Companies shouldn't be so greedy. Every retiree should not only collect SS but also a company pension. If you want to talk about Ponzi schemes, the 401K is the best of them all. The employee takes all the risk, the employer takes none, you're up against the whims of the stock market, and basically just playing the slots in Las Vegas. We have so many multibillion dollar companies these days and yet they offer no pensions, only 401K schemes. I know several senior retirees living off SS and a 401K, and they took a huge hit in 2008 during the meltdown. If you are retired and no longer putting money into your 401K, you can never recover when something like 2008 hits. Plus, some 70% of 401K recipients go through entirely their 401K within three years of retirement leaving only what SS pays them to live on. How do we know???? They are the greeters at Walmart. Those old guys that can no longer live off SS alone and their 401K has dried up.
Another concern for SS retired couples, if one of the two should die then the other spouse loses that chunk of SS from the deceased. Imagine an 80 year old couple each earning $1500 a month off SS = $3000. $3000 is pretty good for an old retired couple considering they probably still pay property taxes and or rent and or a mortgage. However when one spouse dies that monthly income crashes down to only $1500. Typically not enough for the survivor to live on. And I assume explains why the suicide rate is so high for seniors. When you read that someone died then a few months later the surviving spouse also died, people think oh how sweet they were so much in love that the other died shortly after. That assumption sounds nice and romantic but in all reality that surviving spouse more likely committed suicide unable to survive over that loss of SS income. It's either suicide or greeter at Walmart.
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