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Replies: 19
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CU Guru [1907]
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Lot o points [155625]
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I’m not a “let them eat cake” kind of guy,
Oct 10, 2019, 9:12 AM
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but not saving anything for retirement is like cigarette smoking these days......if you don’t know you shouldn’t be doing it, it’s nobody’s fault but your own.
It’s been preached since Aesop wrote “the ant and the grasshopper” in 550 BC or so.
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CU Medallion [56005]
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“People have financial challenges that often keep them from
Oct 10, 2019, 9:30 AM
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participating in saving or investing for their future.”
From the article. Can't save money that you don't have.
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All-In [26968]
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Yes, I have family that has to pinch pennies to pay bills...
Oct 10, 2019, 9:33 AM
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Putting away any money is a difficult thing to do for many. I am very blessed to have 401(k) benefits.
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Lot o points [155625]
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CU Medallion [56005]
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I thought we were talking about the article.
Oct 10, 2019, 9:46 AM
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It's fine to say people should be responsible and save for the future, but it ignores a lot of economic circumstances that make it significantly challenging for many gen X and Y people to do.
This may be another macro/micro conversation.
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Lot o points [155625]
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The majority of those people who truly have zero
Oct 10, 2019, 10:25 AM
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to contribute to savings are likely utilizing govt assistance, and will continue to need it in their retirement years. That's not a retirement scenario, IMHO.
There are many, many more who could save but don't. I don't personally know a single working person, myself included, who couldn't save more than they currently do. That's a choice.
The biggest issue with eliminating social security is that many of those people who choose to save nothing, would just view the SS per-paycheck increased amount as a windfall and continue saving nothing. As a conservative, I'm not real big on govt saving people from themselves, but I'm not sure what the answer is to avoid a bajillion more wards of the state when they get older.
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CU Medallion [56005]
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They're likely not utilizing govt assistance.
Oct 10, 2019, 10:40 AM
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The issue is that there are financial challenges today that didn't exist a generation ago. Or maybe they were just beginning a generation ago. The article goes into that, so I won't bother repeating.
Your argument could've just as easily been made in 1979. Sure, people could and should save more. That ignores a huge part of the picture.
Lastly, nobody was intended to retire on SS alone. You were supposed to retire on a combination of pensions, savings, and SS. By and large pensions don't exist anymore and, as the article explains, people can't save as much, so that just leaves SS.
I'm not suggesting a political solution. I'm just saying, here's how it is now and it's a problem.
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Legend [15492]
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Re: The majority of those people who truly have zero
Oct 10, 2019, 6:46 PM
[ in reply to The majority of those people who truly have zero ] |
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to contribute to savings are likely utilizing govt assistance, and will continue to need it in their retirement years. That's not a retirement scenario, IMHO.
There are many, many more who could save but don't. I don't personally know a single working person, myself included, who couldn't save more than they currently do. That's a choice.
The biggest issue with eliminating social security is that many of those people who choose to save nothing, would just view the SS per-paycheck increased amount as a windfall and continue saving nothing. As a conservative, I'm not real big on govt saving people from themselves, but I'm not sure what the answer is to avoid a bajillion more wards of the state when they get older.
I would only argue that SS is compulsory. It's savings forced by govt. Many tend to group SS and Medicare into "govt. giveaways" which I think is erroneous. I paid for it and I expect to receive it.
Having said that I have to agree with you're points on saving. People should be responsible for preparing for retirement (as I define it, too old to work anymore).
I know many people who never had the money to save. It wasn't a choice. Everyone in this country were'n't blessed with the IQ or skills to make higher incomes. As an example, my father was the 1st person in his family to go to college (Clemson). It wasn't a priority in his family and of the 13 children, he was the only one. The rest worked in Textile mills or cut pulp wood. They contributed and paid taxes and I for one am unwilling to look down on them or criticize them. They did what they thought they were supposed to do. Unfortunately, they will always be poor.
This isn't a dig at you personally, but I find many of my conservative friends expressing an 'us' vs. 'them' perspective. I recently moves and just met my new neighbor. Within minutes of meeting him he said he was a 'conservative' because he's against people getting a 'free ride' from the rest of us. My father's family is very, very poor. My neighbor has no idea what a terrible life that "free ride" actually is.
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Heisman Winner [111320]
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Re: The majority of those people who truly have zero
Oct 11, 2019, 11:52 AM
[ in reply to The majority of those people who truly have zero ] |
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your argument can be distilled down to "I have mine, screw everyone else" let me know If I am wrong about that.
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CU Guru [1907]
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Oculus Spirit [78823]
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I kinda agree butt
Oct 10, 2019, 9:56 AM
[ in reply to I’m not a “let them eat cake” kind of guy, ] |
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the gov't has been taking my money and saying that I could have it when I retire
what da fuq?
give me my money and let me invest it, the gov't can't do shat right
full disclosure, didn't read article
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Lot o points [155625]
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yep....they need to figure out a cutoff.
Oct 10, 2019, 10:20 AM
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Below a certain age, you're not in it, we'll give you your money back.
Above a certain age with a 5-10 year window, you can stay in, or buy out (get money back plus a premium for taking the money)
Above that to death, keep the benefit as intended.
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Oculus Spirit [97654]
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That's why I'm not counting on it. I consider it another tax
Oct 10, 2019, 9:16 AM
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If I get it. Fine. If I don't I am planning to be fine. I'd suggest no one be dependent on anything other than what they've saved and control.
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All-In [46794]
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2 main issues with SS
Oct 10, 2019, 10:42 AM
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1. People are living longer than ever so more of a drain for longer out of SS. But every time a politician talks about increasing the age, the gray vote kills them.
2. Baby boomers. More people are withdrawing than putting in due to the huge baby boomer generation. It's bad to say, but once that generation dies off in the next 10-20 years, the situation will right itself.
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Oculus Spirit [93604]
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No, this will become more complicated in the future.
Oct 10, 2019, 1:19 PM
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As progressivism spread more people will come to depend on government for support. SS was the original sin and the chickens will come home to roost on free healthcare insurance and every other social program.
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CU Guru [1907]
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Re: 2 main issues with SS
Oct 10, 2019, 1:43 PM
[ in reply to 2 main issues with SS ] |
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Except the fact that Millennial's are now the largest demographic in the USA who will have trouble saving for retirement will start the problem anew.
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Orange Blooded [2692]
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it's simple.....most people under 60 won't retire
Oct 10, 2019, 10:43 AM
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they'll just keep working til they die. Probably will be better for everyone that way, so let's turn it into the new American dream.
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CU Guru [1907]
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Re: it's simple.....most people under 60 won't retire
Oct 10, 2019, 1:58 PM
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Retirement is different things to different people. I retired at 56 and took a job 6 months later. Found out one can only play so much golf,kayak or JetSki the lakes and you have a bunch more hours per week to fill up. I admit my job only takes up a couple hours per day(get paid for 8 anyway) but it keeps the mind/body active and gives a sense of purpose . Plus I get paid to do all the above making it a lot better. Plus since I do not need the job for my survival it gives a sort of latitude on how much carp I take from anyone.
Boils down to why one continues to work after say 62, out of needs blows for sure. Not too bad for other reasons though.
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110%er [8885]
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after enough democrats have arrived
Oct 11, 2019, 12:01 PM
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democrats will offer to manage your 401K, then give it back to you a little at a time and call it SS
no link
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