"Could you retire without Social Security" - WSJ article predicts SS/Medicare cuts

[old mark]

as one of the only ways to keep Federal tgovernment functioning thanks to the continuing tax cuts...Link:

http://online.wsj.com/article/SB10001424052748704073804576023890972991846.html


Article concluded that Americans MUST START SAVING "much, much more" for retirement, starting about 20 years ago...

The set up for ending government social programs begins in earnest.


mark


NOTE _ Changed header to read WSJ instead of NYT - sorry - not enough caffiene yet this AM.

[HillbillyBob]

1. And what pray tell are we to save?

When it takes every dime to keep living inside, the lights on and the kids fed? We used to have savings, but since our household income has been cut by 75% over the last 10 yrs there is nothing left to save. I know we are not unique. I have a problem understanding the greed that strips others of what they need to live, what really kills me is the worst of the lot are always claiming to be Christians. (my word for that kind is Kreestian as in not really Christian, but hypocrites.

[hobbit709]

6. It's the Republican Plan

If you're poor and aren't one of their tame serfs you get to die. And then they will want to confiscate what meager assets you might have to pay for your funeral.

[old mark]

11. I understand. The article states you will need around $180 thousand

to invest in a private insurance plan to equal projected SS payments over your life span after age 65...They offer no suggestion where to get that money, other than to "start saving around 20 years ago".

Oh, I guess you pretty much have to have a great job, one that pays real benefits and that you never get sick and have to retire early...


Other than that...


mark

[BrklynLiberal]

15. Who will provide the time machine in order to go back and start the savings???

[dkf]

23. I've been told social security wouldn't be there for me since college, which was decades ago.

Was I the only one who got the message?

[Kalyke]

32. I heard that, too.

But it took me 20 years to get a decent enough job to have enough money left at the end of the month to save any money, despite a college degree.

It wasn't the message I needed - it was the money.

(P.S. And I don't want to gamble on the stock market. I'm not a very good gambler, but I'm betting that I'd do better in Vegas than on Wall Street).

[dkf]

22. $180,000 is small compared to the $2,000,000 needed to retire in comfort.

That is the point that the middle class family must try to achieve to get a safe $80,000 income per year.

This is why those who understand what it takes to retire won't be so happy subsidizing others. They are literally giving up their future comfort to ensure subsistence for others who can't do it on their own.

[starroute]

27. That future comfort is earned on the backs of ordinary workers

In a society where everybody really could "do it on their own," your argument might hold some water. But we're in a situation where average earners are making only enough to live from hand to mouth precisely because the economy has been tilted in favor of those few who can save up $2 million over their working career.

That those higher earners are being asked to pay $8000 a year into Social Security at the same time as they're cheerfully socking away some $50,000 a year -- as much as the average family's entire income -- to build up that retirement fund doesn't exactly seem like "giving up their future comfort."

[dkf]

30. You don't put $50,000 a year, you do less but get a decent return.

If I had put my social security contibutions into investments I probably could have close to $2,000,000 at the end.

[Doremus]

28. Let them pull themselves up by the bootstraps and ... and .... EAT CAKE DAMMIT!

I will sign off now in order to pay homage to the great philanthropists who gave up their future comfort by subsidizing everyone's SS for so many decades.

:rofl:



Too funny! You should make a wrong left turn and visit us here more often! :rofl:

[closeupready]

34. No offense, but $2,000,000 is way, way WAY beyond what any middle-class person can do.

It's not a realistic goal.

[DrDan]

2. better to cut here than in our war funding . . . .

:sarcasm:

[dkf]

24. The wars will end. Retirement and medical care for the elderly goes on forever.

[OKNancy]

3. Wall Street Journal

The author makes some good points but the WSJ has a vested interest in pushing private investment.

[jaxx]

4. That's Rupert's Wall Street Journal not the NYT.

Fear mongering as usual.

