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Old 11-16-2018, 05:17 PM
 
8,860 posts, read 5,141,353 times
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Quote:
Originally Posted by MichiganGreg View Post
Yea, right. I had the option for many years; problem is, living paycheck to paycheck, I had zero dollars to invest. Between two of us, one salary, and huge expenses moving around from job to job, it was impossible. How many companies offered me a 401K during my working time? As a consultant, Zero. As a full time employee, three. Two companies had 5-year plans you had to be there before becoming eligible. One company was bought by a competitor 4 years in, and was shut down. The second company 'eliminated' my position at 4.5 years because I was one of the higher earners. I would have saved with that one, except job was hundreds of miles from home, and I had to rent an expensive apt to work there, which cost 2/3 of my 'discretionary' income. The last company paid well, and had a 401K from year two, and I maxed it out once we had a financial cushion built up. It was only for 6 years before I had enough, and retired.
Life is not always as simple as it seems.
And so are you hoping SS benefits will or will not become dependent upon your investment choices? It seems to me that someone who experienced what you describe above is far better off with the SS system as is.
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Old 11-16-2018, 05:17 PM
 
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Quote:
Originally Posted by Petunia 100 View Post
And eliminate the 5 year lifetime limit?
Does that actually exist or do they just keep moving to a different state and start over?
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Old 11-16-2018, 05:19 PM
 
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Quote:
Originally Posted by Mircea View Post
Yes, Millennials will get Social Security.

The Silent Generation was slammed with a 520% FICA tax increase to make sure Social Security would be there for them.

The Boomers suffered a 71% FICA tax increase to make sure Social Security would be there for them.

If Generation X-Box and Generation Whine can't handle a measly 44.6% increase to make sure Social Security still exists for them, then they can opt-out of life in a manner of their choosing.

It all comes down to how badly do you want it?

Given that Generation X-Box and Generation Whine spend incessantly to satisfy every infantile urge, rather than save money, I would think they would want it.
I don't think people or employers should be able to completely opt out.
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Old 11-16-2018, 05:20 PM
 
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Quote:
Originally Posted by jasperhobbs View Post
Does that actually exist or do they just keep moving to a different state and start over?
Welfare is a federal program.
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Old 11-16-2018, 05:25 PM
 
4,338 posts, read 2,268,219 times
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Quote:
Originally Posted by Mircea View Post
Yes, Millennials will get Social Security.

The Silent Generation was slammed with a 520% FICA tax increase to make sure Social Security would be there for them.

The Boomers suffered a 71% FICA tax increase to make sure Social Security would be there for them.

If Generation X-Box and Generation Whine can't handle a measly 44.6% increase to make sure Social Security still exists for them, then they can opt-out of life in a manner of their choosing.

It all comes down to how badly do you want it?

Given that Generation X-Box and Generation Whine spend incessantly to satisfy every infantile urge, rather than save money, I would think they would want it.

Do you really think it wise to refer to the people supporting your SS check in such disparaging terms ?


Remember when that not-so-silent generation was calling everyone under 30 hippies and commies ? Perhaps you should go back and re-watch Easy Rider and think about your role in making life difficult for others.
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Old 11-16-2018, 05:25 PM
 
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Quote:
Originally Posted by Petunia 100 View Post
And eliminate the 5 year lifetime limit?
Quote:
Originally Posted by Petunia 100 View Post
Welfare is a federal program.
I am guessing after the 5 year lifetime welfare limit, a lot transition to SSDI.
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Old 11-16-2018, 05:49 PM
 
2,444 posts, read 2,073,760 times
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Quote:
Originally Posted by MichiganGreg View Post
Yea, right. I had the option for many years; problem is, living paycheck to paycheck, I had zero dollars to invest. Between two of us, one salary, and huge expenses moving around from job to job, it was impossible. How many companies offered me a 401K during my working time? As a consultant, Zero. As a full time employee, three. Two companies had 5-year plans you had to be there before becoming eligible. One company was bought by a competitor 4 years in, and was shut down. The second company 'eliminated' my position at 4.5 years because I was one of the higher earners. I would have saved with that one, except job was hundreds of miles from home, and I had to rent an expensive apt to work there, which cost 2/3 of my 'discretionary' income. The last company paid well, and had a 401K from year two, and I maxed it out once we had a financial cushion built up. It was only for 6 years before I had enough, and retired.
Life is not always as simple as it seems.
Where I work we are under a different pension and benefits plan than the previous workers. There are still some old contract workers that always say 'Hey you have the 401K to build which will be better than the generous pension they will receive'

What they fail to realize is they never contributed a dime to their pension and had more discretionary income to raise a family than a person that is trying to add to a 401K and pay bills. 401K's can be great but a pension is far more predictable and not subject to market swings. Ideal scenario is to have both.
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Old 11-16-2018, 06:02 PM
 
8,860 posts, read 5,141,353 times
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Quote:
Originally Posted by jasperhobbs View Post
Where I work we are under a different pension and benefits plan than the previous workers. There are still some old contract workers that always say 'Hey you have the 401K to build which will be better than the generous pension they will receive'

What they fail to realize is they never contributed a dime to their pension and had more discretionary income to raise a family than a person that is trying to add to a 401K and pay bills. 401K's can be great but a pension is far more predictable and not subject to market swings. Ideal scenario is to have both.
I think that is a thing of the past. I contribute 7% of my gross to my pension.
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Old 11-16-2018, 06:11 PM
 
1,514 posts, read 967,241 times
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Yes.

But they - and the Post-Millennial generation now entering the work force and/or college - need to vote as if they actually want it. Every election, local, state and federal.
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Old 11-16-2018, 06:12 PM
 
2,444 posts, read 2,073,760 times
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Quote:
Originally Posted by Petunia 100 View Post
I think that is a thing of the past. I contribute 7% of my gross to my pension.
Yes you are correct, pension plans like the old days are gone. Actually fewer and fewer companies even offer a pension.
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