Quote

We really haven't had very much experience with people funding their retirement out of the stock market, and we don't know, frankly, how it would work under every scenario.

Anyone with a pension or retirement is an investor in the stock market.

Even I have been at that point in my life where I thought I didn't have enough extra money laying around to start investing in stocks for my own retirement plans.

In other words, Social Security is every bit as insecure as the stock market.

You, your employer and your plan's investment managers fail to follow even the most basic rules of investing. You overtrade, chase performance, do not think long term. All of you - All Of You - have done a horrible job managing your retirement plans.

The retirement age needs to be raised. A portion of Social Security ought to be privatized, if not all. And there probably needs to be some means testing. It's a Ponzi scheme that's not sustainable.

I was a stock broker once. I think there is an absolute place for market investments. But they should never be the basis of one's retirement. They should be an additional piece on top of a basic, secure, guaranteed retirement benefit.

Under Reagan came the idea of putting your pension plan in the stock market, which wasn't a guaranteed pension.

I agree that we must expand opportunities for retirement saving, but we must not undermine this worthy effort with a flawed privatization scheme that takes the 'security' out of Social Security.

One of the very nice things about investing in the stock market is that you learn about all different aspects of the economy. It's your window into a very large world.