Say Goodbye to your Social Security

by: Dean Barker

Mon Aug 30, 2010 at 20:26:36 PM EDT

Frank Guinta:

When it comes to reforming Social Security and other programs, he would consider creating personal accounts and increasing the retirement age.

"Everything has to be on the table," said Guinta.

Sean Mahoney:

"But the younger generations, they need to understand there should be other options. Your retirement age may be later in life than your parents' were."He also said younger people should "be able to have a private option, take some ownership over your own retirement."

His approach on social security is typical. He calls the current program outdated but would apply new rules only to the youngest members of the workforce.

ASHOOH: The news system needs to reflect new workers. Which means it's more of an individual account. It's something that they could invest more in if they would like. That it does have a private element to it. And that it's portable and government guaranteed.

Charlie Bass:

For example, he said there are tens of thousands of people receiving Social Security disability checks because they simply lost the will to work. The cases are never reviewed, he noted.

Jennifer Horn:

We have more retirees and more retirement options than ever before, including IRAs, Roth IRAs and 401ks. Young people just entering the work force should have the choice of either investing the retirement dollars in a government Social Security program, or in any other retirement savings program they may choose. It is their money, after all, and they should be able to control how it is invested.

Bob Giuda:

Any reduction in federal spending has to address entitlement programs such as Social Security, Medicare and Medicaid, he said. "You have to start with a frank discussion with the American people about Social Security."

Promises have to be kept, Giuda said, but innovative and actuarially sound solutions are needed, including self-funded programs and privatization. The current program is not sustainable, he said.

Kelly Ayotte:

Ayotte said she recognizes the need to reform entitlement programs, including Medicare, Medicaid and Social Security. Though she would not change benefits for those about to retire, she said she would consider changing the eligibility age or instituting means testing for those still working.

Bill Binnie:

Republican U.S. Senate candidate Bill Binnie of Rye said he would support entitlement reform that requires the young to work longer and contribute more of their money to receive benefits under Social Security.

Ovide Lamontagne:

On entitlement reform, Lamontagne said there needs to be a gradual increase in the retirement age, means testing and making Social Security and Medicare self-sustaining while allowing people to control a portion of their retirement investments.

Jim Bender:

He said Social Security system costs must be reduced but does not have a "specific number" for a new retirement age.