You’re probably right... Any thoughts for the tens of millions of Gen-X and Gen-Y adults who will face tax-rate rises of 10-20-30% in order to pay the Social Security benefits for us Baby Boomers? Hopefully, they are saving as much as they can for their own “alternate” plans, but the Social Security System they will inherit will probably have negative returns for the 13-15-20% of their income that will get siphoned off from their wages and the contributions of their employers. Not a very good deal, eh?
My husband and I, both genX, are certainly trying to save on our own,but you know how difficult that is. Once we shell out monthly for taxes and SS, health insurance, dental insurance, and all of life's other necessities, there is hardly anything left over. And by necessities, I mean just that: Mortgage, auto payment and insurance (for just one vehicle), utilities, groceries. I can't remember what "disposable" income is. I don't know that we ever had it.
Hubby has our retirement savings auto-deducted from his pay, at a rate (IIRC) of 1.5% of his gross, with his company matching funds. In six years, that has come to a current total of jsut around $11,000. Sure would be a lot more if we could divert some of our SS snatch into the mix, but the gubmint doesn't trust peons like us with our own damn money.