U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old Yesterday, 05:40 PM
 
Location: Grosse Ile Michigan
25,639 posts, read 61,130,244 times
Reputation: 28625

Advertisements

We have a crises coming. Too many people will be old, and very few of them have anything saved to pay for when they can no longer work. My estimate is that less than half of people my age (mid 50s) have any significant savings or other retirement funding available. It may well be less than 10% have significant savings or other retirement funding sources. An awful lot of people I know have nothing at all avaualbel for retirement.

Social security cannot pay enough to keep them alive and there will not be enough people working compared to the numbers who are too old to work and have no money saved.

The government is not going to simply allow these people to starve, but the government simply does not have money to pay for their old age. There is one pocket of money available to resolve this crises. The 401K funds and other investments of those who saved for retirement. Given the option of letting the masses just starve to death, or simply killing them off, or finding a way to tax/take 401K and other retirement investments and redistribute it so the non-savers do not starve to death. It seems pretty obvious to me which the government will choose.

Sure the people who saved will still likely be better off than the non-savers, but the great hopes of deferred or non taxed income are not going to materialize. The government will have no other choice, it will re-distribute a portion of your 401K or other retirement funding.

People deny this is possible. It cannot happen (because they really really really do not want it to be possible, and therefore deem it impossible) however when asked where else the money will come from, they simply repeat that it is impossible. The law does not permit it (and of course laws never change). So apparently, their answer is the government will simply allow the other people to die.

If you think this is incorrect, then where do you think the money is going to come from to support all the masses of soon to be elderly people with no retirement whatsoever?
Reply With Quote Quick reply to this message

 
Old Yesterday, 06:02 PM
 
67,960 posts, read 68,771,184 times
Reputation: 45787
No , our retirement funds will not be taken , and it is not my job to solve the countries problems ..

A- I am not smart enough

B - they don’t pay me enough to think about it
Reply With Quote Quick reply to this message
 
Old Yesterday, 06:10 PM
 
Location: Boston
6,032 posts, read 1,788,056 times
Reputation: 4426
rice and beans is the answer....
Reply With Quote Quick reply to this message
 
Old Yesterday, 06:42 PM
 
Location: The South
4,867 posts, read 3,379,829 times
Reputation: 7310
Quote:
Originally Posted by Coldjensens View Post
We have a crises coming. Too many people will be old, and very few of them have anything saved to pay for when they can no longer work. My estimate is that less than half of people my age (mid 50s) have any significant savings or other retirement funding available. It may well be less than 10% have significant savings or other retirement funding sources. An awful lot of people I know have nothing at all avaualbel for retirement.

Social security cannot pay enough to keep them alive and there will not be enough people working compared to the numbers who are too old to work and have no money saved.

The government is not going to simply allow these people to starve, but the government simply does not have money to pay for their old age. There is one pocket of money available to resolve this crises. The 401K funds and other investments of those who saved for retirement. Given the option of letting the masses just starve to death, or simply killing them off, or finding a way to tax/take 401K and other retirement investments and redistribute it so the non-savers do not starve to death. It seems pretty obvious to me which the government will choose.

Sure the people who saved will still likely be better off than the non-savers, but the great hopes of deferred or non taxed income are not going to materialize. The government will have no other choice, it will re-distribute a portion of your 401K or other retirement funding.

People deny this is possible. It cannot happen (because they really really really do not want it to be possible, and therefore deem it impossible) however when asked where else the money will come from, they simply repeat that it is impossible. The law does not permit it (and of course laws never change). So apparently, their answer is the government will simply allow the other people to die.

