Skip to comments.Rx for GenX: Plan and save - now
Posted on 03/21/2006 7:07:47 AM PST by qam1
Today's younger workers face a higher health-care tab as their elders retire
Young people may be less tuned into the debate over Medicare prescription drug benefits than their elders, but experts say it's time for them to pay more attention.
According to analysts and researchers throughout the health-care policy community, now may be the crucial moment for people in their 20s, 30s and 40s to sit up and take notice of the coming changes to the health care system.
"Once the boomers retire, you're not going to take anything away from them," said Robert Moffit, director of the Heritage Foundation's Center for Health Policy Studies. When the baby boom generation begins receiving Medicare benefits in 2011, he said, "young people are dead politically."
Moffit believes the only way to prevent massive tax increases or benefit cuts in the future is to "develop a new social contract for the baby boomers before they retire." He advocates raising the retirement age and means-testing Medicare so that needier individuals receive more government support.
"If you're not going to restrain the cost of entitlement programs, you're going to end up shredding the safety net for the poor," Moffit said, and the "only way to do that is to have a system based on consumer-driven competition."
The young will pay more....
(Excerpt) Read more at newsday.com ...
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations (i.e. The Baby Boomers) are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
The government has gone out and spent the "surplus" every year to balance the budget and pay for their pet projects as well as other entitlements. For those people who had their paychecks pilfered they are supposed to now do without what was originally promised to them in return for the confiscated money?
Not gonna fly....
Ok, I've been able to build net worth from $0 to almost $300,000 in 6 years, I figure in another 6 I might be able to get to $500,000. Then it's down to Belize to run a tourist attraction! See ya bankrupt USA!
So in other words, if you like Mother Hen, work hard, save for the future and look forward to a comfortable retirement, you can forget it. The government will take away what it had contracted to give you and instead give it away to those that did nothing to prepare for their retirement.
That doesn't sound very inspirational to Generation X to me.
What I suggest to Gen X, is to create trust accounts. Fund these trust accounts with assets prior to your retirement. The trust accounts are not counted among your assets (Now, keep in mind, you'll need an accountant and competent attorney to ensure this is the case) and without assets, you can prevent additional government funding going to the slacker Baby Boomers who will all live beyond 100. You will also need good trusties that will utilize trust proceeds to your benefit.
Big hassle? Yes.
Keeping your tax dollars from going to slackers.... priceless!
"means testing" is Marxism in action.
"From each according to his ability, to each according to his need."
This nation was a nice experiment but things cannot continue under the current trend of economic refugees coming to this nation and the producers being made to bear the costs of social safety nets.
Socialism has been introduced through incrementalism.
The fable of the ants and the grasshopper was lost on the communists.
Just like that old thief FDR planned it. Take money from people and use it to buy their votes in exchange for "free" benefits.
Darn that government, doing that spending and pilfering all by itself, without any boomer voters to demand it! You're so negative about the future--of course, we have a plan for the boomers. The plan is to let the boomers pilfer from other people. It's a Ponzi scheme, and we're supposed to let those go on forever, just like we do when it comes to so-called "con games" in the business world (we all know those "con games" are misnamed, because if the government does it, too, it must be okay). Heck, they call them Ponzi schemes because Ponzi was such a respected businessman. I think they have a memorial to him in Statuary Hall in the Capitol somewhere.
I think the quote meant by legal means, like voting - not gunfire.
I don't blame the Boomers for this. They have paid into the fund and in some cases full boat for a lot of years. Why should they take one in the shorts?
However, they are going to have to bite the bullet as much as anyone else.