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If I were the typical boomer, I'd say too bad. It's your fault. You should have saved. I have more heart than that though. Hardship will do that.
??? The most I have ever earned in a year is $17K ($8.50 per hour). My average yearly earnings are under $15K. I'm paying half my income to rent a room. How much, exactly, should I have saved?
??? The most I have ever earned in a year is $17K ($8.50 per hour). My average yearly earnings are under $15K. I'm paying half my income to rent a room. How much, exactly, should I have saved?
Are you sure you're a boomer? You're sounding more and more like a millennial. The only thing you're missing is a PhD that soft, lazy boomers who had it easy their whole lives mock.
I think we can all agree that Boomers had it better than any generation of Americans. They had access to the best job market, lowest house prices, best opportunities for higher education at the lowest prices, etc. They didn't do anything to deserve the privilege they got, but they didn't ask for it either. They were just fortunate.
To those whom much has been given much is expected, and I expect more from the Boomers than what we've currently gotten. At this moment in time, they have the opportunity to do something truly magnanimous. They should give up Social Security. They should lead the charge to pass a bill that anyone born between the years of 1945 and 1965 should not get paid any Social Security benefits. This would save the program for their children and grandchildren, and for once, they wouldn't be acting like a swarm of locusts laying waste to America's wealth before it can be enjoyed by future generations.
I also think conservatives who hate big government should also choose to not get their benefits as a protest regardless of when they were born.
What do you think? Good idea?
Lol, where's that rolling around on the floor, laughing smiley?
So let me get this straight...Social Security was just another tax on workers?
Sorry, you'll have to think of another way to fund all of these illegals flooding the border.
Some states offer reduced real estate tax rates to seniors. Perhaps you should look into retiring to one of them. Another thought -- if you live in a good school district, your property value is higher so you are getting some benefit from paying for the local schools.
Only to those who own their home. Since I have no hope of ever owning a home, I will have to rent when I'm a senior, therefore my home will be taxed up the wazoo (in Michigan, the school property tax rate on rental property is four times the school property tax rate on owner-occupied homes). The money I should be saving will be consumed by rent.
Please explain the reasoning. Senior homeowners can't afford high property taxes and therefore deserve a reduced rate? Senior renters CAN afford high property taxes and therefore don't deserve a lower rate? Landlords are greedy and will just pocket the tax reduction instead of passing the savings to their senior renters?
Are you sure you're a boomer? You're sounding more and more like a millennial. The only thing you're missing is a PhD that soft, lazy boomers who had it easy their whole lives mock.
Nope, I'm definitely a boomer. My first two jobs paid less than $2.00 per hour.
Only to those who own their home. Since I have no hope of ever owning a home, I will have to rent when I'm a senior, therefore my home will be taxed up the wazoo (in Michigan, the school property tax rate on rental property is four times the school property tax rate on owner-occupied homes). The money I should be saving will be consumed by rent.
Please explain the reasoning. Senior homeowners can't afford high property taxes and therefore deserve a reduced rate? Senior renters CAN afford high property taxes and therefore don't deserve a lower rate? Landlords are greedy and will just pocket the tax reduction instead of passing the savings to their senior renters?
So some "seniors" invested in property to offset their piddly little SS. Should they give you a place rent free? We left a high tax state years ago seeing the writing on the wall. Those without adequate funds or retirements have no business staying in N.Y or CA. But I agree with you, I despise high property taxes which would explain why some rentals are as high as they are and all politicians just want more of your money....You could share a place with another senior if you need to.
But consider that a typical SS payment of $1200/mo would roughly equal a conventional payout from a conventional investment or annuity of about 3% on $500,000. 6% with a $2400 check. That's not a bad little chunk of 'equity' for everyone.
It is practically impossible to save something that was built on a foundation that was designed to eventually fail.
Social Security cannot become insolvent. It is paid in U.S. dollars.
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