Posted on 11/25/2011 11:26:34 AM PST by SeekAndFind
We’ve all been living on borrowed resources for a long time. We’re all going to have to pay.
My wife and I eat “Fancy feast”
more crappy news
What’s the state with the lowest cost of living?
We’ve known this was coming for 3 decades, yet no has had the political will, even now, to properly address it.
Those who set this up, KNOWING IT WOULD EVENTUALLY FAIL, already got there’s, and are long gone.
The butcher’s bill for decades of liberalism is now due, and payable in full.
bookmark
Yummm, good eats.
Some of us were, some of us were saving 15% since they were in their 20's; however some things you cannot plan for. I did not plan to have 3 of my employers fail, 2 to ship my job overseas, or to be laid off several time and have to pay my mortgage out of retirement, relocate and sell my house at $30,000 loss (3x!). To blame the 'victim' is often, is akin to blaming a victim of a building fire. How about blaming the person who set the building afire? Or blaming the person who neglected to install and maintain proctective measures?
5 years ago, I had $300k in retirement and a nice home; now, through no fault of my own; I'm forced to start from zero. I'm not alone - we planned, we did what seemed to be the logical and smart thing to do; we expected our employers to do the same.
At least you’re going gourmet. LOL!
What is disgusting is that the government has known these folks were coming down the tracks since the day they were born. This should not be a shock that the largest group of folks are retiring. Sheesh. Any idiot could have counted 66-67 years on to their birth year and see it was coming. This is NOT a surprise. I am not a Baby Boomer but my parents are and I think it is disgusting how they keep threatening to take away money that they worked 40+ years to receive.
“Whats the state with the lowest cost of living?’’, Mexico.
The Boomers have actually paid all their lives...at an increasing percentage of income...the people who didn’t pay or didn’t pay proportionally are the parents or grandparents of the Boomers, who have had much better retirements than any Boomer can ever expect.
However, the point is that SS was meant to be a floor to keep the elderly from utter destitution. It doesn’t pay much now, but for some people, it’s probably very necessary. People who work at low-income jobs (which describes a lot of people, although apparently FReepers don’t believe this or believe that low-income people are just faking it) often did not get any retirement program and definitely didn’t have enough to save.
BUT you have to have higher income people contributing the same or greater amounts (as they raised the cut-off point) in order to make it work, and those people also have to be able to collect, or otherwise it’s expropriation of income and they’ll find a way of not contributing.
Keeping SS as a floor is fine. People who have more money and don’t need it can always refuse it or send it to their favorite charity. Others who marginally need it can adapt their lives to it...and you can work and make certain amounts of money in addition, so as long as they can do this, that’s fine. It wasn’t meant to give you a luxurious retirement, but one where you weren’t desperate, and I think it has done that.
The big problem, however, is that the Federal government has been getting huge amounts of money and absolutely pillaging the fund and squandering the money. That’s where the problem lies.
NOBODY is threatening to take money away from people currently retired or within 10 years of 65. It is the younger generation that is going to be told they will have to wait 5-10 years later to retire. But they will have plenty of warning. I think that’s fair.
Well I am 42 and already worked 24 years so I believe for me to start in the stock market with the SS money is too late. They should start with the first 18 year old of 2012. That is how most things work. You are grandfathered. The other thing is my investments about four years ago were around 325,000 and now they are 280,000. Just our luck that the day I want to retire, the SS account will fall due to the stock market. Nobody thinks about that.
Those OWS cats seem to have a real plan.
I didn't make these promises, for the most part, the boomers are responsible for the policies of the last 40 years that have led to this economic disaster.
They are also largely responsible for the social culture that has destroyed family structure that is the last line of defense against a poverty stricken old age.
You can't vote yourself rich, and this is the proof.
The stats regarding the poor state of Soc. Sec. and Govt finances is important, but not the most important. I don’t care what country or age you live in - the Gov’t can never be trusted to take care of you, esp. over the long-term.
The most difficult thing many baby-boomers will face is that many of them never had children. The family is not only the moral base of society, it is the economic safety-net as well.
Gotta get with the Lingo! Let me rephrase that:
10,000 units will be retiring every single day for years to come.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.