Discussion in 'Retirement Planning Forum' started by Robert Barney, Jul 14, 2010.
This needs to be done NOW - not later.
Both parties mull raising retirement age - Washington Times
Should raise it to 67-70 and put a limit on assets in phases. Turn it into a safety net instead of a retirement plan.
Sorry, that argument will not play out with most Americans. They have been told it is a PENSION plan and that their contributions are generating their future retirement income.
1. They need to be told the retirement age is going to 70 - immediately - because the plan is going broke.
2. Special consideration to be given to those age 65 to 70 if they are unable to find employment and have no other income sources.
3. Means test benefits for wealthier Americans.
That's basically what I meant. If you have over x in assets, you do not get benefits, plus raise the age, but I would say do it in phases so that you don't take a bunch of 64.5 year olds that already retired and tell them screw off and wait 5 years before we give you what you thought you were getting.
No reason to be giving a guy with over a million in assets a 1400 dollar a month check either. That only accounts for a very small %, but gotta save where it can be saved. I fully intend to make so much money that I won't need a 1400 dollar a month check, ever.
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Do people really think its a pension plan? I always understood that the current people paying in were paying for the people currently on social security. Never thought of it as an investment. That was something they told people in the past I believe.. I don't think people under age 35 or so think that at all.
This idea of changing the contract that I have with America that the money extorted from over the years would be coming back to me as a pension just flat pisses me off. What really pisses me off is that I can easily see it coming.
And why? Because politicians have stolen my money out of a "trust fund" and spent it foolishly.
And the result? Asswipes who never saved a dime in their lives will see the benefit while the money I paid in will go elsewhere because I have saved. Let me repeat, this really pisses me off.
I'm sure raising the age sounds great for pencil pushers....not so great for anyone doing physical labor. And yes, the government is certainly to blame but let's also look at the fact that families are having less children. Don't underestimate that impact.
Since 1910, the birth rate has been cut in half.
Charpress and healthagent have just given great examples of why Social Security will not be fixed until it explodes.
No, it probably won't explode.
Now that fewer than half of tax filers actually pay taxes, and the average savings of a 43 year-old head of household is about $13k, I'm screwed no matter how you look at it. My IRA has a huge target on it.
Just watch as over the next several years people who saved will be vilified as "rich and selfish".
Seriously, suppose you bought an annuity contract that was to pay $1,500 a month from 65 for life. Further suppose that Allianz or whoever then said when it was time to pay "Sorry, there are other who deserve that money more than you. And by the way, there is no money anyway. We spent it."
Let me repeat, it pisses me off.
We're screwed all the way around. By the time I retire social security will be meager, can't trust the stock market anymore and I can go ahead and grab that annuity and pray that the carrier doesn't tank.
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