Quote:
Originally Posted by lieqiang
It is far fetched.
If your retirement planning is based on the assumption of no SS, you might as well assume no stock market or savings either. Plan around canned goods.
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There's a survivalist message board for that.
Social Security is 30% underfunded. Payroll taxes are going up in some way to cover that. The rich who own all the shares in corporations don't want the employer side of payroll taxes to go up. The rich don't want the income cap on Social Security to be lifted or to start taxing non-wage sources of income. They're fighting a delaying battle but it's inevitable that the program will be 100% funded.
All you have to do is glance at savings and wealth data. More than half of the late-Boomers and Gen Xers would live in poverty at age 70+ without Social Security. They have no defined benefit pensions. They have almost no IRA/401(k) savings. They all vote. Social Security isn't going away.
Medicare, on the other hand, is going to be scaled back and rationed by necessity. If you want today's Medicare coverage, you probably have to plan on $10K to $20K per year in 2016 dollars for a supplemental policy.
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