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Someone mentioned "wobbly" Republicans are the ones that could nix the reform for SS. Maybe someone can explain how bills pass? If the Republicans hold the majority in the Senate, they can pass anything they want, correct? Unless enough Reps ally with the Democrats to defeat a bill? Or is it more complex than that?

The President mentioned it would be the option of the social security contributor to where they invest. They can have stocks or bonds. What about just plain annuities? Or Term Deposits? My concern is how 401Ks function. My wife's company only offered 8 mutual fund choices. 2 were interest bearing, and the other six were stock market funds. Would contributors have more flexibility than that? I assume they could just designate a financial institution as to where their money will go and then sort their investments with the bank?

It will likely follow the lead of the Thrift Savings Plan (the 401K type plan for federal employees). They have a choice of 5 broad based index funds to choose from. Social Security will likely do the same thing. The main reason is that the govt. isn't going to want people taking too much risk, and they have to be broad based to keep the fees down.