Tired Of Bending Over (Social Security)

Komo1000news ^ | 2/28/04 | Ken Schram

[qam1]

SEATTLE - Get ready to bend over, baby-boomers.

In essence, that was Federal Reserve Chairman Alan Greenspan's message to everyone born between 1946 and 1964.

At 78 years of age, Greenspan's too old to bend over himself, so he figures it should be my generation that grabs its ankles.

Seems Alan G. is wringing his wrinkled hands over the 77 million baby boomers that'll begin retirement in four short years.

'Yikes!' said the man who surely collects his Social Security check every month, 'We've gotta do something 'cause there's not enough Social Security money to give us any security.'

And Alan G's proposal?

Well rather than raise taxes, why not just CUT the benefits all us boomers would be getting when we retire?

The other Greenspan brain burp?

Keep pushing the age of retirement HIGHER.

That means while we could still retire at age 65, we wouldn't get those DECREASED Social Security benefits until we're, oh let's say 104!

Hey, here's an idea Alan.

Why not suggest the president spend less and get the deficit lower.

Maybe advising him to quit giving tax cuts to his rich friends.

'Cause I'll tell ya Alan, my generation is tired of bending over for yours.

Want to share your thoughts with Ken Schram? You can e-mail him at kenschram@komo4news.com

[Choose Ye This Day]

I gotcha. You're right. Personally, I'd love to opt out of the whole corrupt system and get a 7.65% raise.

[Choose Ye This Day]

Oops, I mean a 15.3% raise!

[CurlyDave]

People who are 60 now have been planning their retirements for a long time. I would leave their plans alone. For those 59 or less

1. While I agree with your concept, you need to have more realism about retirement planning. I started in my 30's and I believe it was a late start. Look at the Motley Fool, John Greaney, and Scott Burns web sites. Essentially the "safe" withdrawal rate from retirement funds is ~3.5% . As a rule of thumb, a retiree should have about 30 times the income he/she expects to need in savings & investments. Saving this amount of money does not happen in 5 years or even 10.

Move the cut off age to ~45 for current workers and your plan to raise the SS eligilbility age makes a lot of sense. Make the cut off age too early and you will lose support.

2. Killing the congressional plan and putting all government employees and elected officials into SS is the fastest way to produce reform.

3. You have to be careful with changing the COLA. For renters the true COLA increases are higher than homeowners. Sooner or later, many homeowner retirees end up renting when they can no longer keep up their houses.

4. The promlem of federal ownership is worse in the west, but it certainly exists everywhere. 5. A modest privatization is probably good. I am aware of the pitiful "return" on SS. As you point out, stocks are always a better bet.

[NYC GOP Chick]

Here's another. Gut the program and give us our damned money back.

And let us invest it as we see fit! Privatize the damn program. At least in my lifetime, nothing good has ever come out of government micromanagement.

[CurlyDave]

But the money is already gone

The money collected/extorted which was claimed to be for this specific purpose is certainly gone.

However, the culprit has other assets, and just like a bankrupt company or person can be forced to sell unrelated assets to pay debts, the government should sell off federal property to satisfy the implicit promises it has made.

[moonman]

Thanks for the post.

In 1964, at age 14, I started working jobs which required income tax and S.S. being withheld. They broke the 'retire full benefit at age 65' promise once already. Now, they not only want me to work a little past 66, but well beyond. CASH ME IN! Send me the amount I've paid in and let me invest it.

[FITZ]

But selling off all national parks and federal lands would be a bandaid solution. Robbing Peter to repay Paul.

I think we just have to realize --- just like the jobless whose jobs have been outsourced that it's time to get another education, learn some more job skills and go on working.

[FITZ]

But what if you live till you're 100 ---- whose going to pay your bills for over 30 years if you retire at 67? With long lifespans, it's not practical to retire so young and lay around doing nothing for decades.

[Wolfie]

Maybe when the fraud is exposed, you won't have to pay it anymore, we've had it sucked out of us our whole working lives.

The fraud's already been exposed. Total collapse of the system is necessary.

[1Old Pro]

There's a simple fix to social security: END IT, DON'T MEND IT.

[Colonel_Flagg]

A superior suggestion.

[k2blader]

What a bunch of whiny leftist blather.

Soon enough the boomers will join the ranks of the greedy geezers.

I'm all for cutting benefits and raising the retirement age, not to mention grandfathering out such a socialist mess of a system.

[hunter112]

The fraud's already been exposed. Total collapse of the system is necessary.

Agreed that total collapse is coming, but not everybody (big denial at work here) is convinced that its broken for them, just for other people down the line.

[k2blader]

I can't do my job up into the 60's and in fact, I won't.....

Are you planning to just up and die or something?

Maybe you could find a "comfortable, non-challenging job" elsewhere to help support yourself.

[Wolfie]

Everybody's best hope is that the system bleeds enough people to pay their SS when they need it. That's on the user end. On the policitican's side of things, the game is to get out with your pension before it hits the fan.

[CurlyDave]

But selling off all national parks and federal lands would be a bandaid solution. Robbing Peter to repay Paul.

A. Who said anything about selling national parks?

B. The feds own incredible amounts of land, most of which is not in the national park system. Selling some of it would be a one-time solution to a one-time problem. To really work this solution would require a real fundamental reform of the entire SS system, but if that were done, there is no reason at all to not consider selling assets to meet obligations.

[moonman]

I will probably work until I die and that's OK. Being raised in Amish/Mennonite area of PA, what's 'retirement' mean anyway? LOL At least I'll have something to pass along to kids/grandkids.

[realign]

You can opt out

Please visit losthorizons.com to see how.

The "wages" a person must receive in order to have the SS tax lawfully withheld are specifically defined at 26 usc sect. 3101 and 3121.

If your earnings do not fit this description, then you may legally obtain refunds of SS taxes withheld.

Tom