Well Crap... More Depressing SS News

[PineappleMama]

http://finance.yahoo.com/focus-retirement/article/111076/what-you-should-expect-from-social-security?mod=fidelity-readytoretire&cat=fidelity_2010_getting_ready_to_retire

"There are plenty of reasons for 20 and 30-somethings to worry about the future of their Social Security payments."

And how old are DH and I?? Murphy strikes again.

 

[debilorrah]

Quote:
These doomsayers have been predicting the same thing since 10 years after SSI was created. I will believe it when I see it.

 

[PineappleMama]

Ah well that's very true... unfortunately there's a chance we WILL see it.

Of course, if things are the same in 30-35 years as they are now then they'll just do a little creative bookkeeping and we'll keep bumbling along.

 

[DuckLady]

Quote:
I agree. I remember my parents and grandparents panicking about the same thing. The money will come from somewhere. Always does.

 

[PineappleMama]

That's what I'm afraid of.

 

[txcarl1258]

I have been hearing about this for years. I am in my mid 20's and have already started my retirement account. Hopefully I won't have to rely on SS for an source of income when I retire.

 

[Dunkopf]

Quote:
You're smart. Just keep increasing your contributions each year. You won't even notice it.

I don't pay much attention to all the doomsayers. There really isn't much you can do about it. I have enough to worry about in real life. I just make sure I vote the right way and hope for the best.

 

[EweSheep]

From what I've been hearing, since my grandfather collected SS, he said the money will run out....well Grandpa was born in 1910 and died 1987. My Dad always heard that as well....he said the politicians or whomever is running the budget kept "borrowing" the money out of SS funds to pay for something else. Well they kept borrowing more and more and they didnt put much back into what they have been borrowing. So it is borrowing SS to pay for this, then borrow THAT fund to pay another project, on and on.

I don't know if my SS benefits are going to be there when I turn 70 but something along the line the 401K's may not going to be there when we retire nor would our pensions. My pension BETTER be there when I retire! I'm 45 years old so it is a matter of time, when politicians going to run out of SS money to pay for certain things we need to anchor the country.

So if the 401K's and pensions are not going to be there when we retire, what the heck our elders are going to live off on???? Bonds are good from what I heard but are they trustworthy? Stock sharing is the pits as my father found out, he had to cash it out a few years ago before it hit rock bottom.

 

[I have WHAT in my yard?]

Dh and i go along assuming we won't get it. Then if we do it will be a bonus. Small amounts of money put away when you are young turn into big bucks later. Of course that is assuming the banksters don't destroy the entire economy and make it all vanish overnight. Oh, yeah, that's right, that already happened. The last ten years of our saving might as well have not happened at all.

But, yeah there has been an assumption SS won't last since it was started - the biggest socialist machination ever completed in the US and now everyone complaining about how it won't be there. If you don't believe in socialism then quit expecting it.......

 

[Organics North]

I have WHAT in my yard? :

Dh and i go along assuming we won't get it. Then if we do it will be a bonus. Small amounts of money put away when you are young turn into big bucks later. Of course that is assuming the banksters don't destroy the entire economy and make it all vanish overnight. Oh, yeah, that's right, that already happened. The last ten years of our saving might as well have not happened at all.

But, yeah there has been an assumption SS won't last since it was started - the biggest socialist machination ever completed in the US and now everyone complaining about how it won't be there. If you don't believe in socialism then quit expecting it.......

Yep contributed to a 401k for nearly 20 years, put the max in the whole time... Yep.. lost 60+% of it.... Lucky I do not need it for another 20 years.. So maybe it will recover.

Your comments on the SS.......................

Isn't that funny.... Everyone so against socialism...

One of these days we need to move past the idiotic blue and red semantics and deal with the serious issue of the babyboomers retiring and getting old.. That will be a big burden for society to carry, considering the subsequent generations are smaller....IMO it is the less than sixty age group that will decide the outcome of SS... If we do not feel like supporting the boomers... Surly no one will feel like supporting us...

Like many things in life one needs to give a little to get a little in return..

Oh yes I do not believe any of the negative news on SS... I just think it is the greedy corporatist trying to kill it, so they can get more for themselves... It still is "we the people" who elect folks that either support the program or do not!

ON​