Reply #5: Under FDIC

[SheilaT]

deposits are insured up to 100k ($100,000), not 10k. There is a difference.

I think the more important question that's not being asked is exactly how much money will the typical worker have to invest in these private accounts? And what kind of return can be realistically expected? I'm sure the answer is a lot less than most people fantasize.

And then the other big myth is that social security is an investment program at all. It's not. Current workers pay for current retirees. Big difference.

My own outside of social security investments have only recently recovered from the huge hit they took a couple of years ago. If I'd had to retire on my investments in 2000, say, I'd be completely bankrupt by now.