Hey! I paid in $180,000.00. So far, I've drawn $49,000.00. At $1 a week, it will take 131,000 weeks to pay me off. I'll be 2,519 years old by then. And what about some interest on my pay-ins?
Maybe you should re-examine your math. Or I should re-examine my cost of living. At 12.5¢ a day, I'll have to shop very carefully.
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S.S. will be trashed when the time comes to do it.
Yeesh.
For cripes sakes. I am 29 and I have a higher retirement savings than that, and I did that on a low income.
These idiots are the highest-income generation in human history. And they blew it all. And I guaran-frickin-tee you when the bill comes due for their profligacy they are going to expect everyone else to pick up the tab.
Worst. Generation. Ever.
Um, what hasn't been mentioned, is that boomers worked their whole lives, contributing to SS, with the promise that benefit would be there. So, essentially, the argument is, we should renege on that promise and they should just shut up about it. It's their fault they want to collect something owed to them?
Not going to read the entire thread because I've seen plenty of the "old people suck and should die" kind of threads in the past. I will just say that some people seem to forget that a middle-class income of $20K-$30K was considered pretty damned good back in the day. Also back in the day, there was no such thing as income deferment, IRA, 401k's, or any other tax-deferred retirement accounts. People just put their money in savings and earned a whooping .5% to 1.5% interest. People who socked the maximum away through the 30-40 yrs of maximum earning ended up with about $150,000 in retirement savings... which back in the day would have lasted 10 years. Today, it wouldn't last five.
Inflation sucks, young'uns. All the planning in the world can't prepare for a retirement in an economy where people need a 6-figure income to live what was back then a "middle-class" life.
I realize it's fun to blame everyone who came before for today's problems. Someday your grandchildren will be saying the same things about y'all.
Now pick up your pitchforks and carry on.
I just laugh at them...I do know one thing...we were alot more respectful when I was younger to older people...these youngsters today are classless and clueless and they think theyre all that....like I said...I just laugh at them..they are meaningless to my life
There was supposed to be a social security lockbox, but the Dems who controlled congress for the last 40 years made sure that never happened.
omg... someone hold me back please...There was supposed to be a social security lockbox, but the Dems who controlled congress for the last 40 years made sure that never happened.
I'm sure the angelic Republicans had nooooooooooothing to do with it.
There was supposed to be a social security lockbox, but the Dems who controlled congress for the last 40 years made sure that never happened.
Lets be fair about this. Al Gore ran for President and the "lockbox" was one of the central issues of his campaign.
Instead, GW Bush was elected (and astonishingly re-elected) and we all know how well that worked out.
Cp - have you ever read GENERATIONS by Strauss and Howe? It really is the definitive work on the subject. In my humble opinion, it is one of the five most important non fiction books written in the last 25 years.
My 2 cents is that there is probably a lot of their money that is in investments.
I doubt the baby boomers blew their life's savings on pot, beer, and hookers and now they have nothing.
All those stats in post #1 were showing is the retirement account balances.
What will happen is that as the older people die off and then middle aged people fill their positions they will be in the top income bracket in their industry and so on. [/qutoe]
yeah. that's the position that the boomers are in today. they are either in or just coming out of their peak earning years.
I suffered through that gibberish. Intellectual cult books hook their followers through creating an imaginary world that is strictly structured to fit the ideas that cult members' minds have been programmed to look for. This generational fantasy's main error is in categorizing a generation according to which members of it got the most publicity, which is another cult. Whoever is loudest and most insistent gets banners wrapped around the Ivory Tower (academentia).
haymarket said:Cp - have you ever read GENERATIONS by Strauss and Howe? It really is the definitive work on the subject. In my humble opinion, it is one of the five most important non fiction books written in the last 25 years.
yeah. he attempted to reform social security to make it sustainable and both parties rose up against him for doing so.
I suffered through that gibberish. Intellectual cult books hook their followers through creating an imaginary world that is strictly structured to fit the ideas that cult members' minds have been programmed to look for. This generational fantasy's main error is in categorizing a generation according to which members of it got the most publicity, which is another cult. Whoever is loudest and most insistent gets banners wrapped around the Ivory Tower (academentia).
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