- Sep 12, 2012
Yep. You weren't meant to live on SS for 30 years. When it was first implemented, the average American didn't even live long enough to obtain SS! It was never supossed to be a source of income. And, if it were adjusted for life expecentcy, SS would be bumped up to 82 years old. Imagine if a politician told the truth about how we're broke, and SS needs to be readjusted. He/she would never get elected. In this video Patrick does a wonderful job and breaks down the history of SS, and where it's possibly going. IMO, our way of thinking about money, and saving is broken. It's broken because the people at the top want consumers, and not savers/investors. They want people to spend so they can keep you trapped financially for life: New cars, clothes, homes, TVs, vacations you can't afford, etc. But, what about saving money in your teens. compound interest, saving 60% of your paycheck, Roth IRAs, 401ks, emergency funds, passive vs active income, etc. I could go on. Point is, no one teaches you anything about moiney. Thank god for the internet.Oh Look! I can do that too!
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It's hilarious the lunacy of people here that still fail to realize that Social Security wasn't a means to redistribute income. It was (and still is) a means of forcing people into a supposed "retirement" program.
The reality though, is that anyone with half a brain could put themselves into a much more competent retirement program.
But hey - say "government program" and make it forced and that automatically makes it successful right?
Even though it's in shambles debt wise?
Even though the ROI is far less than if you simply invested it yourself?
Yeah, naw - it's all good!
Christ - people in my fucking generation have to calculate our net worth based on the fact that we KNOW our social security won't be there for us in 30 years. Yet we know our paychecks will continue to gouge us for it.
In the end somehting drastic will have to be done. If you don't have the money, you just don't have it. Taxing the wealthy will only help a little. Its not a lasting solution. We have a generation of entitled people who want the government to take care of their needs. That's not going to work out in the end IMO. It all has a price.