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And that is by choice, because they are led to believe they can rely on SS and the government. Basic personal finance requires an IQ of abou t90 to understand and implement a good, safe, and reasonably safe plan that also mitigates against huge losses as you reach retirement age. Additional and simply designed private disability income insurance can also bridge the gap should you become disabled.
I prefer the majority of my taxes come back to me, and we only need to help those truly incapable of helping themselves. Teach people instead of leading them by the nose and holding political power over them by saying "vote for me, the other guy is taking away your SS"
Investing successfully for retirement also requires disposable income, and there are vast numbers of working people in this country who would be hard pressed to buy a new battery for their car at the end of the month, let alone invest enough to replace Social Security. How are they going to save enough to replace Social Security? What happens if they need to retire during a recession and 30% to 40% of their savings has evaporated? AND how much would your state taxes go up in order to provide for the elderly or disabled poor who would no longer have Social Security?
IMO your recipe for success depends on us picking winners and losers and kicking who we deem to have made 'poor decisions' to the curb, and it simply will not happen. We will not become Calcutta India with 90 year old residents begging for bread, no matter how cool you think that would be.
Not everyone is fortunate enough to have money left over after basic expenses. A huge number of Americans are living paycheck to paycheck, and this % will continue to grow as good-paying jobs continue to be replaced with low-wage service jobs.
It's reality, not "excuses."
Yup, it is really mostly excuses. People don't realize that funding retirement, and paying for basic insurance protections are essentials just like food and shelter, yet they prioritize new shoes, new cars, vacations, and the newest iPhone ahead of them.
Investing successfully for retirement also requires disposable income, and there are vast numbers of working people in this country who would be hard pressed to buy a new battery for their car at the end of the month, let alone invest enough to replace Social Security. How are they going to save enough to replace Social Security? What happens if they need to retire during a recession and 30% to 40% of their savings has evaporated? AND how much would your state taxes go up in order to provide for the elderly or disabled poor who would no longer have Social Security?
IMO your recipe for success depends on us picking winners and losers and kicking who we deem to have made 'poor decisions' to the curb, and it simply will not happen. We will not become Calcutta India with 90 year old residents begging for bread, no matter how cool you think that would be.
Your premise is wrong, its not "disposable" income, its literally the same as food and shelter when it comes to investing for retirement.
I have said in this thread before that there should be a program for the truly destitute, but you are here saying that "vast numbers of people" would need to fall into this category? I don't buy it. I find it personally insulting that you say I think it would be "cool" for bad things to happen as I'm sitting here fighting for the fact that I want people to be better educated on something as simple as personal fiance so they can better control their own destiny instead of being manipulated by dishonest politicians and financial institutes.
Investing successfully for retirement also requires disposable income, and there are vast numbers of working people in this country who would be hard pressed to buy a new battery for their car at the end of the month, let alone invest enough to replace Social Security. How are they going to save enough to replace Social Security? What happens if they need to retire during a recession and 30% to 40% of their savings has evaporated? AND how much would your state taxes go up in order to provide for the elderly or disabled poor who would no longer have Social Security?
IMO your recipe for success depends on us picking winners and losers and kicking who we deem to have made 'poor decisions' to the curb, and it simply will not happen. We will not become Calcutta India with 90 year old residents begging for bread, no matter how cool you think that would be.
1.) For starters, many can stop making poor decisions with money like living beyond their pay check for "necessitates" like expensive smart phone plans, cable/satellite tv, vacations, etc. I've worked with a bunch of them making good money yet can't "afford" a dime to put money away for retirement.
2.) Man/woman up and use birth control and don't start families/bringing kids into the world if one truly can barely make ends meet themselves.
3.) If one is truly in that dire straits, go live with mom and/or dad, family members, friends, etc until one gets their act together and stop relying on gov and act like adults.
4.) For your example of your person with a car who can't afford a car battery, they shouldn't own a car if they can't afford the most basic maintenance on it. They should live in an area with public transpiration to get to their job. A car isn't a right btw if one can't afford it. There are plenty of jobs one can get on public transportation lines, especially buses, in many cities/regions. See, better/responsible decision making goes a long way, not entitlement attitude.
We already have a real world example in Galveston, and it works. The private investment is overseen, very conservative and very diverse.
