My only concern, and the only thing that would affect me, would be disruption of Social Security. We are told that it is a trust fund, and that it would be the last to fail. Who knows?
Say SS stays ok, but, some of the welfare benefits for the 47% go away. You may have to fight them at your door if they decide to try and take their entitlements directly.
No, the "last to fail" will be money allocated for law enforcement and the military (the part that can deal with an insurrection, not the f-22s).
Alex ,.. you can trust the government . It's not like they would lie to you , .. in your face !
Yes, Social Security was a 'trust fund ', and now it is as trustworthy as the administration , itself .
Now it is called 'wealth re-distribution ', with equal distribution for all those who never put money into the trust fund
.. and you helped to support them , and will contnue to do so in the future !
Why ... that's the Socialist /Commie way of equality !!, .. until they run out of other people money .. /sarc
*******************************************************
News flash, Social Security is already failing thanks to helicopter Ben and all the QEs. You have already received a defacto cut to Social Security.
I am on Social Security, and I guaran-darn-tee that the check even with the additional COLAs doesn't buy as much food as it did at the beginning of 2008.
I prepare first for the most likely things. Here in tornado alley we have lots of electrical outages, so I am well prepared for those type of emergencies.
When the first spike in oil prices occurred, I began buying lots of extra groceries on sale. Stuff that is shelf stable that we use all the time. Having lived through the great inflation of the nixon/carter years, I remembered very well how the oil spike impacted my budget, and the empty store shelves that followed Nixon's price controls. To me this was just a logical-likely scenario to happen again.
One of the most successful things this time, was that I bought up lots and lots of Peanut Butter first thing-good protein loved by all the picky eaters in my family, plus there was a crop issue likely to shrink supply. Within months the peanut butter I bought for slightly less than a buck went up to $2.25.
All along I have replenished the supply just a little during sales. Now it is down to $1.89 normal price. Had a sale this past week for $1.38. This is the cheapest price since mid-2008. I bought a case. I am now restocked for normal use of 2 years. Beyond that, I might not be able to use it up by the expiry date plus 6 months.
One of the most sure things that will happen to current retirees of modest/middle income is inflation. Even at only 3% inflation, many people have trouble being able to afford to provide the necessities of life during their final decade.
At my age, I can buy those #10 cans of basics that will last for 10 to 30 years, and be sure that I will have good food to eat, and my gardening experiences are teaching me that I can grow plenty of stuff to add to these staples.
I don't necessarily think of this as prepping. Just a way of life, and intelligent financial planning that can be helpful for anyone.
You don't have to believe in SHTF or Armageddon around the corner to know that you need to prepare for more than the 3 days, 2 weeks, and 3 months that even the government and media tells you to do.
My best buys this month so far. Coffee in 34 oz cans for $3.25 per can. The cheapest price for this brand was June 2008 when there was a sale for 5 bucks. I bought a year's supply to add to what I already had. Canned veggies for 38 cents per can. I bought a case of several types to add to the current supply.
Sugar that is normally more than $2.00 I got for $1.69. Added 6 bags to my supply. This sugar has not had a special lower than 1.99 for at least 3 years. Started stocking in cocoa and chocolate the last 2 weeks.
There has been a crop failure and chocolate is likely to go up by December-already reflected in the commodities market. I already have some stocked, but not much comparatively speaking. Now it's a bit higher on the priority list of food stocks.
Well, anyway that's my thoughts and JMHO.
Good. Stay in the Philippines and worry. Those of us who don't brag every day about living outside the US of A will fight for your sorry ass. You just keep sipping Mai Tais on the beach and hope for the best.
Hoping the Ponzi scheme doesn't collapse before you get yours, eh?
In the Carboniferous Epoch we were promised abundance for all,
By robbing selected Peter to pay for collective Paul;
But, though we had plenty of money, there was nothing our money could buy,
And the Gods of the Copybook Headings said: "If you don't work you die."
We do know. SS requires revenue to pay out benefits. There is no trust fund, just an old filing cabinet full of IOUs.