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You are here: Home / Podcast Episodes / Privatizing Social Security: Interview with Ashley Barnett – sos032

Privatizing Social Security: Interview with Ashley Barnett – sos032

By Steve Stewart on September 27, 2011

Privatizing Social Security: Interview with Ashley Barnett – sos032

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  • Privatizing Social Security: Interview with Ashley Barnett – sos032
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Ashley Barnett, Personal Finance Blogger from MoneyTalksCoaching.com, shares her thoughts on Social Security. We know the system is broken but what can be done to fix it? She has an idea and she wrote about it in her blogpost “An Argument For Privatizing Social Security“.

She talks about who Social Security is for, it’s not just for retirees anymore, and how employees only pay 4.2% of the 10.4% paid into FICA (Federal Insurance Contribution Act).

To repair the system and maintain it in the current state we can do any one of the three following options:

  • Lower Benefits
  • Increased Taxes
  • Borrow (more debt)

I don’t like any of those options, so Ashley explains to us the benefits of Privatizing Social Security:

  • Your money stays with you
  • Unused funds can be inherited
  • The government can’t reduce or withdraw your benefits

Privatizing Social Security sounds scary, doesn’t it? Our MoneyTalksCoach guest uses practical math to explain how Funding Private Accounts, even in a conservative investment option, will net someone more money than Social Security ever could.  Sounds like a reasonable solution to me!

Do you have suggestions on how we can fix our Social Security problem? Please leave comments below and let’s continue the discussion. I would love to get another conversation going for a future podcast episode.

Read more of Ashley Barnett’s articles on MoneyTalksCoaching.com

Follow Ashley on Twitter: @MoneyTalksCoach

Email: Ashley@MoneyTalksCoaching.com

About Steve Stewart

Hello. My name is Steve Stewart and I HATE YOUR DEBT MORE THAN YOU. I believe everyone should be rich so they can help others in times of need. Life is too short to be this broke! Let's work together on designing a plan for your house of financial freedom. Don't be afraid to reach out to me - I'm here to help answer your call for help (S.O.S.) with a MoneyPlan.

Reader Interactions

Comments

  1. Jackie Walters says

    September 29, 2011 at 10:17 am

    Steve,

    Excellent podcast! I truly believe that privatizing Social Security is urgent and needs to be addressed now.

    Jackie.

  2. Jon White says

    October 3, 2011 at 9:55 am

    Ashley, when are you going to run for Congress? We need you in there to help privatize Social Security! The podcast and your articles are great arguments as to why this would work and without any of the politics involved.

  3. Matt @Financial Excellence says

    October 5, 2011 at 9:18 am

    Great show Steve and Ashley! Thanks for the mention Steve. I’m honored to have my name brought up in such great company. And you’re not a nobody…

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