Why don't you do a search on how compounded interest works...You do not need to "sacrifice" all that much if you start early enough...the problem is, most people don't think about it when they get their first full time job....and that's not anyone's fault but their own. We all make choices in how we spend our income... I GUARANTEE that I can take 95% of the people who claim they can't save anything for retirement and make a 10% cut in their budget to make it happen. Now, they may not like the changes I would make, i.e. getting rid of cable TV, not buying brand name groceries, selling one car and using public transit, etc... but it CAN be done....Wringing your hands is just an excuse in the vast majority of cases.
And BTW, in my 30 years of full time working , I have changed jobs 7 times and been laid off 5 times. So, I am hardly independently wealthy. People need to stop swallowing the evening news with a spoon, stop worrying about other people and make their own way.
If we look at life expectancy statistics from the 1930s we might come to the conclusion that the Social Security program was designed in such a way that people would work for many years paying in taxes, but would not live long enough to collect benefits. Life expectancy at birth in 1930 was indeed only 58 for men and 62 for women, and the retirement age was 65. But life expectancy at birth in the early decades of the 20th century was low due mainly to high infant mortality, and someone who died as a child would never have worked and paid into Social Security. A more appropriate measure is probably life expectancy after attainment of adulthood.
As Table 1 shows, the majority of Americans who made it to adulthood could expect to live to 65, and those who did live to 65 could look forward to collecting benefits for many years into the future. So we can observe that for men, for example, almost 54% of the them could expect to live to age 65 if they survived to age 21, and men who attained age 65 could expect to collect Social Security benefits for almost 13 years (and the numbers are even higher for women).
Also, it should be noted that there were already 7.8 million Americans age 65 or older in 1935 (cf. Table 2), so there was a large and growing population of people who could receive Social Security. Indeed, the actuarial estimates used by the Committee on Economic Security (CES) in designing the Social Security program projected that there would be 8.3 million Americans age 65 or older by 1940 (when monthly benefits started). So Social Security was not designed in such a way that few people would collect the benefits.
As Table 1 indicates, the average life expectancy at age 65 (i.e., the number of years a person could be expected to receive unreduced Social Security retirement benefits) has increased a modest 5 years (on average) since 1940. So, for example, men attaining 65 in 1990 can expect to live for 15.3 years compared to 12.7 years for men attaining 65 back in 1940.
(Increases in life expectancy are a factor in the long-range financing of Social Security; but other factors, such as the sheer size of the "baby boom" generation, and the relative proportion of workers to beneficiaries, are larger determinants of Social Security's future financial condition.)http://www.ssa.gov/history/lifeexpect.html
Thank GOD for Social Security. Now I don't have to worry about saving money for retirement because the Government confiscates my money and guarantees to pay me just enough to eat cat food when I am old, and I don't have to worry about being responsible in the mean time! WHAT A DEAL!
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
Thank GOD for Social Security. Now I don't have to worry about saving money for retirement because the Government confiscates my money and guarantees to pay me just enough to eat cat food when I am old, and I don't have to worry about being responsible in the mean time! WHAT A DEAL!
But Graham, look at the deplorable conditions elderly had to live in prior to social security.
Quoted Text
The elderly also relied heavily on their families. ''Children, friends and relatives have borne and still carry the major cost of supporting the aged,'' the Committee on Economic Security, the Roosevelt administrationpanel that developed Social Security, reported in 1935. ''Several of the state surveys have disclosed that from 30 to 50 percent of the people over 65 years of age were being supported in this way.''
Just look at your Social Security contribution as a way to prevent aging family and friends begging from you, as they collect their poverty level fixed income each month, paying for their cat food and medicine,,, all in the peace and quiet of their cold empty homes. THAT IS INDEPENDENCE. Just think how MUCH MORE happy they will be to see you, when you come in with a bag of Burger King once a month.
So C'mon Graham, be compassionate, nobody wants that burden of aging family and friends. That's so 19th century. We have a huge inefficient and corrupt government system to do that now.
YUP..........ss is so damn good that folks receiving 'just' ss will also need food stamps, heap, section 8, medicaid along with medicare.....
What a deal for working 50 years of your life and being forced to pay into a system that promised you financial 'security' but instead gave you POVERTY!!!!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
The Righties on this board complain day after day about the slackers who don't save for their retirement. And as we all know, SS was never intended to fund your retirement completely... it was a safety net for poor and an aid for the rest of us.
For those who would opt out of SS, be sure your kids are prepared to 'take you in' and feed you when your investments hit a bad stretch like we just went through. If your retirement was tied up in EnRon... I bet you'd wish it was invested in good ole' SS instead. Or if you diversified in Enron, and World Com, and Conseco Inc. and Refco Inc... quite a diversified portfolio... AND THEY ALL WENT BANKRUPT!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
SS was for industrialization....as people 'left the land' and allowed for other systems(food,health,education etc) to be at their doorstep and beck and call, it became a more, shall I say, urbane/civilized way to live.....
listening to the news folks talk about their massages/take out/gym memberships etc(because they are the result of industrialization/civilization)....they would be the first to die of starvation after a nuke holocaust.....
so apparently 'we've come a long way baby'.....hahahahahahaha
take man from the land and take his ability to care for himself and his family......
