Social Security

I understand that the issue of Social Security reform is something that causes people to become uneasy. The thought that the livelihood of our golden years is being tampered with does not make for lighthearted party conversation. The feelings of concern are warranted.

Let us not forget, however, that emotions alone do not make for very solid ground from which to make monumental decisions. Americans need to weigh the specific elements of the proposal with a clear head and fair mind. Just because the idea of creating personal retirement accounts is very ambitious and cutting-edge, does not mean we need to write it off without some serious considerations to the benefits.

Personal retirement accounts would be voluntary. If any American decides that his or her hard-earned money is more wisely invested in the American economy rather than in the deep pockets of Washington, shouldn't’t he or she have the opportunity to make that decision? Why should I trust the government to use my money more wisely than I could? They can’t even balance their own budget.

Personal retirement accounts could be passed on to children and grandchildren. Social Security only takes care of me, not my family. I want the money I invest into retirement to go to my loved ones when I die, not into back into the system. I don’t like the idea of working a lifetime to support another man’s family and leave mine out to dry.

Personal retirement accounts would grow at a much higher rate and in much more capable hands than Social Security currently does. I would rather invest my money into the American economy rather than into government accounts run by career politicians. I know that millions of people think that investing is tantamount to rolling craps dice hoping to land a seven, but the track record for balanced investments is undeniable.

The C Fund (common stock index fund), would be one of many options available for personal retirement accounts, and has yielded an average of 10.99% over the past ten years. The lowest average is the I Fund (international stock index fund) with a 4.32% average annual return over last ten years. Either way you look at it, your money will yield more in personal retirement accounts than in the pockets of Bush and Cheney.

This is a big decision and we need to approach it carefully and with wisdom. Look closely at the proposal and try to separate this from the Bush name.

Michael Gray
Avondale