[old mark]

12. Sorry - I misread the title...you are correct....but you can bet this will become the

GOP's big talking point in January...permanene tax cuts, elimination of social programs to cut "Democrat spending"...and fuck everyone who is not rich.



mark

[xchrom]

5. Recommend

[SpiralHawk]

7. "Tough noogies for you smelly proles. Smirk." - RepubliCronies, Inc. (R)

[BrklynLiberal]

8. +1000. Back to the 1890s, Jeeves....immediately!!!

[Warren Stupidity]

9. they will pay me my pension or I will be out in the streets

revolting as I will have no choice.

[HillbillyBob]

20. Thinking the same thing Warren (love the handle btw)

I used to work for a design firm (when I got to beat up and injured to work construction anymore..then got injured again thats another story). I also worked 2 and 3 part time jobs between full e jobs and did save, until medical bills wiped me out.

We went into those mansions in SoFla, white carpet everywhere.
Most of them were snooty and made no bones about how they felt about the menials(me). Some were very nice but very few.

I did not much think one thing or another about the wealthy, when I started. By the time I left I knew how 'they' felt about us, and returned the feeling in spades.

They think they are so secure with their alarm systems and rentapigs on call..those gated communities are secure from the street side, but the back side where all the menials are expected to enter are not. An angry mob would find the gates little deterrent., The only place that was really secure was Jupiter Island. The places there have serious security..like a border crossing in the West Bank.

[dkf]

26. The only way social security ends is if they stop taking in payroll taxes.

As long as they tax us, someone is going to be paid.

[BrklynLiberal]

10. NYT or WSJ?

[old mark]

13. WSJ - see above...sorry not enough caffiene yet.....nt

[progressoid]

14. Retire? What's that?

I figure I'll have to work till I die. Assuming that I have a job.

[HughBeaumont]

16. Money be damned, I'm retiring when I'm 60.

My golden years will be MINE, not corporate America's. Life is too short.

[dixiegrrrrl]

17. I will get right on it. 4-5 part time jobs a week oughta do it.

Especially with the HUGE tax cut all us Americans are gonna get.

[old mark]

18. Hell, yeah - that $40 a year will help a lot!..if you save it!...nt

[mmonk]

19. We have no choice. Both parties are defunding it for tax cuts.

Reagan would be proud.

[ladjf]

21. Well, there goes the mortgage payment. Another house to be

foreclosed on, mine. nt

[jtown1123]

25. This is how they will pay for that lovely tax giveaway to the rich "deal"

[Hoyt]

35. Sadly, the $70 Billion annual "tax cut for the rich," is less than 10% of the $730 B in SS payments.

Of course, wars and such are part of the total budget picture too.

[Edweird]

29. At this point in my life? No.

[sarcasmo]

31. More likely that you will retire without Social Security.

[Paper Roses]

33. Retire with what? Broken promises? Just give me my money back.

We Seniors and those just behind us have no time left to "save". Life has been all work and we will not be given our due credit.

I'm disgusted that this is even an issue. The government can blow up half the world and support so much of the rest. Arrogant and unwise to put us in this position. If we all have no money, all our houses are foreclosed upon, imagine the state of welfare in the country?

Our houses will never sell because the market will be glutted with Real Estate for sale. It is like that now in my town. I don't see very many SOLD signs either.

The food banks are empty now. How about when we have no SS check? Those food pantries will have nothing to give to anyone. Food shopping is bad enough now. Every senior I know is trying to stretch that almighty SS check to the limits. We're already cold in our homes, thermostats down to a level slightly higher than 'freeze the pipes' danger.

Hells bells, this US not the place I grew up. Certainly not the place where my grandchildren will be able to enjoy a carefree youth.

Don't know about you folks, but I worry all the time. No SS check, no Medicare.
What is left but to find a tall bridge and let the next guy worry about it.

I have written, emailed, called until I am blue in the face. Seems to do no good at all. I get a nice 'thanks for your concern' form letter from my congressman. Can't do much good with that other than say I tried.