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Inconceivable, to me how people Not plan for retirement and having at least 3, 6 month savings account of your monthly wage in case of unplanned events.
Income cut by 2/3 when my husband, working as a building engineer, fell down a flight of steep stairs. Bless as I had been back to work as a part time file clerk, as I had been an administrator assistant (secretary) 16 years before. Typing I knew, computers were just coming on the scene
We usually lived within our means, being the bookie in the family, when his accident happened, family of 4, good Lord's help, we did well financially; husband and I always knew the income, expenses. Believe I kept a general ledger.
When he died, sought outside wisdom from those we/I trusted.
One, to me, must be a good steward of whatever you're given.
Starting now until 2030, 30.4 million Americans are expected to turn 65. Many are financially unprepared for retirement and will be relying solely upon SS.
As predicted by some years ago largest cohort of these "peak boomers" will be women, and they in good number (about 52%) lack sufficient financial resources for retirement.
Baby Boomers were born between 1946 and 1964. The oldest Boomers are ALREADY 77+ years old, and the youngest Boomers are 59+ years old. So, in effect, the majority of Boomers are already past the age of 65.
Chances are that if these Boomers haven't already made solid financial plans for their retirement years, it is likely too late for the vast majority of them.
Not even close to what is coming. Not even close, and both of you know it. Neither of you are so stupid as to not to understand what I meant.
Many people posting to the retirement forum would be receiving zero from Social Security if it was truly means tested. Zero dollars. Nada.
I believe the means testing will continue to be done the way it is today - via the Federal Income Tax system. The higher your income in retirement (SS plus investment income), the higher your marginal income tax rate.
Baby Boomers were born between 1946 and 1964. The oldest Boomers are ALREADY 77+ years old, and the youngest Boomers are 59+ years old. So, in effect, the majority of Boomers are already past the age of 65.
Chances are that if these Boomers haven't already made solid financial plans for their retirement years, it is likely too late for the vast majority of them.
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Yep - peak for boomers happened in 1957 and they are past 65 now
I am a retired Carpenter and retired on SS 6 years ago no savings or pension.Life is great for me.Own my house in SW Colorado right next to the Sanjuan national forest great hunting and fishing. with mi 1700 per mo I bank about 600 of it as I am am not good at consuming that much.Guess I just got lucky.Life is what you make it not how much you make.
It is hard to believe that so many of the boomer and post boomer generation are so poorly prepared for retirement, even many who have good jobs. The problem in my experience is that many simply do not live within their means, do not invest in 401-ks or IRAs, and then hit 65 and wonder what happened.
I retired at 57 about 20 years ago and even being fully retired my income is not much less than when I was working ( adjusted to current dollars ). I lived within my means, invested wisely, paid off my mortgage early, and continue to have good health. Some of my colleagues ( 65+ ) who were also making good money are still not retired.
Maybe some of it is the "live for now forget about the future" mentality. And maybe some are just not very bright. Do people realy think that Social Security only will enable them to retire ?
My husband is at the tail end of the boomer generation and I am a middle/older Gen Xer. My husband freely admits if it weren't for me (we married late; I am not his first wife) he likely could not have retired. A combination of working class wages and bad divorces, he didn't have savings. But I think we Gen Xers were the first ones since SS was enacted to have grown up knowing that we could not rely on SS. I remember discussions in junior high about how it wouldn't be there for us, So for those of us paying attention and trying to think ahead, I think we had an advantage in that we were instilled with a work ethic plus an understanding that we could not rely on SS. Some people grew up being fed the notion that SS was enough.
Hence my conviction that Social Security would eventually have to be means tested and those who don't have an immediate and compelling NEED for Social Security benefits will have them reduced, or more likely heavily taxed.
Cutting sort of violates the letter of the law as regards their promise. Taxing benefits merely breaks the spirit of the law. You still gross your promised benefits, you just don't get to keep much of them after taxation.
Of course, the other "solution" is just to put everything on the soaring national debt and bring about a faster world financial collapse. That is another way to deal with it. Deal with it by not dealing with it.
I just keep hoping I am gone first.
Besides other people's points on this subject there is no way that means testing would ever be able to be administered. I say the same thing for a Federal Net Worth Tax. It's not going to happen.
What is going to happen is income tax rates will go up on those with AGI $400,000 and above.
some may have to golden girl it , some may hate the lifestyle their finances buy , others may just live stress filled lives sweating the next unexpected bill .
but somehow they make what they have work , so got to say ho hum to that article
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