Mike Noel said:
When running my retirement numbers and doing my planning I never include any $$ from SS. That way if I get any its just gravy, but I save enough in the meantime so I can live without it.
That is quite noble of you Mike. BUT, in the meantime, you are paying taxes into that program, so it SHOULD be something you would want to have working correctly so you can indeed include it in your retirement plans.
My wife and I recently "crossed over" to the receiving side of the ledger, so we know it's value. There's something to be said for a "guarenteed" monthly check, or at least as close as I've ever come to a guarentee.
And regardless of how much we may have saved, there is no way short of a windfall or winning the lotto, that a 'working stiff' raising a family can set aside enough to offset the expenses of the unknown future.
Add to that a philosophy of "enjoying the journey", rather than saving everything for that unknown future, and then finding out as my parents did, the unknown included an early death and illness that didn't allow much enjoyment of what they'd sacrificed for. Plus, you may discover a hole in the checkbook, as we frequently have. So every little bit helps.
I didn't answer the poll. (seems like we are suddenly into bingeing on polls :wink: ) But anyone believing the ponzi scheme isn't in need of 'fixing', is really being misled. I have no doubt there will be enough for my wife and I, but I wouldn't give a plugged nickel for any of my kids chances of finding that program solvent when they retire.
Anyone with even a 6th grade education can understand the facts of more retirees withdrawing more funds from a drained trust of IOUs, that is being replenished by fewer workers being overly taxed to pay the receivers.
Everyone must understand there is NO trust fund with $$$$ in it...only governmental IOUs are there. Like the commercial of Mommy ripping off the kid's piggy bank, and writing an IOU, so she can pay for her gambling addiction. That's pretty much what your elected barons have succeded in doing.
So what's being proposed may not be the best solution, but if the system is left to it's own conclusion, you can bet it will go bankrupt in your lifetime.
That would mean of course the government will have had to default, and if you've not studied what happens during that sad episode of life, regardless of what you personally have saved, once it's devalued, a wheelborrow of the stuff won't buy you a loaf of bread.
As I started out to explain to Mike, while his intentions are very laudable, and I'm in full agreement with his saving attitude, we don't live in a vacuum. And unfortunately it's no longer good enough to just take care of our own familie's needs, we are in this huge ship together. And it doesn't matter which end of the boat the plug is pulled from, it eventually will sink the entire vessal.
It's obviously imperative that something needs to be done with the SS program, and we are getting around to looking into a something not any too soon. And it's important that everyone be aware of the overall problem, and realize it does need fixing, regardless of your own personal beliefs as to it's need for you individually. If it doesn't become resolved, I don't think our country can withstand it's shakey future without a return to a dirty 30's type of existance.
UB