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I'm in my late 30's. I think anybody my age and a little older knows that we might not have social security yet we continue to pay a good amount each paycheck. To me and many people I think we just look at it as another type of income tax we will never get back.
But some of us (not all) do try and prepare for the future with 401k. I've been contributing for over 10 years and no plans to stop.
However, I can't help but wonder what so many people will do when they get 60+ that did not prepare like myself with 401k or another form of retirement income. Social security I can't see being there. So how do they survive?
The way this country is going in terms of people jumping on "free healthcare, college, fill in the blank.." I do wonder how dangerous this could be 20-40 years from now.
I do think the gap of rich/poor is getting bigger and that is very dangerous. Eventually I think the poor will carry elections and that's what scares me because of what I'm about to mention.
What if you get a politician in office similar to a Sanders and he has enough votes to pass legislation that will penalize 401k even more than it is now.
I could see it right now. "We have to find a way to care for those that were not fortunate or privileged to pay into 401k. So we will have to tax your 401k even more when you start withdrawing"
But instead of just bumping up a little bit it's literally costing you thousand and thousands of dollars that you worked hard for. To the point that you now are basically going to live out the remainder of your days living on a very tight budget and pretty much only able to buy true necessities.
That the government will take even more of the money I earn to give freebies to people who haven't done anything to earn it so they can buy more votes from greedy moochers.
Eventually there will be more people mooching than earning.
Everyone knows about the pension and health spending crises. I'm always more concerned about under the radar things.
In the future I'm really worried about electronic voting and artificial intelligence-generated fake audio and video being used to swing and steal elections.
I have faith that as long as the democratic process is carried out that policies will always be moderate. I am concerned about subversion of the democratic process because then a small minority can gain control over society and steer it in an extreme direction.
I'm in my late 30's. I think anybody my age and a little older knows that we might not have social security yet we continue to pay a good amount each paycheck. To me and many people I think we just look at it as another type of income tax we will never get back.
But some of us (not all) do try and prepare for the future with 401k. I've been contributing for over 10 years and no plans to stop.
However, I can't help but wonder what so many people will do when they get 60+ that did not prepare like myself with 401k or another form of retirement income. Social security I can't see being there. So how do they survive?
The way this country is going in terms of people jumping on "free healthcare, college, fill in the blank.." I do wonder how dangerous this could be 20-40 years from now.
I do think the gap of rich/poor is getting bigger and that is very dangerous. Eventually I think the poor will carry elections and that's what scares me because of what I'm about to mention.
What if you get a politician in office similar to a Sanders and he has enough votes to pass legislation that will penalize 401k even more than it is now.
I could see it right now. "We have to find a way to care for those that were not fortunate or privileged to pay into 401k. So we will have to tax your 401k even more when you start withdrawing"
But instead of just bumping up a little bit it's literally costing you thousand and thousands of dollars that you worked hard for. To the point that you now are basically going to live out the remainder of your days living on a very tight budget and pretty much only able to buy true necessities.
Thoughts?
Sure, the incone gap continues to grow, but so does the quality of life for the poor. America's"poor" live better than the middle class of dozens of nations.
Our "poor" have cars, cell phones, tv's and gaming systems. Our poor have an obesity problem
I think many liberals would prefer our poor starving in the streets if they could get rid of the wealthy. It's not that they want to help the poor, it's their envy of the wealthy.
The USA has a lot of money. Don’t be fooled - I wish I knew how to stop lobbys from writing our laws to profit a few. The money is extremely mismanaged and politics should stay the fooff out of our budget. To separate the two be the only way to make this country run smoothly. We are in July. The 2020 budget should be on the table to be signed. Hm hm where is it ?
Worked close to 40 years handing over almost $500,000 to Social Security and Medicare.
Am I worried about my monthly checks and coverage running out for me ? Nope. There were
enough of my generation that worked long and hard to see this to fruition. The true question is
will it be there for you young-ins? My advise......Make sure you keep working and give those
in that aren't a motivational kick in the arse.
I'm in my late 30's. I think anybody my age and a little older knows that we might not have social security yet we continue to pay a good amount each paycheck. To me and many people I think we just look at it as another type of income tax we will never get back.
But some of us (not all) do try and prepare for the future with 401k. I've been contributing for over 10 years and no plans to stop.
However, I can't help but wonder what so many people will do when they get 60+ that did not prepare like myself with 401k or another form of retirement income. Social security I can't see being there. So how do they survive?
The way this country is going in terms of people jumping on "free healthcare, college, fill in the blank.." I do wonder how dangerous this could be 20-40 years from now.
I do think the gap of rich/poor is getting bigger and that is very dangerous. Eventually I think the poor will carry elections and that's what scares me because of what I'm about to mention.
What if you get a politician in office similar to a Sanders and he has enough votes to pass legislation that will penalize 401k even more than it is now.
I could see it right now. "We have to find a way to care for those that were not fortunate or privileged to pay into 401k. So we will have to tax your 401k even more when you start withdrawing"
But instead of just bumping up a little bit it's literally costing you thousand and thousands of dollars that you worked hard for. To the point that you now are basically going to live out the remainder of your days living on a very tight budget and pretty much only able to buy true necessities.
Thoughts?
They're not going to start taxing 401k distributions. SS will still be there.
That the government will take even more of the money I earn to give freebies to people who haven't done anything to earn it so they can buy more votes from greedy moochers.
Eventually there will be more people mooching than earning.
You should move to Mexico. It sounds like your kind of place, little or no government services for all those worthless moochers.
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