Kevin Feige said, "[Spider-Man] also happens to be the only hero with the superpower to cross cinematic universes, so as Sony continues to develop their own Spidey-verse you As I began writing this column, the stock market was in the midst of another sell-off, this time in response to the announced departure of Trump economic adviser Gary Cohn and fears of an impending trade war.
The Dow has dropped more than points or 1. In February wage inflation and concerns that the Federal Reserve would raise interest rates spooked the market, kicking off a month of volatility not seen since the crash of , when Americans' retirement funds lost trillions of dollars in value.
Of course, this is what markets do — they have bubbles, corrections and crashes. But the recent tumult on Wall Street serves as a stark reminder of the role that Social Security plays as a stable source of income, insulated from the inevitable fluctuations in private investments — including the k plans that many Americans increasingly rely upon in the absence of employer-provided pensions.
The volatility in the stock market also reminds us that privatizing Social Security remains a really bad idea, because it would subject every worker's lifetime contributions to the caprices of the market.
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Most financial advisors counsel that temporary market volatility is no reason to abandon k plans, as they usually grow over time despite the normal ups and downs on Wall Street. Younger workers have time to recover from the kinds of huge losses the market experienced in and , for instance. For workers in their 50s or 60s and approaching retirement, however, such losses can be devastating and difficult to recover from — unless those older workers are willing to defer retirement for another five years to 10 years to make up for what they lost in the market.
More from Advisor Insight: Why investors can't gauge their own risk tolerance Crazy tax moves clients wanted advisors to try for Don't put all your financial eggs in one investment basket. Bush decided to expend political capital from his successful reelection campaign on this longheld conservative goal. Seniors' advocates beat back Bush's privatization scheme through intense grassroots activism. Privatization slunk away with its tail between its legs.
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Since then, most Republicans have been hesitant to advocate too loudly for privatizing the program, but it remains part of the party's ideological DNA, the current administration and leadership in Congress included. If the GOP were to once again find itself in control of both houses of Congress and the White House after the elections, privatization may snake its way into the forefront of the Republican agenda. In contrast to private retirement funds, traditional Social Security provides a guaranteed income, paying benefits every month for life — with increases for inflation.
After adjusting for risk, Social Security has a rate of return equal to that of any mix of financial assets in private accounts. With more than 60 percent of beneficiaries relying on Social Security for at least half their income, it makes no sense to gamble Americans' future Social Security benefits on the roiling forces of the market.
Instead of providing a secure, defined benefit as Social Security now does, privatizers would encourage workers to gamble a growing percentage of their payroll contributions on private investments. As the proportion of private investment increased, the amount of a worker's defined Social Security benefit would decrease — until it reached what could only be considered a poverty-level amount.
Of course, the worker would reap any gains in the privately invested funds, but would also risk losing some or all of it, leaving little or nothing for retirement. To lay the groundwork for any new attempt to privatize the system, the political right would no doubt ratchet up its rhetoric about Social Security going "bankrupt" and needing "modernization," even though there are modest and manageable measures to keep the system solvent for most of the rest of this century — without putting retirees' benefits at risk.
In fact, as the Washington Post noted in , "The Congressional Budget Office CBO found that diverting payroll taxes into private accounts would not improve the health of Social Security — unless the plan included sharp payroll tax hikes and benefit cuts. Social Security Discovery. Sales Ended. Event description. Read more Read less.
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