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The 7 - Current Events & Politics - Greenspan Register and log in to post!
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DrDirt
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#1 Posted on 1.3.04 1242.40
Reposted on: 1.3.11 1242.40
I am a little surprised no thread has been started regarding Greenspan's comments on Social Security. I know this isn't great earthshaking news but when someone of his stature, though unelected, starts speaking to decreased benefits and such, I would expect some reaction. I know most of you are far far away from retirement but IMO if I were you, I would be very upset to pay in all that cash and be looking at nothing. Fortunately, I have another good retirement building but with the amount of jack I have contributed since 1975, I would hope to at least recoup mine and my employers input.

I guess the way to look at it is I am helping to support the "Greatest Generation Ever."
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AWArulz
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#2 Posted on 1.3.04 1252.33
Reposted on: 1.3.11 1253.20
    Originally posted by DrDirt
    I am a little surprised no thread has been started regarding Greenspan's comments on Social Security. I know this isn't great earthshaking news but when someone of his stature, though unelected, starts speaking to decreased benefits and such, I would expect some reaction. I know most of you are far far away from retirement but IMO if I were you, I would be very upset to pay in all that cash and be looking at nothing. Fortunately, I have another good retirement building but with the amount of jack I have contributed since 1975, I would hope to at least recoup mine and my employers input.

    I guess the way to look at it is I am helping to support the "Greatest Generation Ever."


My personal opinion is that Social Security is one more tax on me to help support people who can't figure out how to help themselves. I recognize that people need a retirement income, but I also recognize that the worst possible place to put your money would be in some bureaucracy. So give it to me to invest. Bar me from taking it out until some age - call it 60 or something.

That said, Greenspan's right. Retirement needs to be later for most of us. I anticipate living to be 80-85, barring major illness, as do most here (CRZ excluded: The radiation sickness from Monitors combined with his many concussions from his days at Marty Janetty will no doubt decrease his life expectancy). I hope I don't retire until about 70. Hell, who wants to sit around watching wheel of fortune all day. Major issue is health care for retirees anyway.
wordlife
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#3 Posted on 1.3.04 1322.05
Reposted on: 1.3.11 1322.29
No one ever listens to Greenspan anyway in the gov't....he was screaming about slowing the boom economy down back in 2000 before it died in March of 2001
CRZ
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#4 Posted on 1.3.04 1342.23
Reposted on: 1.3.11 1342.56
    Originally posted by AWArulz
    I anticipate living to be 80-85, barring major illness, as do most here (CRZ excluded: The radiation sickness from Monitors combined with his many concussions from his days at Marty Janetty will no doubt decrease his life expectancy).
I WILL SEE ALLLLLLLLLLLL OF YOU IN THE GROUND BEFORE MY TIME IS DONE

Robert Novak says SS is a Ponzi scheme and I haven't really been convinced that it isn't.

Abraham "Grampa" Simpson": "I don't need it; I don't want it; but if the government misses one payment, I'll raise hell!"

I'm not counting on any of the money I'm putting in to be around when I'm able to collect. I kinda wish I didn't have to put it in, but there ain't much I can do about that short of stop collecting a paycheque. As long as I can keep maxing out my 401(k) contributions, though, I feel like I'm staying ahead of the game. The trick will probably be knowing when to pull out just before everybody ELSE starts doing it, leading to a massive market crash...hey, it COULD happen. Gotta keep my eyes open!
DrDirt
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#5 Posted on 1.3.04 1436.42
Reposted on: 1.3.11 1436.45
    Originally posted by CRZ

    Robert Novak says SS is a Ponzi scheme and I haven't really been convinced that it isn't.


    Yes and no Zed. The major problem SS has is the fact the Congress looted all that accumulating money in the "fund" to cover their asses.

    I don't like this tax but I can live with it. My problem is that people like myself and yourself may be fine with other retirement income, but many wont be either through sloth or the inability oit save or poor invertment strategies.

    If I had a frcation of the tons of money I ahve poured into SS over the years, I wouldn't be fretting over my daughter's college education which is looming ever nearer.
redsoxnation
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#6 Posted on 1.3.04 1440.30
Reposted on: 1.3.11 1442.28
    Originally posted by DrDirt
      Originally posted by CRZ

      Robert Novak says SS is a Ponzi scheme and I haven't really been convinced that it isn't.


      Yes and no Zed. The major problem SS has is the fact the Congress looted all that accumulating money in the "fund" to cover their asses.

      I don't like this tax but I can live with it. My problem is that people like myself and yourself may be fine with other retirement income, but many wont be either through sloth or the inability oit save or poor invertment strategies.

