I knew this was coming.... sad thing is I was just showing my wife yesterday that between my SSA and GE pension we would have enough to live on if I could just work the next 20 years till I was 70. Without our IRA/401K and savings.
Now I suspect, based on recent news, that my GE pension will go to 0 and my SSA will be cut in half at the least.
Seems the people that lay things up and actually plan for the future are always the ones that catch the short end of the stick when it comes around.
If you supported Bush’s inasion of Iraq, you can’t complain about the Social Security fund running low. The trillion dollars for Iraq war came in part from “borrowing” Social Security taxes
I am a Military retiree. I planned my upcoming retirement without Social Security because I figured it would be gone, but now I fear the Government may reduce my Military retirement pay.
No kidding, I would ideally like to defer til 70 but it makes me want to take whatever I can get when I turn 62 in 5 years. AND, they will probably find some way to punish savers and means-test it to death. “Oh, you planned and saved, no SS for you!”
Admittedly the program was started to avert poverty in old age, but the practice of giving it to everybody who’s worked enough years is well established.
That is true. It seems that those who never worked and never put into the system are the ones taken care of first.
I'm also hearing that there will be no social security for those who worked all their lives. Government says they will be out of money.
But the government is never out of money when it comes to paying out welfare.