Does anyone know the potential availability of the private funds? Would they be available any time I deemed I was ready to retire or would I have to wait until this arbitrarily set government retirement age?
I know, no plan exists yet, but I have not seen this element discussed and curiousity is killing me!
You know, it occurs to me that if folks here, one of the nation's most conservative, self-reliant collections of news junkies, can't be depended on to consider extending the retirement age one freaking year, then Social Security reform is doomed.
If you can't do manual labor at 68, go work at Wal-Mart for a year or two. It won't kill you. Or sit on your butt on your own savings.
For the life of me I can't figure out why my generation is going to be the only one to make any sacrifice at all. You decrepit old codgers are going to knock down any reform that might call for you to give up anything. My generation most likely won't even get our money back and you greedy old farts won't chip in a dime. Shame on you.
You don't touch your "private" account until you retire. At that time, a schedule is put together determining how much you would need per month, and that amount is doled out to you from the account for the rest of your days.
This doesn't exactly answer your question, but I'm going to say the following.
What Private Retirement Accounts might do is end the skim on the SSI payments. Right now anything they don't pay out goes directly into general revenues. If they were saving that money there probably wouldn't be a problem. Of course this is what they call "borrowing". Two faced phoney b@stards. Just like when they talk about "Paying" for tax cuts.
JUST STOP SPENDING MY MONEY YOU PHONEY B@STARDS!!!