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Hence my conviction that Social Security would eventually have to be means tested and those who don't have an immediate and compelling NEED for Social Security benefits will have them reduced, or more likely heavily taxed.
Cutting sort of violates the letter of the law as regards their promise. Taxing benefits merely breaks the spirit of the law. You still gross your promised benefits, you just don't get to keep much of them after taxation.
Of course, the other "solution" is just to put everything on the soaring national debt and bring about a faster world financial collapse. That is another way to deal with it. Deal with it by not dealing with it.
I just keep hoping I am gone first.
It already is means tested to an extent with the taxation of benefits.
[quote=BugsyPal;66658486]Starting now until 2030, 30.4 million Americans are expected to turn 65. [quote]
How many of that number have already retired? Boomer birth years are 1946-1964, so boomers have been retiring for many years. I retired at 52, 25 years ago, and know many folks who retired earlier than 65. Seems that CNBC is using an issue that may be a new issue to get clicks.
It is hard to believe that so many of the boomer and post boomer generation are so poorly prepared for retirement, even many who have good jobs. The problem in my experience is that many simply do not live within their means, do not invest in 401-ks or IRAs, and then hit 65 and wonder what happened.
I retired at 57 about 20 years ago and even being fully retired my income is not much less than when I was working ( adjusted to current dollars ). I lived within my means, invested wisely, paid off my mortgage early, and continue to have good health. Some of my colleagues ( 65+ ) who were also making good money are still not retired.
Maybe some of it is the "live for now forget about the future" mentality. And maybe some are just not very bright. Do people realy think that Social Security only will enable them to retire ?
Hence my conviction that Social Security would eventually have to be means tested and those who don't have an immediate and compelling NEED for Social Security benefits will have them reduced, or more likely heavily taxed.
It is hard to believe that so many of the boomer and post boomer generation are so poorly prepared for retirement, even many who have good jobs. The problem in my experience is that many simply do not live within their means, do not invest in 401-ks or IRAs, and then hit 65 and wonder what happened.
I retired at 57 about 20 years ago and even being fully retired my income is not much less than when I was working ( adjusted to current dollars ). I lived within my means, invested wisely, paid off my mortgage early, and continue to have good health. Some of my colleagues ( 65+ ) who were also making good money are still not retired.
Maybe some of it is the "live for now forget about the future" mentality. And maybe some are just not very bright. Do people realy think that Social Security only will enable them to retire ?
Maybe there just isn't any space in their lives to think about the future. A lot of people are just trying to get through this day, this week, this month, pay the rent, eat, and keep the lights on. Thinking about the future is futile because there isn't anything they can do about it.
I was in that position once myself. The only reason I'm not broke in retirement is because I always did have a job and that job was with a public authority that was in a pension system. But being married left me in debt and with a child to support alone, and I lived from paycheck to paycheck until she was old enough to go to college. There was no way to save money. I could not participate in my employer's equivalent to the 401(k) (457b, maybe?). I didn't have anything to spare once I paid the bills and got my kid what she needed.
Fortunately, I've got that pension and have had job opportunities come my way in retirement and I'm catching up a bit now.
I think some people DO think Social Security will be enough for them when they retire, though. Others will find ways to make money here and there even once they are on SS. I have a friend who is 83. She never finished high school, married and had three kids, and was widowed at 47. Worked in offices and supermarkets and as a CNA. After she lost her last job at 64, she took Social Security but then worked for eight years helping a man bathe and dress and feed his wife with dementia every morning until she died. She still works elections for the $200 a day or whatever she gets.
Life's complicated, and the way ours went and the decisions we made and the opportunities we had are not the same as that of everyone else.
Do you think those guys benefit from telling people they are doing just fine ?
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