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I don't disagree with your basic premise that people will be paying more to keep SS ongoing, but starvation? There are numerous people out there with little savings today that, while struggling, are far from "starving."
They are not starving today BECAUSE they have Social Security and Medicare (and other safety net programs). People did actually starve to death before Social Security. Read your history.
Anyone know how retirement systems work in other countries?
-- ARE there a lot of COMPANY pensions in Canada, E.U countries, Japan. Brazil, South AFrica, Australia,etc?
-- Or for example in Scandinavian countries, are there no company pensions because retirement is state supported…AND at what AGE…AND HOW MUCH does a person get?
WHAT (IF ANYTHING) CAN THE U.S. LEARN FROM OTHER COUNTRIES??
Boomers are the "me generation". Millennials are the "Me, me, me generation".
Boomers started with the self gratification meme and it's gotten more pronounced in succeeding generations.
Unlike Boomers Millies have not been raised during an age of plenty with a seemingly endless economic expansion under way. Don't fall for mass media stereotypes. How many Millies have you interacted with in a level playing field such as an office of a major corporation? I'm amazed by some of their stories especially the military vets.
Unlike Boomers Millies have not been raised during an age of plenty with a seemingly endless economic expansion under way. Don't fall for mass media stereotypes. How many Millies have you interacted with in a level playing field such as an office of a major corporation? I'm amazed by some of their stories especially the military vets.
A lifetime is 60-90 years...every lifetime, Boomer or "Millie", has boom times and depressions/recessions. You'll get your boom and likely more than one. I've seen SEVERAL recessions where I've lost up to 40% of my retirement money.
A lifetime is 60-90 years...every lifetime, Boomer or "Millie", has boom times and depressions/recessions. You'll get your boom and likely more than one. I've seen SEVERAL recessions where I've lost up to 40% of my retirement money.
You either have some strange investments or have been living in another country. I am getting close to 70 and have only seen one major recession; i.e., the "great" recession of 2008. The stock market did indeed drop to about the 50% level at least for a very short time. At the time I had most of my money on the sidelines in cash. But even with my investments the losses were only about 30% at the worst of the recession because of my stock:bond allocation.
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