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  • A Tale of Two Statements

    9/16/2010 3:38:23 PM Posted by Roger Custer

    Last month, I received two statements in the mail.  One was from the Social Security Administration and one was from Edward Jones, my private investment advisor.  There was a stark difference between the two.  SSImage

    The Social Security statement included a supplement "What young workers should know about Social Security and saving."  It included a section entitled: "Will Social Security be around when I retire?" that explains what will happen in 2037, which is many years before today's students and young adults retire:

    Even if modifications to the program are not made, there would still be enough funds in 2037 from taxes paid by workers to pay about $760 for every $1,000 in benefits scheduled.  

    In other words, reform is needed immediately in order to avert a disaster in this program.  It is simply not fair to younger workers to cheat us of our retirement funds and to leave uncertainty with such a large program.  When President Bush proposed common-sense freedom-based reforms in 2005, the Left did all they could to keep the status quo so we ended up with no changes.  

    On the other hand, the Edward Jones investment statement noted "we believe the best investment recommendations are those tailored to your specific needs.  That's why we work so hard to thoroughly understand your financial situation and your goals."  It is really a shame that government feels the opposite when it implies through Social Security: "we believe you are incapable of managing your own investments so we are going to take from you and your employer every month and (hopefully) provide you with some retirement income."   

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