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Old 04-07-2015, 12:45 PM
 
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I don't see SS likely to be dismantled but the law itself tells what happens in such a crisis. One thing many do not realize is the changes from just the government not being able to use the excess in the future. I think one gets best perspective by reading the SS trustee reports. One can also look at the Breaux commission report. That has as many experts testimony as one could want to read. Then realize that SS is the easiest to solve of the entitlements. What I see coming in time is individual crisis as always just has we saw in this recession.

Last edited by texdav; 04-07-2015 at 01:21 PM..
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Old 04-07-2015, 01:30 PM
 
33,046 posts, read 22,034,672 times
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Quote:
Originally Posted by SeaLover View Post
financial crisis in retirement is very subjective. my brother is a millionaire and does nothing but watch tv and his grand kids. my wife and I live on SS (95%) and small pension which together totals about 30K per year. However, we don't have a mortgage, didn't have children draining us, and have my comprehensive medical insurance from last employer supplementing medicare. Take a nice trip (no vacations in retirement!) once a year and participate in many other activities like bowling, dancing, pickleball, golf, and bingo. Life as a poor, retired couple in America ain't so bad.

Living as a single on $1K SS and renting a fleabag SRO is bad.
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Old 04-07-2015, 08:51 PM
 
Location: SW MO
23,605 posts, read 31,463,318 times
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Originally Posted by freemkt View Post
Living as a single on $1K SS and renting a fleabag SRO is bad.
If that's your experience then do something about it.
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Old 04-07-2015, 09:02 PM
 
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
8,367 posts, read 8,583,918 times
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Quote:
Originally Posted by texdav View Post
I don't see SS likely to be dismantled but the law itself tells what happens in such a crisis. One thing many do not realize is the changes from just the government not being able to use the excess in the future. I think one gets best perspective by reading the SS trustee reports. One can also look at the Breaux commission report. That has as many experts testimony as one could want to read. Then realize that SS is the easiest to solve of the entitlements. What I see coming in time is individual crisis as always just has we saw in this recession.
Of course there are other options, including simply changing our "priorities" in this country, and perhaps bringing them more in line with some of the successful "socialist" democracies in other parts of the world.

U.S. defense spending compared to other countries
The U.S. spends more on defense than the next eight countries combined
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Old 04-07-2015, 09:11 PM
 
Location: SW MO
23,605 posts, read 31,463,318 times
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Originally Posted by BellaDL View Post
I don't know of a single man who quit his job or work part-time so that he could take care of his parents or parents in law. As the discussions at the "Obligations to care for parents when you retire" thread show, the burden falls mainly on the shoulder of women.
Well now, it could be that some of us were the sole wage earners in our families and couldn't afford to take that kind of time off.

It could that some of us lived far away.

It could be that of of our parents was doing an admirable job of taking care of the other.
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Old 04-07-2015, 09:30 PM
 
8,815 posts, read 5,119,154 times
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Quote:
Originally Posted by freemkt View Post
Living as a single on $1K SS and renting a fleabag SRO is bad.

Then do something about it before it is too late.
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Old 04-07-2015, 11:58 PM
 
33,046 posts, read 22,034,672 times
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Originally Posted by Curmudgeon View Post
If that's your experience then do something about it.

I'm not (yet) but for those in that experience, it's unlikely they'd be in a position to dramatically increase their income.
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Old 04-08-2015, 05:32 AM
 
Location: Grove City, Ohio
10,128 posts, read 12,373,396 times
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Quote:
Originally Posted by mateo45 View Post
Of course there are other options, including simply changing our "priorities" in this country, and perhaps bringing them more in line with some of the successful "socialist" democracies in other parts of the world.

U.S. defense spending compared to other countries
The U.S. spends more on defense than the next eight countries combined
Ah yes, if only we could be more like Greece (26% unemployment), Spain (23.4% unemployment), Portugal (13.3% unemployment), Italy (12.6% unemployment) or France (10.2% unemployment) we would all be much, much happier!

