Also in this playlist...
This transcript is automatically generated
Too little too late for too many workers a -- report -- nearly 30% of young Americans say they have no confidence they will have enough cash to retire comfortably now that is a record high.
And before we hear the Forbes flip side on why this proves we need to -- Social Security for young workers listen to what they have to say.
I save my own anyway because I don't trust that's -- -- I retired Paris -- I'd rather opt out of social security and -- the money away myself I would rather.
Being control my own money I don't trust our government to do anything for -- So now the flip side even act scrapped Social Security young workers how would that help they would help will put the money right back into their hands and not congress' hands because right now -- -- since the sixties congress has been spending that money there's a mountain of paper IOUs meaning US bonds.
President Clinton already warned in 1999.
Not just a baby boomer dealing with you're -- the senior boom we have 6070%.
Of boomers who going to be over age 65 by 20/20 nine.
Meaning you start -- have to cash out those US bonds meaning those bonds are gonna start flooding back into the market causing rates to spike.
And I don't want that problem to get any worse I want us to on the money and the viewer to a felony scrap Social Security now for young.
Workers -- Good heavens no.
You know that money's gonna go that money's gonna go into the hands of Wall Street.
Where they're gonna invested in him phony baloney securities.
They're gonna invested and investments that they're betting against they're gonna do -- a -- government right away that never invested anything following they're gonna invest it exactly as they did the past ten years that got a lot of people broke.
Turn this over to Wall Street until Wall Street shows us.
That they're prepared to do the right -- they might turn right at opinion has the government ever showed us that it's ready to invest wisely now in fact Ben Bernanke and his counterpart.
Chief -- -- in chief by call them Obama and Bernanke they've been robbing us of our savings I liked what he Mac as saying David my 401K.
-- -- Outperformed.
Social Security returns during the life of my working career.
And I think that all Americans should enjoy that well at Morgan that you're -- the younger so -- what do you think do you think the money's going to be there when you're ready to retire.
No not necessarily which is why I am all for reforming Social Security -- -- to be scrapping it all together.
I think there's a larger issue at play here and that's the fact that people aren't saving money because they don't have money to see if we still have twelve million.
We're still underwater mortgages cost of gas cost of everything has essentially gone up -- median salaries have gone down -- three session.
You don't have money you can't say that if we really wanna fix it really affix people's ability to see -- actually ironically.
People's ability to contribute to Social Security we need to focus on job creation.
So -- job creation not Social Security elimination.
Well I mean Social Security is an abomination on its very best day but I won't point out that we did make prop promises to people are nearing retirement so I think the ideas.
Should be to make them whole.
Then give those her younger the opportunity to opt out of the system.
Rick says the Wall Street invest money or with poorly how can that Wall Street viewed through remotely worse than what the government's -- give people the freedom plan for -- -- retirement.
What government does better against your investment well now I want to be able to argue -- -- and see what happens when you have an alternative that -- could keep Social Security in the -- what is.
Up have allow people younger people have the bulk of the payroll taxes David go on to their own personal counsel sensible rules and diversification.
As you get older -- -- short term instruments -- -- or about stock market crashed.
Three counties in Texas for example pulled out of Social Security.
Ground Galveston the early 1980s then put one penny in the stock market.
Wanted to interest -- contract to sound -- those folks there retirement 50% to 200% more benefits than they -- had with Social Security.
So when it comes to investing mutual fund some insurers and the like I'll trust.
That over what Washington does okay and -- that gives people a choice shouldn't we have a choice it's our money right.
I I actually love that idea and I am all for the content of a choice which is why do think we should be reforming Social Security.
But I don't -- -- to be scraping at Rick what about what about the choices you shouldn't we have a choice we it's our money supposed to be a trust fund.
Sort of like -- savings account obviously it's not.
Yeah let's get a perfect world I completely agree there should be a choice but -- really serious when I've been saying game it.
We've got to see that the people who handle these investments -- take this money and and we know -- they're going to be we're gonna make a lot of money.
Are going to treat people fairly then I'm with you all the way.
You know that's that's right of the count congressman McGovern has not treated -- her -- -- -- Social Security was spending all of that money and sinking -- anti US bonds and got those are -- that's right.
That then what I like about -- may be just two percentage points of the payroll tax you own it and you can basically.
Also leave it to your -- you can't do that right.
Now it's audio -- -- the younger people studded 2% 8% and talking about Wall Street.
Mutual funds that three put the money and when you're younger going to fix instruments short term management is a little older if at all -- easy and I don't know yet so that's your world.
Yeah well -- Well wait wait -- -- -- quickly recommend we get back to email.
I mean what Steve is -- is not giving people a choice he's saying.
You can avoid Social Security if you wanna put into -- mutual fund that's not a choice.
Have a choice a finally -- your money you all in New York Social Security money put into an S&P 500 index fund or -- what -- -- -- -- like -- choice to read it and.
What is it about choice that you don't understand battered -- sounds like choice to -- we got to leave it -- -- -- the difference of opinion clearly.
Filter by section