[WVNan]

I can't recall anyone from the prior generation; before WW2 and the baby boomers who had a pension. Best that I can figure those folks were cared for by their children or perhaps if they had wealth were on their own.

The Social Security Act was signed by FDR on 8/14/35. Taxes were collected for the first time in January 1937 and the first one-time, lump-sum payments were made that same month. Regular ongoing monthly benefits started in January 1940.

Yes, families took care of the elderly unless they were wealthy. My grandparents took care of their parents, and my parents took care of their parents. Now, my children are so hard pressed to make ends meet they can't take care of us, so we both still work at age 80. I pray that this young person does not have to face the hard facts of life.

[nascarnation]

Remember also that the average life expectancy was a good bit less. It’s gone from roughly 60 to 80 in that period.

Now the Death Panels will reverse that over time, but it will take a while.

[WhoisAlanGreenspan?]

Thanks.

So you're referring to social security, that's yet another part of the query and you put some helpful dates and on the ground observations confirming what I think. Mine was actually focusing on pensions and that sort of retirement benefit and the one off generation who got to enjoy it.

Almost all my parent's generation extended family, the WW2'ers had pensions and retired that way along with their social security benefits.

[WhoisAlanGreenspan?]

I remember a conversation I had with one of them regarding the possibility of a social security shortfall and her response. "Absolutely not", would any situation reduce those "agreed to and understood" benefits even if they were not essential or deeply depended upon. No future generation should be allowed to take the money I put in.

And although that conversation took place back in my liberal leaning days, I understood her point then and I still do. A promise made by a politician is still a promise, even if it could never actually work.

Me? I think it was since somewhere around that conversation that I've always assumed when I finally get to the counter to ask for my social security I'll be told, oop's oh heck! we're fresh out sorry about that!