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Every generation will be more and more dependent on SS. Look at what the young people face today starting life with $100,000 student loan debt. Talk about starting in a hole. It will be very difficult for them, but the end result will be socialism due to this college grab. Most all younger people I know are voting Sanders and I don't blame them one bit. Anyway, there will be more government programs and higher taxes within the next 20 years. Most of it will revolve around student debt and just general debt for 20 year olds to early 30 year olds. They will just always be in debt.
That percentage is going to change dramatically as the oldest retirees with defined benefit pensions die off. I'd guess that in 30 years, it will be 50%.
I guess I believe these numbers, but its hard to believe it at the same time. I'm 50, and it seems like things are always pretty tight and we aren't "saving" enough. I feel like I'm way behind where I should be. My wife is staying home with our son, etc. But I look at these charts and technically, I am already pushing that top 10%. Really?
And so basically of everyone that looks like they are doing just fine (to me)...... most really aren't.
My biggest stress point is probably our house. It won't be paid off when I go to retire unless we really pick up the pace, or just downsize at that point. That's got to be the way that most of these people living only on SS can make it. No house payment in a low cost area.
That percentage is going to change dramatically as the oldest retirees with defined benefit pensions die off. I'd guess that in 30 years, it will be 50%.
You are probably right, but I'd like to think there could be a correction where people get it together, understand they aren't getting pensions, move to downsizing their homes, and do a better job at saving, etc. Gotta weed our way through this generation of excess and living on the edge with the big houses and too many cars.
They take it from your check.
It's even part of the entire retirement plan..the 3 stools remember ? Pension, savings and SS.
Pension? I'd really like to know the percentage of people who get one. I won't be but I'm sure as govt grows it will more than offset the ones being eliminated from the private sector.
People just need to be realistic. My siblings and most of the cousins in my generation went to private colleges and universities. The next generation of cousins is going to public universities. So far there are 2 CPAs and a Chem E, all working for big firms. We paid for 2/3 of my son's education and he paid for 1/3. We would not saddle him (or us) with the private school prices. We live in the NYC metro and with 2 working parents we did not qualify for financial aid. My son received a number of scholarship offers from decent private schools, but the numbers were still as much as 100% higher (or more) than what we paid for his public school.
The public universities are more competitive now as people cannot afford to drop $50k+ of after tax dollars when you can pay $18k to $28K for a great education.
I assume you mean PA.... if I could get my kids through 3rd level for 50k a piece I would hand over that money today.
Pension? I'd really like to know the percentage of people who get one. I won't be but I'm sure as govt grows it will more than offset the ones being eliminated from the private sector.
Substitute 401K for pension then because the 401K replaced pensions.
My point was that SS is part of the 3 stool approach to retirement.
Are we counting on SS? Sure. The spouse turns 64 this year and he will probably starting taking it this year. I am 7 years younger so I am a bit further out. Taking SS will just mean that we draw less out of savings and 401k, although I am going to have to start figuring out how this complicates my tax scenarios.
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