John H wrote:

PS, Even Harry Reid thought the personalization of a small percent was
a good
idea - until Bush suggested it!

***************************

I am a huge fan of private savings for retirement. Over the years I
have taken advantage of 401K and other programs to build up a cash
reserve for retirement. Last I looked, I think I was up to $219.00 :-)

I *agree with President Bush* (bet you never thought you'd read that
from me).....that individual private citizens need to be more
pro-active in planning for the last 20-30% of life when they will not
be working. I *disagree* with Bush that reducing Social Security taxes
for workers who agree to save the money privately instead will
strengthen the tottering Social Security program, or really provide an
adequate retirement savings for most Americans. The time to retire is
when you can sustain your current lifestyle from passive income, and
without spending into the principal. Folks who do otherwise all too
often wind up "greeting" at WalMart or flipping burgers. Might as well
keep working at a "real" job rather than retire to a mini wage teenie
bopper's gig.

I think that folks in their 50's who aren't saving 20-25% of their net
pay or who don't have a pipeline of income from dividends, rents,
royalties, etc are likely to be disappointed with life in their mid-60s
and 70's. The difference in return between private investment of 2% of
wages and the return that Soc Sec wold provide on that same amount
won't make a huge difference.