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”
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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.
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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.
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.
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.
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.
We were also told for decades that the USA faced economic warfare from outside our borders. What we were never told was that the 535 (Congress) + 1 (POTUSs) who write and pass laws and make policy have for decades sided with our enemies. Their one and only job was to make sure that trade policy benefited every American, our posterity and our security. It wasn’t to make a few globalists rich or blindly support a belief.
We once had the greatest manufacturing nation on earth and a society that was well paid in the process, and a strong middle class that paid taxes. Today this same gang of 536 now tout McDonalds hiring 50,000 as an accomplishment. I blame both Parties for total mismanagement and mis-prioritizing and in the end almost destroying the USA.
I’m really looking forward to $130 trillion of unfunded liabilities that will be part of that!
Nancy Pelosi said that Social Security is financially sound until the year 2035. And after that, she said that Social Security will still be able to pay about 75% of expected benefits after that. So, Nancy concluded, the talk of Social Security being in a financial crisis is Republican scare mongering.
Nancy Pelosi is a good Democrat. Nancy Pelosi would not lie to us about the true state of Social Security would she????
When we slice the potatoes it depends on whether we want skinny or fat fries. lateley we’ve gone with fat ones. they’re great.
My primary goal is to reach that age without turning into a bitter old man. I have at least three weapons to help me reach that goal:
1. My 9 YO son, as well as my two older kids.
2. My grandson (now 14 months old).
3. Weekly Bible classes to the 6th graders in my parish (Old Testament), 14th consecutive year.
Bfl
Some govt employees will have enough, as will the multitude of fifty year old "police officers" on their "medical retirement" as well as union draw.
Most normal people are not looking at retirement the way this article imagines.