.............enter stage right----the government..............applause, standing ovation and history
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
The Righties on this board complain day after day about the slackers who don't save for their retirement. And as we all know, SS was never intended to fund your retirement completely... it was a safety net for poor and an aid for the rest of us.
For those who would opt out of SS, be sure your kids are prepared to 'take you in' and feed you when your investments hit a bad stretch like we just went through. If your retirement was tied up in EnRon... I bet you'd wish it was invested in good ole' SS instead. Or if you diversified in Enron, and World Com, and Conseco Inc. and Refco Inc... quite a diversified portfolio... AND THEY ALL WENT BANKRUPT!
diversification is NOT just picking different stocks!!!! Bonds, gold, foreign currency, stocks, thats diversification. SS as an investment???? dont make me laugh so hard. investments are something you get a return on plus your inital cost. of course, we all know what lefties mean by investment.....wealth transfer
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
diversification is NOT just picking different stocks!!!! Bonds, gold, foreign currency, stocks, thats diversification. SS as an investment???? dont make me laugh so hard. investments are something you get a return on plus your inital cost. of course, we all know what lefties mean by investment.....wealth transfer
Tbird prides himself on his ability to invest wisely... so why does he mention it at all? Because so many Americans either have nothing to invest or have no idea how to invest what they do have. Which makes my point of why the USA needs SS.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Yes you need SS Box because you told us a while back you don't know how to invest.
I don't remember telling anyone that Shadow... but you seem to misconstrue much of what goes on here. I have been fortunate and planned for my retirement. I should live a comfortable retirement on SS and my investments.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Tbird prides himself on his ability to invest wisely... so why does he mention it at all? Because so many Americans either have nothing to invest or have no idea how to invest what they do have. Which makes my point of why the USA needs SS.
i am not a rocket scientist when it comes to this stuff, very far from it. the key is to start young...young to me means before 30. any high school business economic class covers this...the knowledge is there most of the time for free....if you dont want to manage it yourself, hire a manager and tell them what you want..it doesnt take a degree to tell an agressive strategy from a conservative one. starting young allows you to be very conservative. i refuse to beleive that 20 somethings that can handle a car payment cannot handle setting up a roth or other ira. its all about choices on how you spend your money. some people want air jordans, a new car, or directv to the max, and that is fine. just dont ask people like me who thought about retirement to fund the people who didnt
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
i am not a rocket scientist when it comes to this stuff, very far from it. the key is to start young...young to me means before 30. any high school business economic class covers this...the knowledge is there most of the time for free....if you dont want to manage it yourself, hire a manager and tell them what you want..it doesnt take a degree to tell an agressive strategy from a conservative one. starting young allows you to be very conservative. i refuse to beleive that 20 somethings that can handle a car payment cannot handle setting up a roth or other ira. its all about choices on how you spend your money. some people want air jordans, a new car, or directv to the max, and that is fine. just dont ask people like who thought about retirement to fund the people who didnt
See Tbird has a PLAN! But PLANS have a way of running into reality in a disastrous way. Many Americans were like Tbird with a PLAN. They had no or minimal health insurance and got into a car wreck... 3 years later, the plan is long gone, so is much of their spine. Plans have a way of disappearing when up against a divorce, a sick spouse or children.
There are lots of single moms who tonight will lay out their bills and decide which one to pay and which one to put on hold... food or bills is often the choice. Their plan is to make it to the next payday.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
See Tbird has a PLAN! But PLANS have a way of running into reality in a disastrous way. Many Americans were like Tbird with a PLAN. They had no or minimal health insurance and got into a car wreck... 3 years later, the plan is long gone, so is much of their spine. Plans have a way of disappearing when up against a divorce, a sick spouse or children.
There are lots of single moms who tonight will lay out their bills and decide which one to pay and which one to put on hold... food or bills is often the choice. Their plan is to make it to the next payday.
again....skip that soda or coffee twice a week and you have $5... in a month, you have $20', in a year you have $250. run that out over 30 years and you would be amazed....people that dont do this arent stupid, they make bad decisions. the single mom? why when planned parenthood gives birth control for free. less than 16% of americans have no insurance, but yet over 50% of americans over the age of 50 have less than $20,000 in retirement savings. I would gladly pay for ss for the people without health insurance if i didnt pay for the people that CHOSE not to save.....excuse it away all you want...but after you count the people wiped out by a medical event, lawsuit , or other catastophe, you still have a majority who could save, but didnt for a number of mostly selfish reasons.
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
There are lots of single moms who tonight will lay out their bills and decide which one to pay and which one to put on hold... food or bills is often the choice. Their plan is to make it to the next payday.
Sad and all to common but how many would be better off if allowed to keep what they earned in their time of need. Even an extra $50-60 bucks a week could make a difference to these people but some think the government knows what is best for them at all times. Would you have the guts to tell one of these mothers "don't worry you will thank me in 30-40 years when you get that SS check".
"In the beginning of a change, the Patriot is a scarce man, brave, hated and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a Patriot."
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