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It seems that people are discussing the retirement problems but doing nothing about it. It is generally accepted that in a few years there will be more people retired than working. It is also generally accepted that Social security will be broke, and in any event, it will become such a pittance in buying power that it will be irrelevant even before it is completely broke.
At some point we will have millions of retired folks with no social security funds, no pensions, and many of whom did not save any money for retirement. The government will not have the money to pay for the upkeep of all of these older people, there will not be enough working people to support all these retired people (even if they were willing to do so). There is no way that our government could borrow enough to cover the cost. What choice does the government have? The only source of money is the 401K and simlar savings of the few people who are saving for retirment. Raising the retirement age somewhat will be necessary, but is not a solution. They can only raise it so far. People are living longer, but few people are capable of working full time after 70 or 75, even if they live to be 102. (I get nervous about a 75 year old guy cutting my hair, I am certainly not interested in a 75 year old surgeon.)
The coming problem is essentially irrefutable, but there is not one proposed solution.
Given the option of taking the 401k money and redistrbuting it or just letting old people die, I expect the government will take the money.
If they start getting serious about that, I predict a very strong run of people draining their 401's before allowing them to be surrendered to fund "those who won't"!!
I don't think so but they may have to take more control over low income dispusement of money to stop them from wastig it ebcasue other wise they will starvece to death in 200 dollar tennis shoes.They do it with food stamps deciding what foods they can buy because of poor decision making.
There are many ways for the government to take one's wealth. The most obvious are inflation and currency collapse. Retirement accounts, for the most part, are digital accounting entries.
There are many ways for the government to take one's wealth. The most obvious are inflation and currency collapse. Retirement accounts, for the most part, are digital accounting entries.
The recession we're in NOW wrecked quite a few 401K's. The problem is too many people ain't working who CAN work and the US can't support those people. I'm in my 40's and probably will work till 70 so my SS is bigger, if it still is around.
I'm sure Congress is salivating over the possibility of getting nearly $3 trillion. Depends how they play their cards.
There's already been several meetings with Congress over 401K/IRA plans with the government saying that investors don't do as good a job and they can do it better.
If more people are retired than working, inflation will make most peoples' 401K almost worthless. Don't give up you professional job for retirement! You may find yourself asking, "Would you like fries with that?"
really? so the coming train wreak of Obamacare, and the ticking timebomb of SS, medicare/medicad get a free pass(seeing how the dems thought up those ponzi schemes) yeah blame the GOP.....
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