[quote]Fletch1986 wrote:
[quote]thunderbolt23 wrote:
[quote]countingbeans wrote:
SS works like a ponzi scheme, as such if you run out of new money, the whole house of cards comes crashing down.
One way to sort of combat this is if someone is smart with their money, lives within their means, and defers some of their earned benefits because they came in over the means limits they can pass their remaining benefits on to heirs. (The left would lose their minds over this idea though.)
Thing is, everyone likes to call SS (forced) retirement savings. It isn’t. It is social welfare for those that A) weren’t able to make enough to save for retirement and still want to retire B) lose everything in a situation like the FC C) were plain stupid with their money.
I’m not saying we should ignore these people and let them die, not, but we need to encourage people to at least try and sustain themselves with saved money, and not rely on SS to live out the rest of their lives. This isn’t the 1960’s anymore.[/quote]
And, it was LBJ (as memory serves) that changed SS radically, including the way it was financed.
It was never conceived of being this general-pension for old people. FDR’s social security started paying benefits (again, as memory serves) after what amounted the year that was the average year of mortality back then. It was designed to be an emergency fund - not a 20 year retirement fund.
I like social security, and I don’t think it is a good idea to privatize it or do away with it - but it needs to be downsized to serve its original mission.[/quote]
It’ll have to downsize. Sooner or later.
I just wonder about those people still living paycheck to paycheck around retirement age.
I’d hate to see the government so irresponsible with it that it just has to be eliminated one day. Do you see that as a distinct possibility?
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The average German worker making 2500 EUR before taxes will get around 670 EUR either in 30 years oe when he retires in 2030, I dont remember.
I dont know whether youre government puts out the numbers but Idoubt they will be much different.