Entitlements nearly 70% of government spending...

[Kyle]

The problem isn't having to rely on Uncle Sugar for retirement. The problem is that we are FORCED to pay into a faltering system.

Gonna have to look at it, the same way government does.

Just another tax.

 

[Hijinx]

Don't forget that one of the problems with Social Security is that the Government has used it for years as something to "borrow" from and never pay back.

 

[kwillia]

They explicitly told us we could expect this and they even gave it a very clear name: redistribution of wealth. The thing is the general public assumed the 1% would be the purse. Right about now you would think the lightbulbs would be going on and it should affect who we vote for across all levels of government.

 

[Kyle]

They explicitly told us we could expect this and they even gave it a very clear name: redistribution of wealth. The thing is the general public assumed the 1% would be the purse. Right about now you would think the lightbulbs would be going on and it should affect who we vote for across all levels of government.

All those lightbulbs were replaced by dim little LEDs

 

[SamSpade]

The problem with mandated retirement accounts instead of socialist insecurity is that there would be severe restrictions on how one can invest, i.e., how much risk one can assume, how much of a speculative component can be included, etc. such that it likely wouldn’t be much more performant than what the government can furnish.

I remember it being suggested in the 80s that it won’t be available when I reach retirement, and I’ve planned accordingly. I now understand that it won’t disappear completely, but rather many will be means tested out.

OK with me. Not interested in relying on government for any component of my retirement income. My retirement income is and will continue to be substantially more than my working income was.

What has been very often proposed is that everyone should be added to the TSP - Thrift Savings Plan - that federal workers are required to invest in. I've read several analyses that clearly shows - THAT would completely BREAK the TSP.

But that doesn't mean that SOMETHING could be implemented along the same lines. Investment options with regularly published reports of outcome. Bonds, of course. I think the TSP currently has about 9 or 10 different funds, and you can portion some or all of your retirement into one or several.

One way or another, we have to get people to save their own money - because I know WAY too many who more or less have zero, or what they have is massively inadequate. About the only people I know who consistently have enough are - military - and federal workers. And that's mostly because it's either mandated or automatic.

People no longer work for one employer for life - so some kind of mandated pension per emplyer won't work unless it's basically portable without cashouts.

It's either that or some time in the future, no one gets any.

 

[phreddyp]

I love how everyone jumps on the SS sucks band wagon! SS is most likely the BEST program the federal Government ever came up with, the problem is it has never been overseen properly. Besides its being a retirement supplement it also provides.

1. Disability payments for the disabled.
2. Partial health insurance after age 65
3. Medicaid for folks at the low end of the income spectrum who qualify.
4. Spousal benefits even if there was only one breadwinner in the marriage.
5. Survivor benefits for your spouse and children for a limited amount of time if you check out early.

Try purchasing private insurance to cover these items and you will be happy to be paying 7.65% for this protection.