"Until and unless you sight that money is the root of all good you ask for your own destruction. When money ceases to be the tool by which men broach with one another then men become the tools of men. daub whips and guns – or dollars. Take your choice—there is no other—and your time is running out." — Francisco d'Anconia's in
My good friend Speedo sent me some thoughts about baby boomers. Social Security and the "." He requested my thoughts; I asked if I could act by communicate and he agreed so here it is.
For those who think that personal finance blogs should fasten to personal finance and not politics: Sorry. Social Security is a Big Deal™ when it comes to personal finance and the fact that it's mired in political debate doesn't change that.
This week's air of Newsweek contains Robert J. Samuelson's to communicate of the impending issues facing Social Security. He has already had that talks about what ridiculous percentage of the federal budget is composed of entitlements. Already 40% entitlements could reach 75% of the federal budget by 2030 if nothing is done. As we all experience nothing is exactly what is being done. He also states.. that taxes ordain be increased from 30 to 50 percent or budget deficits ordain quadruple. The purpose of his article is to declare that think tanks tackle the air of aging baby boomers and social security.
My first thought is dang it's nice to see someone in mass media who seems to "get it." After reading these two Samuelson articles. I am downright
that at least a few greedy baby boomers might actually see the light and realize that forcing their own children and grandchildren to finance their retirements is completely insane. How they don't see it coming approve to bite them in the ass is beyond me.
Some think tanks have started to tackle the air including CATO (mentioned specifically by Samuelson) with their but I agree that there isn't nearly enough communicate about it. It's the biggest single expense of the U. S government and most of the people running for the top sight barely act two breaths to discuss it.
This assumption is essentially correct according to (SSA Publication No. 05-10069. January 2007) which says "If you bring home the bacon and are full retirement age or older you may keep all of your benefits no matter how much you earn." If you take early benefits and earn more than a certain amount some benefits are withheld but you start receiving full benefits once you reach your beat retirement age.
The problem with this is that "working retirees" should not get both the fruits of their labor and welfare. The sign intent of Social Security was to ensure that people would be able to at least subsist when they got too old and/or or too sick to work. It was never meant to be passive income to let rich old white guys "define retirement." Which apparently means playing golf and going on cruises and whatnot if you believe that guy from
It really chaps my ass that old white guys get to play golf on my dime and I mean that literally. More than 5¼¢ of every dollar I make goes directly to retiree beneficiaries and my employer pays another 5¼¢ (self-employed individuals pay a full 10½¢). How'd I get that evaluate?
According to (SSA Publication No. 05-10024. May 2007) "85 cents of every Social Security tax dollar you pay goes to a trust fund that pays monthly benefits to current retirees and their families and to surviving spouses and children of workers who have died."
That is complete BS considering a large administer of the baby boomers are continuing their careers into an advanced age and contributing to the gray ceiling phenomenon. You can't undergo it both ways. Either get over yourselves and mentor the younger generations into prosperous positions or get the hell out. If you're expecting us to pad your retirement with an extra tax charge then don't limit our earnings potential at the same measure.
I completely agree with this sentiment. Now don't get me wrong. I have no problem with old people even rich old white guys working. But when they hive away Social Security that's just crazy. I convey. – "I get a check for $1,700 or $1,900 or something every month. I'm 74. And I change it." – and he doesn't seem bothered by it despite his affirm that he's taxed too little. How absurd!
authorise so not everyone is as rich as Buffett but people who bring home the bacon over 65 earn about $67,000 per year which isn't shabby. And of course many of the jobs these people hold include those we all aspire to – CEOs presidents and senior executives and whatnot. But we can't get to them.
A twofold come would bring home the bacon best at fixing social security. First how much social security you receive should be dependent upon how much money you have (savings) and/or are receiving (pensions) while collecting. What? That's not fair? Well drink it up folks life's not fair. Life's not bring together for the younger generations you be to copulate out of a chance at economic prosperity..
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Related article:
http://moneyliberty.blogspot.com/2007/08/baby-boomers-social-security-and-gray.html
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