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Mary Kirpes is an Arizona resident who joins us on Blog for America today to share her personal story of Social Security.
In reference to President Bush's idea for privatizing social security, I believe it would be disastrous. The reason is simple... risk. If you think private investmentsor even company pensionsare the best way to prepare for the future, you should read my story:
My husband and I, married for 25 years, invested early in stocks, bonds and pensions. We were warned that Social Security would not be there for us at retirement, so we thought these private investments would carry us through our golden years.
Some of our choices were poor and we lost every dime we invested in those particular stocks and bonds. Nowin our mid-fiftieswe're finding significant problems with many of our other investments as well. For example, we were recently informed that our state's governor mismanaged my husband's union pension plan and we may never receive any of it.
Recently, I followed up on our bonds that became due in November 2004 and I was informed that somehow, our new address was "lost" in paperwork (despite the fact that I called to update our address last April) and the bonds were turned over to the state. Naturally, we asked how to recover the money and we were told that they didn't know! They don't even know what state has our money! The search continues...
A few years ago we fell on hard times and had to sell some of our other investmentswhile they were at their lowestin order to pay urgent expenses. All of that money is now gone. After many years of hard work and investing in the stock market, we won't have what we need to retire. We may only have the one thing that we were told would not be there for us... Social Security. It is our safety net, and hopefully it will be there for you as well.
Mary Kirpes |