If you think this is incorrect, then where do you think the money is going to come from to support all the masses of soon to be elderly people with no retirement whatsoever?
They are already redistributing the IRA money. They call it Required Minimum Distribution . And then you die and you no longer draw SS or require Medicare.
Reply With Quote Quick reply to this message
 
Old Yesterday, 06:46 PM
 
Location: 5,400 feet
2,396 posts, read 2,412,831 times
Reputation: 3204
The government already requires one to take taxable distributions of 401k and IRA funds, whether they are needed or not. That is already generating more income for the feds. If you saved enough to you have a good retirement income, that also drives up your Medicare and drug plan premiums. We'll see means testing for Soc Sec, and likely a restructuring of Medicare premiums, before funds are taken. We might even see the end of tax free growth in Roth plans. Also, never underestimate the ability of our government to borrow even more money and then print more money to repay that debt. It's inflationary, but no one seems to care.
Reply With Quote Quick reply to this message
 
Old Yesterday, 08:17 PM
 
Location: Cebu, Philippines
3,262 posts, read 1,192,587 times
Reputation: 6202
As it become more immediately apparent that things will unfold as you describe, I would expect the private sector (maybe with government prodding or seeding) to develop much less costly senior care facilities. Such as huge barracks where retirees can be provided with the basic necessities at a fraction of the present per-resident cost.
Reply With Quote Quick reply to this message
 
Old Yesterday, 08:23 PM
 
Location: Aurora Denveralis
5,566 posts, read 1,853,787 times
Reputation: 8354
Quote:
Originally Posted by Southern man View Post
They are already redistributing the IRA money. They call it Required Minimum Distribution . And then you die and you no longer draw SS or require Medicare.
Well, there's some gibberish for you.

IRAs are not an investment account - you want to invest, invest. With post-tax dollars. And have almost total freedom to do as you like with those funds and accounts.

You want a special break, investing with pre-tax dollars as an individual pension? The cost at the other end is that you don't get to just stash it away as a protected investment, but eventually have to start drawing it down for, you know, retirement.

Did all of you just wander away from the "They're coming for our guns!" rants or something?
Reply With Quote Quick reply to this message
 
Old Yesterday, 08:49 PM
 
18,118 posts, read 12,841,790 times
Reputation: 13465
Quote:
Originally Posted by Quietude View Post
Well, there's some gibberish for you.

IRAs are not an investment account - you want to invest, invest. With post-tax dollars. And have almost total freedom to do as you like with those funds and accounts.

You want a special break, investing with pre-tax dollars as an individual pension? The cost at the other end is that you don't get to just stash it away as a protected investment, but eventually have to start drawing it down for, you know, retirement.

Did all of you just wander away from the "They're coming for our guns!" rants or something?
There’s nothing wrong with have pre/post tax investments. You can put monies into a 401k/ira pretax and pull monies out at little to no tax at all if you plan it correctly. Ive got a healthy mix of Roth IRA/401k/taxable investments and have plenty of flexibility
Reply With Quote Quick reply to this message
 
Old Yesterday, 08:51 PM
 
Location: Phoenix, AZ
1,473 posts, read 600,227 times
Reputation: 3532
Quote:
Originally Posted by Coldjensens View Post
The government will have no other choice, it will re-distribute a portion of your 401K or other retirement funding.

Won't happen.


Any government that tries that will face a tax payer revolt.


If you don't believe that, look what happened back in the mid 90s when the Democrats controlled Congress and passed serious gun control laws. Many democrats were subsequently voted out of office and Congress came under Republican control. Politicians know better than to vote for gun control laws even to this day.
Reply With Quote Quick reply to this message
 
Old Yesterday, 09:26 PM
 
Location: S.W. Florida
1,977 posts, read 794,458 times
Reputation: 5557
Quote:
Originally Posted by adjusterjack View Post
Won't happen.


Any government that tries that will face a tax payer revolt.


If you don't believe that, look what happened back in the mid 90s when the Democrats controlled Congress and passed serious gun control laws. Many democrats were subsequently voted out of office and Congress came under Republican control. Politicians know better than to vote for gun control laws even to this day.
Which is why the next Democratic President will use the powers of the “Executive Order” to enact serious gun control reform. I’m totally against it, but I can definitely see it happening sooner rather than later.

Things are about to change in ways most of us would never have believed, and I for one fear for the well being of my children and grandchildren.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top