Started an IRA at the age of 16 and still going strong. A shame that more people do not understand that the future is up to them.
I too started saving early (22, right after college). But I do worry that, at some point, those of us who planned ahead will be taxed or penalized (through benefit reductions) because we are "better able" to support ourselves.
I also think its going to worse than the author is saying. After all--THERE IS NO TRUST FUND. It's only a set of IOUs that are going to have to be paid back through more deficit spending. Plus Medicare will soon be running a deficit and the prescription drug promise will just be more dirt on the grave. Lastly, there will be all those companies trying to dump their pensions on the PBGC. Before long, we will have 100% of the Federal budget going to old people. It's gonna get scary.
"I do worry that, at some point, those of us who planned ahead will be taxed or penalized (through benefit reductions) because we are "better able" to support ourselves."
I would worry about getting that savings taxed, too. You might consider putting it somewhere safe, outside the country.
Just a suggestion. I'm not gambling on my money getting stolen by the government when it tries to fix things. Government 'fixes' always end up meaning someone who earned their money gets it taken and awarded to someone who didn't.