It has been in place for nearly 40 years.
yeah, sure except the guy who pushed for the program only got benefits for 10 years and then he had to rely on Social Security he accrued prior to the program oops!
"Ray Holbrook, a former Galveston County judge who led the charge to opt out of Social Security during his 28-year tenure. “That’s why it’s bankrupt, and that’s why Rick Perry says it’s a Ponzi scheme, which I agree with...Even Mr. Holbrook has outlived his Alternate Plan benefits. When he retired 15 years ago, he decided to receive $1,500 to $2,000 from his Alternate Plan account every month for 10 years. Now, his Alternate Plan account is empty. Fortunately, Mr. Holbrook has other savings and, ultimately, $1,300 a month in Social Security benefits from his 27 years of contributions before his county dropped out of the program."How Privatized Social Security Works in Galveston - The New York Times
1.) For starters, many can stop making poor decisions with money like living beyond their pay check for "necessitates" like expensive smart phone plans, cable/satellite tv, vacations, etc. I've worked with a bunch of them making good money yet can't "afford" a dime to put money away for retirement.
2.) Man/woman up and use birth control and don't start families/bringing kids into the world if one truly can barely make ends meet.
3.) If one is truly in that dire straits, go live with mom and/or dad, family members, friends, etc until one gets their act together and stop relying on gov and act like adults.
4.) For your example of your person with a car who can't afford a car battery, they shouldn't own a car if they can't afford the most basic maintenance on it. They should live in an area with public transpiration to get to their job. A car isn't a right btw if one can't afford it. There are plenty of jobs one can get on public transportation lines, especially buses, in many cities/regions. See, better/responsible decision making goes a long way, not entitlement attitude.
Absolutely none of that is helpful, it is purely anecdotal and represents nothing more than your opinion, but if you want to accuse half of the people in the US of being wastrels who twitter their money away on cell phones feel free...
"Nearly half of Americans are placing almost nothing aside for the future. According to a Bankrate.com survey, 18% of respondents are saving nothing at all, while another 28% are saving no more than 5% of their incomes. Overall, fewer than one in four Americans are saving more than 10% of their incomes, including one in seven who are saving more than 15%. Only 35% of households with annual income between $50,000 and $75,000 are saving more than 10% of their incomes."10 Things the Middle Class Can
Absolutely none of that is helpful, it is purely anecdotal and represents nothing more than your opinion, but if you want to accuse half of the people in the US of being wastrels who twitter their money away on cell phones feel free...
"Nearly half of Americans are placing almost nothing aside for the future. According to a Bankrate.com survey, 18% of respondents are saving nothing at all, while another 28% are saving no more than 5% of their incomes. Overall, fewer than one in four Americans are saving more than 10% of their incomes, including one in seven who are saving more than 15%. Only 35% of households with annual income between $50,000 and $75,000 are saving more than 10% of their incomes."10 Things the Middle Class Can
Thanks for making my point with your data example where the priorities are for people where their money is going and it's not going to retirement savings. I knew this data before you posted it and my "purely anecdotal" evidence coincides with this data with the people I've worked around for years at all income levels.
Again.......priorities.
As for not being "helpful", sure, you're probably correct....attitudes/behaviors that are in stone are hard to change, that's for sure. As for all of this just being my opinion, the data says something far different that you provided so that's a non-sequitur comment you made.
Ayn Rand herself took SS, Medicare and Medicaid.
In the end she was simply to ill to make her own decisions and gave power of attorney to a Social Worker assisting her.
Maybe the people around her should have just let her wither and die.
A nice discussion topic, but it isn't gong to happen. SS is widely popular , and Trump won't get the Senators to pass it . There is already a coalition of GOP forming to battle Trump on his crazier ideas .
Trump said on the campaign trail that there would be no changes to SS and Medicare. He is now busy filling up the SS Administration with big time cutters who are on the payroll of Wall St. Does this bother you? How many of you Trump voters support the elimination of SS in order to fund the Trump tax cuts for the billionaire class?
We know that disabled people are currently living on $600 a month in SSI. The elderly are looking at around $1000 a month on average. If Trump slashes it in half, will America be great again do you think?
Trump fired Chris Christie from his transition team, precisely because Christie was selecting lobbyists. At least get the basics right before you launch an ignorant thread topic.
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