2016 Postmortem
In reply to the discussion: Why should the rich pay more taxes? [View all]socialindependocrat
(1,372 posts)When businesses switched to 401K people will have a finite amount on which to retire
If you save $500K and retire, some people will live on $50K/year
That gives you 10 years. You have to guess at how long your money needs to last
Even worse:
There are people who will live on $100K/year and then go to the government and say
we are out of money what are you going to do for us.
I am writing to various people to alert them to the potential problem and see what they say.
I think it's like health care - they won't let people die but we can't support them either
especially after they blow thru their retirement money
If your dad likes his job - that's great
but there are a lot of people (IT people) who are being abused on the job
(meaning long hours and they are reclassifying their jobs to "exempt" so
they don't have to pay them overtime. These people are getting burned out
and they are afraid to retire. Look at the stress, heart problems, blood pressure
and stroke. It's going to get very scary...