Skarekrow
~~DEVIL~~
- MBTI
- Ni-INFJ-A
- Enneagram
- Warlock
Many young people pay social security and are being told they will never get back any of it. Misappropriation of funds? Consider the population rate of increase, consider how much longer people are living now, consider how much money they are making compared to how much they started paying social security.
Consider a city/county paying retirement benefits for ten to fifteen years longer than they used to. I don't want to study this too much because of my limited resources, but many people draw social security and keep working to survive. They have no retirement benefits. They have no savings and investments.
When I was young, it seemed like the right thing to do to get a job with a telephone company or some large corporation that offered benefits and a retirement. I know people that get social security, retirement benefits, and still have to work. I ask a government to look at the people before they give themselves large raises and expense accounts, retirement benefits and such. There must be a way to generate more tax dollars than to keep taking from the people. It will not work like this forever.
You know, if wages were to increase to keep up with inflation...or even just move a tiny bit upward since they have stagnated for close to 40 years now while the administrative, banking, hedge fund, university admin, healthcare/pharmacutical/oil and gas industries have all seen insane raises and bonuses paid to them in comparison to the people actually doing the work - which is still being constantly outsourced.
Anyhow...(off track there)...if wages were to increase it would also help fund SS.
And what really sucks are those who worked jobs where they were promised pensions and retirements only to see the company sold off or go bankrupt or flat out just cut or eliminate the money they were relying on to be there for them, and was promised to them.
State employees see their pensions cut in half...”Sorry, no funds...we need to build a new State Capital building”.
I want to state that I have tremendous respect and am incredibly grateful that I have SS...at least while it is still solvent.
I do however think that it will have to be fixed eventually, and I have hope that it will be for the better.
That SS will see a significant cost of living increase - lord knows we have the money rotting in a desert somewhere in Afghanistan...or perhaps the 800% wage increases the upper management have given themselves while the rest of the people live frugally yet still are living paycheck to paycheck, many working two jobs, many still needing help with food stamps of otherwise.
Even if they are not on any benefits, most people are finding it increasingly more and more difficult to save for retirement.
And those getting ready to retire or are currently doing so, the Boomers, as a whole are by no means ready to do so financially.
Who is going to pick up that slack?
"Seventy-eight percent of full-time workers said they live paycheck to paycheck, up from 75 percent last year, according to a recent report from CareerBuilder. Overall, 71 percent of all U.S. workers said they're now in debt, up from 68 percent a year ago, CareerBuilder said."
"A greater percentage of the elderly will be poor or near poor than in the last 40 years," warns retirement expert Teresa Ghilarducci of New York's New School for Social Research.”
"Why? Simply put, the boomers are not saving nearly enough to offset the disappearance of pensions. A Fidelity Investments report says that 48 percent of boomers are not on track to be able to afford basic expenses in retirement. That figure is echoed by the Employee Benefit Research Institute (EBRI), which declared in 2010 that 47 percent of the oldest boomers were at risk.
EBRI released a report in March 2016 showing that retirement confidence has increased since the Great Recession: In 2013, 13 percent of workers said they were very confident about having enough money for a comfortable retirement, and by 2016, that percentage had increased to 21 percent. Still, 19 percent say they are not at all confident.”
Gen-X’ers aren’t doing much better right now to save either...and the Millennials just want to afford to eat and pay rent.