just my opinion but the 15% you pay into SS would do you more good investing it yourself. It worked for me.
Long term investing is like a habit, once you get use to doing it, you do it without thinking about it.
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