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tonygraz
Herf-A-Holic Topic Starter

9 years ago

Republicans are already on the attack against social security, with a bill to raise the retirement age and make cuts to benefits. So if you are thinking of retiring at 65 or earlier, you better increase the size of your nest eggs dramatically.
You might even want to throw some more money into the bank to pay for the cuts and increased charges they plan for medicare.

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cacman
Herf-A-Holic

9 years ago

If you are under the age of 49 now they are proposing a retirement age of 69 instead of 67. An adjustment suggested since the average life expectancy is also increasing - people are living longer.

Doesn't effect me. Was never foolish enough to believe I could live on SS alone, if it's even still around when I retire. Guberment run Ponzi scheme.

Gene363
Herf-A-Holic

9 years ago

Medicare already has less money thanks to the democrats passing Obama care.

As for retirement, if you rely on the government to get you thru retirement, you're not going to be very happy.

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ZRX1200
Herf-A-Holic

9 years ago

It's always been a scheme, didn't your exalted commie progressive leader who started it have have the age PAST the expected life expectancy? Rhetorical. I'm right

MACS
Herf-A-Holic

9 years ago

It's always been a scheme, didn't your exalted commie progressive leader who started it have have the age PAST the expected life expectancy? Rhetorical. I'm right

ZRX1200 wrote:

Yup. Ponzi scheme. If you're not preparing to retire without the benefit of SS, you're not preparing.

DrafterX
Herf-A-Holic

9 years ago

True. . True. . 😟

Could always move to Japan and get free noodles. .. 😟

sd72
Herf-A-Holic

9 years ago

Nothing like good ramen.

frankj1
Herf-A-Holic

9 years ago

however, it was not ever supposed to be anything more than supplemental.

Possibly a bigger hit to current and future retirees is corporations no longer having pensions.

Gene363
Herf-A-Holic

9 years ago

however, it was not ever supposed to be anything more than supplemental.

Possibly a bigger hit to current and future retirees is corporations no longer having pensions.

frankj1 wrote:

Another reason to verify an employer has a 401k program and that it isn't only investing in the company.

Like Social Security, pensions can evaporate when business is bad. Pensions almost alway are reduced or ended upon your death. Not so with a 401k the entire fund is left to your spouse or heirs.

Never ever let the government get their greedy hands on 401k funds. Like Social Security they will gut the funds and spend them to buy votes.

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frankj1
Herf-A-Holic

9 years ago

#10

Gene363 wrote:

luckily the company I have been with for the last 20 years has a 401k and a small matching funds incentive.

JadeRose
Herf-A-Holic

9 years ago

#11

lucky enough to have 401k AND a pension. Guess it pays to work for a European owned company

frankj1
Herf-A-Holic

9 years ago

#12

wife has a 403b and pension from 35 years in the school system.
I still can't afford to retire yet, not even switch to a lesser paying/less stressful job yet...but definitely getting much closer.

teedubbya
Herf-A-Holic

9 years ago

#13

The current generation is going to make sure they get theirs at the expense of future generations all the while ragging on how bad future generations are.

The boomers may very well be the first generation to take more than they leave.

Gene363
Herf-A-Holic

9 years ago

#14

lucky enough to have 401k AND a pension. Guess it pays to work for a European owned company

JadeRose wrote:

I had that working for Bechtel (Only while working at a government site.), Westinghouse and Savannah River Nuclear Solutions. 🌫

The problem was too many employees heard, "pension" and never bothered to use the 401k, in spite of the "free money" company matching funds. 🤦

Bechtel is the only company I know of that systematically trained every employee in the tax advantages of a 401k program. Their worksheet showed that even a low paid clerk who said, "I can't afford any deductions!" could specify a percentage that did not affect their current take home pay due to tax avoidance. Bechtel had something like a 401k long before it was implemented by Congress and no pension program. It was made clear from the start you better save, and we will help, if you ever expect to quit working and retire. They always encouraged increasing your contributions to the max or beyond, especially when you got a raise or promotion.

My wife had the same experience as an RN. She too was a "financial missionary" explaining the how 401k programs and matching funds work. Sadly, you can get a horse to water, but you cannot make them drink. I know people that are crying about the 20% tax when they take out retirement finds instead of living off the interest, it's pathetic, but you just cannot save everyone from their stupidity. 🐴 🐴

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Gene363
Herf-A-Holic

9 years ago

#15

teedubbya wrote:

Not all of them, some of us saved our money and paid a lifetime of income taxes, medicare tax and social security taxes.

There are plenty of good hard working young people, just look in Iraq and Afghanistan. The problem is todays young couple doesn't want anything but new cars, a 3,000+ house three or four bathrooms, TV in every room, washer and dryer etc etc etc. They feel they are entitled to them right up front. Hey if they can afford it, great, but most willingly become debt slaves for the rest of their miserable lives.

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Gene363
Herf-A-Holic

9 years ago

#16

wife has a 403b and pension from 35 years in the school system.
I still can't afford to retire yet, not even switch to a lesser paying/less stressful job yet...but definitely getting much closer.

frankj1 wrote:

Keep after it, retirement is awesome!

http://dilbert.com/strip/2010-07-15

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frankj1
Herf-A-Holic

9 years ago

#17

Keep after it, retirement is awesome!

http://dilbert.com/strip/2010-07-15

Gene363 wrote:

Scott Adams is great!

teedubbya
Herf-A-Holic

9 years ago

#18

A young person paying just as much in can expect less thanks to the generation before them who as a group will make sure they take more than they give but don't have to sacrifice what they get but make the easy choice and pass it off to the younger generation.

It's good to know the younger generation that are military are respected though.

If making cuts to "save" it apply the cuts or age gaps to over 50 as well. Won't happen because what's good for the goose isn't good for the gander.

I know I know .... longer life, longer to prepare, already paid in blah blah blah

It's simple. Take from them not me.

bs_kwaj
Herf-A-Holic

9 years ago

#19

"Social Security is an entitlement program."

-- Katie Curic

#-o

Edited by user 9 years ago | Reason: Not specified

frankj1
Herf-A-Holic

9 years ago

#20

teedubbya wrote:

we've been down this road before but Reagan developed the scheme, Bush 1 continued it, Clinton followed suit...but until Gore spoke of that "lock box" when running for Prez, the previously untouchable SS money got stolen and used to cover up hideous miscalculations that began with "trickle down economics"...

too late now, but them's the facts, Jack!

Edited by user 9 years ago | Reason: Not specified

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