BlackICE
GT Owner
Few if any FGT owners will see SS payments. I predict SS will become "needs tested" in future and most here don't have a need. There is talk of removing the SS cap so that high earners pay SS taxes on all of their W2 incomoe. Just think the more you pay the less you receive. Some will pay million in SS taxes and not receive even a dime back! That is my prediction. :thumbsdow
Sam and Ice........If I am correct, I (we) are/have paid in SS for the current recipients. Using this simple formula means that I/we should look around us at the "next" generation who SHOULD be paying it in for us at our time of "potential" collection. Scary, scary thought.
willy
willy
Kingman
GT Owner
Sam and Ice........If I am correct, I (we) are/have paid in SS for the current recipients. Using this simple formula means that I/we should look around us at the "next" generation who SHOULD be paying it in for us at our time of "potential" collection. Scary, scary thought.
Nardo, I share your concerns, though I have noticed that in quite a few of the old films from the 50's, they were saying these very same things.:eek
All I am saying is that 'Hope Springs Eternal'!
I got a letter several years ago letting me know that I had reached my cap in ss benifits. I still have to keep on paying. If you read that article at all, you will see that most of america opts for the money as soon as possible. Most of those people have to take that option. My father took that option. Most of america doesn't have a whole ton of financial sense. I believe that is by design and convience. The advice given in that article reallly only works for a small miniority of the population. I don't expect to get a dime of ss and don't use any of that (revenue) in my financial planning, but ss will still be around. Most of us on this board just won't get it. The thing to remember is that most of us on this board can afford to be here because we probably really do (get it).
My first manhattan rant.
Steve
My first manhattan rant.
Steve
As a 34 year old ss will long be in red ink by the time I get to retirement age.
How much money would you have if one could choose to keep and invest your ss payments on your own????
How much money would you have if one could choose to keep and invest your ss payments on your own????
Keep working very hard (for me please, I'm about 10-12 yrs away). :cheers
Investing on "one's own" would never work. People making bad investments would want a bailout because of their poor judgment. Wait,,,,....sounds familiar....:willy:frown:bs
2 words (no not THOSE 2)
1. Entitlement. One of my peeve words I just can't stand. I could rant, but I will restrain.
2. Responsibilty. A word apparently the majority just does not, or prefers not to, understand.
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SS is a ponzi scheme that cannot work in the long run. (Almost all ponzi schemes work in the short term). G.W. had the right idea - "privatize" the holdings so that the politicians cannot get hold of it. If my current crop of students is any indication of the general "youth", then delayed rewards (the heart of capitalism and progress) is a foreign concept. They will never willingly pay into something that supports someone else. They want it NOW for themselves. Somehow someone will take care of them tomorrow.
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Kayvan
GT Owner
- Jul 13, 2006
- 4,782
I think the best advice is to increase the financial literacy of youth.
The WSJ recently polled teenagers on financial issues; many were unsure the magnitude of a mortgage payment (thinking 1 month paid whole yr.); couldnt believe tax rates took away 25-50% of pay; and couldnt budget a weekend on $25.
Remember a 5 word sentence from my late Dad after a bad 9th grade report card; that overnight changed my academic career & knowledge of money:
"You will be driving a VW"
The WSJ recently polled teenagers on financial issues; many were unsure the magnitude of a mortgage payment (thinking 1 month paid whole yr.); couldnt believe tax rates took away 25-50% of pay; and couldnt budget a weekend on $25.
Remember a 5 word sentence from my late Dad after a bad 9th grade report card; that overnight changed my academic career & knowledge of money:
"You will be driving a VW"