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We bought a home in 1988. Our assumable mortgage was at 13%. We bought a car around that time with an 18% interest rate. Yeah, life was a bowl of cherries back then, lol.
Back in the 1980s, Carrier in Syracuse was encouraging people to retire. Most of them were offered what was called "the golden handshake." And believe me, it was golden. They made out like bandits. On top of that, they received SS and whatever investments they had. And let's not forget the pension. They did very well.
Not so for years later layoffs.... people were given a cardboard box, told to pack up in 15 minutes, and were herded off the campus.
"Under Johnson’s plan, a middle-class 65-year-old claiming benefits in 2030 ― one with average annual earnings of about $49,000 over 30 years of covered employment ― would experience a 17 percent benefit cut relative to what the program currently promises them, "
Plenty of people my age (60's) had huge college debts to pay off too. And insane real estate rates? What are mortgage rates now; in the 3.5-4% range? Mortgage rates in the early 80's were in the double digits. Insane real estate PRICES? That I'd agree on, but a lot depends on where you're looking. New York, Boston, San Francisco - heck, even Denver right now - yes. But go to Phoenix or Houston or Dallas and real estate prices seem much more reasonable.
If you're 60s, you surely knew SS wasn't a retirement plan and saw the troubles coming down the road.
Affordable/subsidized senior housing typically has 3 to 5 year waiting lists. If you sell your home and make a profit, that easily impacts your eligibility or rent amount. And where does one live in the interim? Who rents to elderly with no job income and very little in SS? No owner I know.
And don't forget the fact that MANY social service programs will suffer deep funding cuts. Those who voted for this new administration, who fall into the lowest income bracket, are going to be much challenged along with others.
Reductions, if they do happen, won't take place overnight, which is why I asked earlier whether vulnerable seniors might now be making changes to their housing or locations now, in anticipation of what seems like a growing possibility.
That's my whole point. You can't retire, especially on government funds, and expect no changes. I think what a lot of this comes down to, is people want their cake and to eat it too. Yes, you and/or your parents can retire. There won't big a big stock pile of money/property for heirs. If that's what you have, you should be living off it. Not stashing it away while living on ss.
"Under Johnson’s plan, a middle-class 65-year-old claiming benefits in 2030 ― one with average annual earnings of about $49,000 over 30 years of covered employment ― would experience a 17 percent benefit cut relative to what the program currently promises them, "
I think this means earnings while contributing to social security. It was not clear when it was orginally posted.
"Under Johnson’s plan, a middle-class 65-year-old claiming benefits in 2030 ― one with average annual earnings of about $49,000 over 30 years of covered employment ― would experience a 17 percent benefit cut relative to what the program currently promises them, "
What exactly is the problem with that?
Social Security is insurance and should be treated as such.
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Last edited by volosong; 12-11-2016 at 07:20 PM..
Reason: orphaned, referenced post edited
Social Security checks would be cut 11% to 35% for the worker who draws $50k in benefits. All income levels would see reductions, except the very bottom (receiving about $12k), who might see a small increase.
This bill will be deliberated in 2017.
Wow. Those are stiff cuts. Many are going to fall into poverty, if this happens. If not poverty, this will drastically affect the ability of many to maintain their homes and cars and other necessities of life that they have budgeted out already.
Introducing a bill, and having it pass, is a different animal. This might actually help me, being at the lower bottom. But I have the feeling a lot of republican types know very very well that the retired vote will punish them, and will gleefully do so. The interesting thing about the newly elected republican population is that they are not all that unified, and varies much between experience and dogma.
The debate should be real interesting, and I wonder what the so called joker who they elected to the executive will think. Won't speak its name.
If you're 60s, you surely knew SS wasn't a retirement plan and saw the troubles coming down the road.
True to some degree, but I think I always assumed that I would get married and my husband would take care of me. Then I ended up divorced and in my 40's, LOL. It was a real eye-opener. So I did have some time to plan, plus a (small) inheritance to help out a bit. If it wasn't for that, I'd probably have to work until I drop dead.
The Republicans will lose the congress in the next election IF they threaten SS and Medicare. Any actions will have to be in regard to those at younger ages. Seniors vote heavily and have long memories. The GOP will lose big on this and the democrats will gain seats.
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Then I ended up divorced and in my 40's, LOL. It was a real eye-opener. So I did have some time to plan, plus a (small) inheritance to help out a bit. If it wasn't for that, I'd probably have to work until I drop dead. 
