Young Americans: Pay Attention or Pay the Bills

[Parrotheader]

I'm all for taking care of our parents and grandparents. Who wouldn't be? We wouldn?t be here without them.

But at the same time, the significant population bulge created by Baby Boomers is kind of scary for the generation following it, MY generation. Medical insurance rates have climbed dramatically in the last few years. I can't help but wonder how much of that is insurance companies 'stocking up' to get ready for surviving the onslaught of claims as Baby Boomers start hitting old age. Maybe I'm totally wrong in that regard as there are obviously other factors at play. But surely that's a long-term factor they're taking into account? Then there?s the whole Social Security issue which is a huge issue unto itself. I certainly don't mind contributing my fair share (and then some because I don't plan on relying on that money) but it's tough to tell just how much is going to be left by the time I'm old enough to collect.

I realize it's all cyclical and although we might go through some rough times financing the Baby Boomers old age we'll also have families from smaller population reaping the inheritance of a larger population. Still, I?m a little worried the Baby Boomers might leave a HUGE financial drain on this economy that our generation will have to rebuild.

 

[tcsenter]

Haha boy are you a naive little socialist. My mother paid into SS all her life, and now they won't give her any benefits because my dad still has an income.

How old is your mother, does she collect a pension, what type of pension and from what type of employer (government, public, or private), in what capacity did she work when she paid all these SS taxes, and was your father the major income earner for a substantial number of years?

 

[gopunk]

Originally posted by: tcsenter

Also, why is a prescription drug benefit given to those who don't need one? Why is the Warren Buffets, Bill Gates, etc of the world eligible for this? Why are those that already have a private prescription drug plan eligible for this? There is a small percentage of senior citizens that can't afford drugs so why isn't a plan tailored toward just them instead of everybody?

The same reason you are entitled to a Social Security benefit if you paid into the Social Security system all your life, regardless if you're a millionare.

The system wasn't intended to be operated nor was it sold to the public as a "welfare system". If you pay-in, you are entitled to benefits, regardless of how financially well-off you may be.

In fact, it was deliberately pitched to be the antithesis of a 'welfare system" - you earn benefits by paying-in. It is not a 'gift' from the taxpayer, as welfare is. Its a benefit you earn.

if it's a benefit i earn, i would like the option of not earning that benefit.

 

[tcsenter]

Haha boy are you a naive little socialist. My mother paid into SS all her life, and now they won't give her any benefits because my dad still has an income.

Due to somewhat antiquated dual entitlement and spousal rules, your mother may receive a smaller SS benefit than she would if she were never married, but she would not be denied a benefit unless a special situtation also applies such as a qualified pension offset.

In any event, if your mother earned enough Social Security credits, your mother would not be denied SS benefits upon reaching the age of 65 or 66 (depending on when she was born) for no other reason than because your father still has an income.

I'm not sure what your mother's situation is, but it would seem neither do you.

Try getting your facts straight then get back to me.