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I'm 28, most of my friends are around my age and the future of Social Security is not even a topic of discussion for us. Why? Because we know for a fact that it won't exist when our time comes. We've accepted that fact and moved on with our lives, planning accordingly.
And these same people already have as much money sitting in their various retirement accounts as their parents do, and in most cases more. See, we've always known that we'd be 100% responsible for funding our own retirement from the day we started working back in the early 2000's. We saw the writing on the wall and decided to do something about it.
Then again, I run in a pretty savvy and well-grounded crowd. I realize this is probably not the norm but many of us in my generation have already come to terms with reality.
Good lord, the ignorance on display in this thread...
People keep mentioning government-backed student loans and young peoples supposed unwillingness to pay them back. What everyone seems to forget is that people with these loans have no choice but to pay them back. If a college student today has one of these loans, they have to pay it back! Unlike so many that have had the luxury of discharging all of their debts via bankruptcy (often times more than once), we can't just declare bankruptcy and get rid of these loans. They can't be discharged in a bankruptcy. There are two debts that the government will absolutely chase you to the grave for...tax debt and student loan debt.
So please, drop the student loan thing. We'll be paying that back no matter what.
Good lord, the ignorance on display in this thread...
People keep mentioning government-backed student loans and young peoples supposed unwillingness to pay them back. What everyone seems to forget is that people with these loans have no choice but to pay them back. If a college student today has one of these loans, they have to pay it back! Unlike so many that have had the luxury of discharging all of their debts via bankruptcy (often times more than once), we can't just declare bankruptcy and get rid of these loans. They can't be discharged in a bankruptcy. There are two debts that the government will absolutely chase you to the grave for...tax debt and student loan debt.
So please, drop the student loan thing. We'll be paying that back no matter what.
You shouldn't call people ignorant when you don't all the details.
From Sept. 2010; "and more than 238,000 defaulted on their loans".
Their hero(s) have spent their future and now they want to renege upon the debt? They elected the people who drove us into deep debt and now they whine like spoiled babies... Typical of irresponible idiots in both DC and these people who haven't a clue of what's going on in the US today. If you said "world currency reserve" to them, they would look at you like you had two heads. Dopes, the lot of them, both in DC with some exceptions, and the general public, with some exceptions.
What they should demand is what BUSH proposed a privatized retirement and health accounts that you... the ones who really work... pay into with a fair return on your money.This means abolishing the current system and create a new program.This will keep Uncle Sam from robbing it and you should receive monthly statement on your account and watch it grow like a 401k plan.Its your money use it when you need it.
President Bush proposed allowing people to divert just 2% of their contributions into private accounts.
You assume that they are not chipping in on the premiums.
I think this is a good thing. I would like to see Social Security come up for a NEW vote. Why should FUTURE generations be held hostage to a govt program that they did not even vote for?
Every generation has said that for what, the last 75 years? I know I did a fed decades ago when I started working for a living. Ain't nothin' new.
I bet a whole lot of them don't think it's their debt because they're grabbing up all the financial aid and freebies they can. They are the problem not the solution.
WHAT?! You do realize that personal college debt has risen SIGNIFICANTLY over the past few decades...
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