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Old 09-04-2013, 07:10 PM
 
Location: Grove City, Ohio
10,139 posts, read 12,404,828 times
Reputation: 13987

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Quote:
Originally Posted by newmover99 View Post
You haven't seen Nothing yet! The retires of the last 20 years will be the last ones to have an employee sponsored retirement. The next 30 years are going to be a "Bloodbath" unfortunately. And when SS runs dry it won't be pretty.
Social Security will NEVER run dry.

Social Security is NOT a Ponzi scheme. A Ponzi scheme is where the money eventually runs out and Social Security will never run out.

Those $100 bills they send out in social security checks? All we need to do is simply print more and continue what we have been doing from the 1960's.

As far as not saving some people simply never earned the kind of money where they could save something.
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Old 09-04-2013, 07:51 PM
 
Location: Baltimore, MD
3,746 posts, read 4,224,664 times
Reputation: 6866
Quote:
Originally Posted by mathjak107 View Post
Not everyone has the income or luck to be able to save . Incomes have not really grown in decades while expenses for things have escalated big time.

You can only cut expenses just so far.

Throw in the fact markets have not grown much since 2000 and you have a whole lot less dough to save if any.
Agreed. I knew earnings had stagnated though out the years, but I was still surprised to find that in July 2013, the real average hourly earnings on all private nonfarm payrolls was $10.28 and there were 34.4 hours in the average work week. (I'd like to also see the government payroll numbers for August, but that's not going to happen.) Those numbers are incredible.

http://www.bls.gov/news.release/pdf/realer.pdf
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Old 09-04-2013, 07:56 PM
 
48,516 posts, read 84,021,758 times
Reputation: 18050
Quote:
Originally Posted by nicet4 View Post
Social Security will NEVER run dry.

Social Security is NOT a Ponzi scheme. A Ponzi scheme is where the money eventually runs out and Social Security will never run out.

Those $100 bills they send out in social security checks? All we need to do is simply print more and continue what we have been doing from the 1960's.

As far as not saving some people simply never earned the kind of money where they could save something.
It wouldn't but the amount will to pay what people are told. will. Read the last SS trustee report on reality of the SS law and what happens by that law as funding does not meet out flows needed.
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Old 09-05-2013, 06:25 PM
 
Location: Metropolis IL
1,603 posts, read 1,896,545 times
Reputation: 2352
Quote:
Originally Posted by texdav View Post
It wouldn't but the amount will to pay what people are told. will. Read the last SS trustee report on reality of the SS law and what happens by that law as funding does not meet out flows needed.
I'm not likely to be around in 2033, when SS benefits face an across the board cut of 25%, but I would be really surprised if that happens. Maybe if the USA is in it's final days as a nation, but I don't see that happening as soon as 20 years from now either.

The funding mechanism for SS is not etched in stone, and can be manipulated as necessary. Just like money is created to fight floods, forest fires, earthquakes, and middle eastern wars.

The SS trustees report is mainly used as political fodder to support the ideology of the anti-SS crowd.
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Old 09-10-2013, 08:44 PM
 
12,825 posts, read 20,166,929 times
Reputation: 10910
Read through the thread and see some things were missed. OK, here I go with the third rail.

We think we are sentient beings, and have managed to break the chains of instincts and animal impulses.

That is a delusion, at least it is for the vast majority of people. Think about how most non-multi-millionaires end up living their lives.

A person, upon exiting childhood and its externally imposed constraints and arbitrary milestones, becomes a free thinking individual with free will. Based on that, logic should ideally kick in, and most decisions should be made based purely on reason. Granted, differing innate abilities and education levels are a factor, but a brain is a brain.

What we see in reality is people continuing to bow to the external. There appears to be a script of arbitrary milestones: college or apprenticeship, marriage, procreation, child rearing, coaching of offspring toward their own college or apprenticeship and so on ... the cycle repeats.

However, this script does not actually make sense for every person. Some people, by whatever circumstances, will never really be able to adequately fund this sequence of events. In the distant past, there was a whole subclass of the unmarried, childless, and otherwise odd outs. Obviously we still see this to a degree, but in some cases the new odd outs may not be incapable, it is more of a lifestyle choice. Meanwhile, there are many who purport to adopt a "normal" life inclusive of the arbitrary milestones, but may have questionable capability. In any case this automaton-like following of the script begets several supposed musts:
- Must have wedding of a certain type
- Must have a certain type of house in a certain type of area
- Must have 2 kids
- Must raise the kids in a certain way
- Etc.

The musts all cost money. They rarely if ever end up generating income.

This is actually very simple.

Of course, were the masses to actually use true reason and logic instead of give into the animal urges and / or societal pressure, we would incur an even greater birth dearth and marriage strike than we now see with the next generations.

It is what it is.
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Old 09-10-2013, 08:54 PM
 
3,415 posts, read 3,553,579 times
Reputation: 4859
Student loans
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Old 09-10-2013, 09:16 PM
 
18,852 posts, read 31,751,871 times
Reputation: 26119
Divorce. Child support. Single parent families. I never had enough money to buy basics, let alone have a savings. Three kids needed braces...snow tires...and a single woman just does not make as much money as a man usually. I made it paycheck to paycheck, barely. Now my kids are grown, and on their own, I am saving, but, I am also close to retirement age.
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Old 09-11-2013, 12:02 AM
 
5,621 posts, read 8,562,063 times
Reputation: 7710
Quote:
Originally Posted by nicet4 View Post
Social Security will NEVER run dry.

Social Security is NOT a Ponzi scheme. A Ponzi scheme is where the money eventually runs out and Social Security will never run out.

Those $100 bills they send out in social security checks? All we need to do is simply print more and continue what we have been doing from the 1960's.

As far as not saving some people simply never earned the kind of money where they could save something.
It delfacto becomes one when "helicopter Ben" ADMITS that while they will insure the payment, they will not the value.

Doesn't really matter if your getting the money when it's been inflated so much it will only buy a can of beans!
(and the government admits they won't be able to keep up the promised payments)


If your under 40, and count on it in any substantial way, you are a FOOL!
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Old 09-11-2013, 02:56 AM
 
71,811 posts, read 71,919,037 times
Reputation: 49380
no social security ,no country as you know it.

it is one factor of american life that can never fail as to many depend on it.
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Old 09-11-2013, 07:37 AM
 
29,815 posts, read 34,907,142 times
Reputation: 11735
Youth travel team sports. Years ago it was estimated that the average parent would pay 25k over the course of one kids paying career. We easily did that for each of our sons. It was interesting that most parents didn't want to fund raise and preferred just to write a check. There were some who made it clear they needed to fund raise. Made for interesting team meetings and financial consequences down the road. Those dollar amounts are much higher today. We were convinced that the type of car you drove played a role in team selection with one coach.
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