so what are we going to do about social security when they run out ?

[rh71]

I'm 24. I think I estimated my age to be 62 (retirement age at 64) when they will "run out". Think the estimate sheet said only 75% of us will be able to receive social security. W T F is wrong with this picture.

 

[John]

401K
IRA
etc.....

 

[minendo]

I've already accepted the fact that I will receive no social security benefits.

 

[rh71]

Well I know we have other things like 401k... but are we (my age and younger) still paying the social security tax ?! Bastages.

 

[Evadman]

Originally posted by: minendo
I've already accepted the fact that I will receive no social security benefits.

I am already well on my way to assuming that I will be getting a big fat goose egg. Start saving now. It adds up over time. $50 a month will end up being 250k in 40 years.

 

[BD2003]

And 250k wont be worth nearly as much in 40 years....

 

[PsychoAndy]

I dont plan on getting $ from uncle sam. All the current SS money goes to the treasury for assorted gubment expenses. Uncle sam just left a big IOU in the SS fund.

-PAB

 

[rh71]

Hmm.. NO HOPE for even the 75% figure ?

 

[tcsenter]

Social Security was only intended to ensure that elderly people don't starve to death or get kicked out into the street. Above that, you're on your own.

 

[Dhruv]

ha what good are iras and 401ks in this economy.

if what happened this year happens 40 years from now, we'll be screwed. better move to a developing country and take advantage of the cost of living factor, like Mexico or something. as far as investment, i think a high yield bond would be safest.

 

[DaveSimmons]

Soylent Green.

Clean out the old folks AND end world hunger

as far as investment, i think a high yield bond would be safest.

not over a 20-year period -- an S&P500 mutual fund will do much better than a bond fund. The people who got wiped out when the tech bubble burst or after 9/11 were the ones with individual stocks or agressive mutual funds. S&P500 funds gave up a couple of years of gains but if you'd bought them in (say) '95 you'd still be ahead.

 

[bunker]

Originally posted by: minendo
I've already accepted the fact that I will receive no social security benefits.

 

[Orsorum]

Originally posted by: bunker

Originally posted by: minendo
I've already accepted the fact that I will receive no social security benefits.

Same here. Maybe, someday, I'll get some benefit from it.

Looking back, I wish I would have voted for Gore. At least he would've set things in motion to pay off the national debt.

 

[Dragnov]

Have lots of kids and a rich one will pop up among one them to support you.

 

[compuwiz1]

I don't believe it will ever completely go away, but I sure would not depend on it for living in my retirement years. I am very pro-privatization. I believe people should be mandated to invest their money, but not necessarily deducted and contributed to SS. I think we ought to have a choice as to which funds we want that money in, within reason.