Of course if you are unhappy with the US social security and retirement system you too can be more like France simply by "taxing yourself" paying into a personally owned retirement system the difference in the amount of money you would pay if you worked in France.

French Taxes

Quote:
Social security charges are quite high. Employees lose about 22% of their salary to social security withholding (the employer pays an additional 40% or more). Self-employeds can expect to pay about 35% of their profit as social security tax. While this is deductible in the following year’s Profit & Loss Statement and thus reduces income tax, it is a small balm. A self employed can conceivably pay about 70% of his or her profit in the form of taxes: social security, doing business tax ( taxe professionelle), and income tax.
So let's assume you earn $1,000/week.

In the United States you are paying a rate of 7.65% for social security and medicare resulting in the government stealing $76.50 every week from your paycheck.

For that great French feeling I would suggest you levy an additional 14.35% of your paycheck putting the additional $143.50 every week into a medium performing mutual fund returning a modest 6.5%.

With this suggestion I betcha you are feeling more French like with every passing moment!

Simply by putting that money away you would have $104,639.21 in 10 years, $304,726.70 in 20 years, $687,330.75 in 30 years and a whopping $1,418,939.99 in 40 years.

For the stupid, ignorant and even lazy there is no reason a young man of 20 in the United States can't retire a millionaire at 56 ($1,068,643.07) if that is what he really wants to do. Problem is there are to many who want others to put the money in for them so they don't have to work that second part time job which is against the Constitution anyway.

So, if you don't like the USA system the answer is easy, all you got to do is set up your own little French system by taxing yourself as if you worked in France.

See how easy it is?

Now YOU go do it!
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Old 04-08-2015, 06:53 AM
 
Location: NC
6,543 posts, read 7,956,796 times
Reputation: 13438
When I was in my 40's (I'm in my 60's now) I would drive past these new sudivisions with huge houses and expensive cars in the driveways and wonder, "Who can afford to live there?". I was highly educated and had a good job but they obviously had a much higher income than I did. Usually there were tiny bikes and strollers around. I assumed these were vice presidents of companies and wondered, "How did they move up in their career so quickly?". Now I know the answer to both questions. These were young hopefuls who were for the most part simply living beyond their means. Theirs was a high risk decision. If nothing negative happened in their lives they might be doing very well today. But with no buffer, they also might be having to scavenge in the social welfare system.

I do have one other comment, about the posters who blame the boomer generation for offshoring jobs. I think it was the market that offshored jobs. No boomer I know of ever directly benefited by that decision.
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Old 04-08-2015, 02:32 PM
 
12,825 posts, read 20,126,238 times
Reputation: 10910
Quote:
Originally Posted by luv4horses View Post
When I was in my 40's (I'm in my 60's now) I would drive past these new sudivisions with huge houses and expensive cars in the driveways and wonder, "Who can afford to live there?". I was highly educated and had a good job but they obviously had a much higher income than I did. Usually there were tiny bikes and strollers around. I assumed these were vice presidents of companies and wondered, "How did they move up in their career so quickly?". Now I know the answer to both questions. These were young hopefuls who were for the most part simply living beyond their means. Theirs was a high risk decision. If nothing negative happened in their lives they might be doing very well today. But with no buffer, they also might be having to scavenge in the social welfare system.

I do have one other comment, about the posters who blame the boomer generation for offshoring jobs. I think it was the market that offshored jobs. No boomer I know of ever directly benefited by that decision.
It was the combination of corporate leadership and politicians who offshored the jobs.

Generationally, those who were in those positions at the key decision points spanned from the youngest members of the GI Gen to, in a few very rare cases, the oldest Xers. Most were Silent Gen and Boom.

The main thing they did in error was drinking the globalist utopian Kool Aid. Somehow, they imagined that our US based multinationals could keep up the post-WW2 party selling to a supposedly emerging middle class in the newly industrializing / East Bloc countries. What they failed to realize was those countries would eventually outcompete them and furthermore would never truly open their economies. It was one thing if we wanted to run a factory there and export stuff to sell here. It was entirely a different thing if we wanted to sell there.

One big old oops, with years if not decades of pain in front of us.
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