      If I had a frcation of the tons of money I ahve poured into SS over the years, I wouldn't be fretting over my daughter's college education which is looming ever nearer.






    It won't ever get fixed simply because the federal government doesn't need to fix it, as thier employees don't pay into SS but have their own pension system.
    But, it does make the option of being able to opt out of SS and invest the money yourself seem like a better idea.
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#7 Posted on 1.3.04 1627.16
Reposted on: 1.3.11 1627.49
Idunno. I thought that most people of "my generation" have pretty much given-up any thought of getting anything out of Social Security. I would gladly choose to opt-out of SS if I could get a tax-free deduction (similar to a standard IRA, but different, 'cuz it's in lieu of SS) if I could. Of course, that's EVIL thinking (according to some people).

Ironically enough, I got a little brochure in the mail today saying that, if I were to become disabled today, I would be getting benefits of roughly $1300 per month. Of course, I don't plan on becoming disabled any time soon.
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#8 Posted on 2.3.04 0647.22
Reposted on: 2.3.11 0647.22
I don't know of anybody who is actually planning on getting their Social Security money. What I would be concerned about, though, is the tax revolt that could come once people realize how high payroll taxes are going to have to be to pay for this handout.
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#9 Posted on 2.3.04 1226.09
Reposted on: 2.3.11 1227.06
    Originally posted by Grimis
    I don't know of anybody who is actually planning on getting their Social Security money. What I would be concerned about, though, is the tax revolt that could come once people realize how high payroll taxes are going to have to be to pay for this handout.


At your age probably not. Those over 40 likely are expecting something when they retire. IMO, the major chage that would be beneficial and help stave off the inevitable is make it impossible to collect anything before say 69 or 70. AWA is right, why retire at what is today a young age when you can do something productive. The other item needing addressed is the billions spent on SS disability. Its original intent was about 180 degrees from that.
whatever
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#10 Posted on 4.3.04 1157.40
Reposted on: 4.3.11 1158.10
Damn, I certainly don't expect to get anything back from SS. But as far as retirement goes, I sure would like to retire early and *enjoy* my later years. Nobody is *guaranteed* to live to a ripe old age.
DrDirt
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#11 Posted on 4.3.04 1220.02
Reposted on: 4.3.11 1221.19
    Originally posted by whatever
    Damn, I certainly don't expect to get anything back from SS. But as far as retirement goes, I sure would like to retire early and *enjoy* my later years. Nobody is *guaranteed* to live to a ripe old age.


No, there aren't any guarantees, however, your chances are pretty damn good. Why is it to enjoy life, you can't do something useful? Can't you do both? I am alot closer to retirement than you. If and when I retire, I don't plan on sitting around.
AWArulz
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#12 Posted on 4.3.04 1441.54
Reposted on: 4.3.11 1443.07
    Originally posted by whatever
    Damn, I certainly don't expect to get anything back from SS. But as far as retirement goes, I sure would like to retire early and *enjoy* my later years. Nobody is *guaranteed* to live to a ripe old age.


I plan to do that to - but not "retire" - do what I want to do. I am sure not going to be an old fart who watched "Price is right" every day and then naps. I'm going to find something flexible, perhaps contract teaching, and hang out and do what I want.

But retire? People tend to die after they retire - and I am putting that off awhile.
wordlife
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#13 Posted on 4.3.04 1446.00
Reposted on: 4.3.11 1446.27
    Originally posted by DrDirt
    SS over the years, I wouldn't be fretting over my daughter's college education which is looming ever nearer.


You have to pay for her to go to school? Huh. All the people that I know that their parents are faculty/staff of a university/college go to school for free (sans room/board of course, but one of them even got that)

(edited by wordlife on 4.3.04 1246)
whatever
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#14 Posted on 5.3.04 0712.17
Reposted on: 5.3.11 0712.47
    Originally posted by DrDirt
      Originally posted by whatever
      Damn, I certainly don't expect to get anything back from SS. But as far as retirement goes, I sure would like to retire early and *enjoy* my later years. Nobody is *guaranteed* to live to a ripe old age.


    No, there aren't any guarantees, however, your chances are pretty damn good. Why is it to enjoy life, you can't do something useful? Can't you do both? I am alot closer to retirement than you. If and when I retire, I don't plan on sitting around.

Nor do I. I plan on traveling a lot, especially doing a tour of every major league ballpark and every NFL stadium. I would also like to pursue some recreational hobbies, since I am working my arse off right now. I don't think those are particularly useful, but they certainly will be self-gratifying. I have no problem doing contracting either, if I actually run out of other things to do. But I think people should have the *choice* to retire, not be *forced* to work longer.

(edited to add thought)

(edited by whatever on 5.3.04 0814)
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