Small Business Reading Room

Thursday, December 30, 2004

Social Security: No I Don’t Have All the Answers

Chances are that you have been hearing a whole lot about social security lately. There are new stories, opinions and arguments every day. You can Google Social Security in the news to see that latest at any given time.

Should we be concerned?

Well, I guess that depends on each individual.

People in different stages of their life probably view this issue very differently, and when you think about it, why shouldn’t they?

Even if you don’t agree that we need to overhaul the entire system by privatizing all or portions of it, you have to recognize that some kind of reform is in order. This article found in CNN Money does a decent job of summarizing the issues of debate for those of us that need a reminder of where we stand: Social Security reform: A guide

And so here comes the New Year. President Bush has promised to address this matter and make it a priority in his new term. Ready or not, change appear to be on the horizon.

It will be interesting to see how this issue plays out. I for one feel somewhat “on the bubble”- I’ve got something to lose as well as something to gain from most proposed reforms. So far, the one plan that I like is the 6.2 Percent Solution endorsed by the Cato Institute. Will it ever happen? I don’t know. In the mean time, I’ll continue to contribute to my employer sponsored retirement plan & my Roth IRA, and dream that next year I’ll be able to max them both out.

Look for more information from me in the coming weeks along the topic of saving for retirement for small business owners.


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