In Iowa, early voting started Oct 5 by absentee-in-person voting. Most voters have different ideas of what they want — and vote accordingly. I would like to remind everyone that President Donald Trump and Sen. Joni Ernst have both stated they want to privatize Social Security.
Now, this may not matter if you have a healthy trust fund, but if you are like me, you work for many years, adding to your own fund, for the years when you’re not able to work.
We need to evaluate what the loss of this security would mean to most of us. If you have any money invested in the stock market — you know the ups and downs that can happen over night. Remember 2008? I do. I lost half of my retirement that I had for years conscientiously been tucking away, until it was gone. I had several more working years to recover, and I was thankful I didn’t have to count on what was no longer there.
A vacation from paying FICA payroll taxes sounds really good — until you realize that those funds have to be repaid, and it will be taken out of your paycheck next year. Still sound good?
Those funds pay for Social Security. If you are independently wealthy, this doesn’t matter. If you have worked all your life for less than 6 figures — it should.