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Private Accounts!George continues to rant & rave about 'private accounts' in the social secutiy program. Here is how it works: you agree to have 2/3 of you social security weekly deduction from your paycheck transferred to a fund run by one of George's friends and George will reduce your social security check when you retire by 50% or more. I am not sure where your companies matching contribution goes, but it really does not matter cause you won't see any of that either. Now your personal account will be invested in the stock market but someone has to pay for all this personal attention ... who? you, of course! I remember paying $35 per year for 'handling' my IRA accounts until they starting losing money... then I combined all the accounts and got by the annual fee.
I sure if all of this money hits the stock market the price of the stocks will go up! With each paycheck you will buy more stock at higher prices and more fees. Don't worry, because once you retire and start selling your stock, the prices will be lower since everone else who retired is also selling their stock.
Stop George! No private accounts for SS! Stay tuned and I'll tell you more!
Rant & Rave
