|01-16-2013, 09:03 AM||#11|
We're Americans, we're survivors
Join Date: Jun 2003
Location: Philadelphia PA
Myself and many other economist (I'm not an economist, I just read non stop because I'm entering into aarpville so any thing washington does concerning social security, medicare or elder care I follow like a stalker) don't think ss will go away, like I said it's funded by workers so unless every one just simply stops working some thing will be in the pool BUT you are right due to various reasons it will be underfunded if some thing doesn't change.
Remember social security is a bill, a law so even if you make a gazillion dollars, the formulation (as it stands today) will generate you a check. Warren Buffett is eligible and would receive a check and he's rich as all get out. I have heard he has not applied. Bill Gates will be eligible, Oprah, Beyounce will all get a check.
I think though in order to change the formulation, let's say make it need base we would need a congressional act. I'm not 100% sure on how they make changes, I gotta research that. I'm a little more optimistic about it not happening simply because look how hard it was for them to even move the eligibility age.
and late word is even with a debt ceiling meltdown, rumor has it that social security will not undergo a cut.
I think though we (country) are emphasing the wrong goal. Like I said SS was never meant to fund anyones retirement especially now that we are living so long. I think we should really kick up how to get more people to save, how to get more young workers to learn about compounding interest.
When I was a kid you got reward for saving (monetarily). you got toasters, green stamps, prizes for saving. How do we increase the rate of 401K contributions (I think only some thing like 30% participate).
Truthfully I think they should have a reality show, sort of like scared straight. Show people how seniors living solely on ss really live. If that didn't scare some one into savings nothing would. It ain't pretty.
Just my ramblings.
"In my many years I have come to a conclusion that one useless man is a shame, two is a law firm, and three or more is a congress." ...John Adams
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