RE: how the looming Social Security deficits could be covered if we could “borrow” or “merge” the 401k and IRA investments with the Social Security system.
OK, if one has investment property(ies), are they also planning to “merge” those investments with the SS System as well? How will that happen? Are you going to be forced to sell them?
As I recall anything over a certain amount would be confiscated (ie taxed at 100%) Dee Revin Jackson was a loud mouth in this as I recall.
That would probably be considered in the “means testing” that they will go through to reduce your Social security payment.
So, inevitably, those who have a sound plan will get screwed by those who were grasshoppers their whole lives.
I have a sister who went through her 401(k) during a two year hiatus. She never owned her home. And now she is 61 and has just gone on disability (which is actually legit). But she is counting on Social security for about 80% of her retirement.
That is just crazy.
I have no debt, period. My monthly expenses COULD be paid with my social security. But both my wife and I have six figure nest eggs. We could, theoretically, call it a day except we both like our jobs and the health insurance is still pricey.
And I know that by the time I go to get “mine” they will have changed the rules and I will get a lot less.