Once Barry reaches his goal of turning America into a third world country for his friends at the UN, retirement will become a thing of the past. That’s the plan.
True. Don’t plan on retiring.
I suspect those who have large, extended families will find they have to move in together just for everyone to survive. All able bodied adults will have to work and everyone else will help the family as much as possible.
Those without families or who never had children will have it the worst in the future.
“Once Barry reaches his goal of turning America into a third world country for his friends at the UN, retirement will become a thing of the past. That’s the plan.”
In 2008, at the age of 48, if I could have kept the money I put into my retirement fund over 25 years, in exchange for foregoing all SS benefits, I could have retired fully funded till I died. I asked my accountant who said I would lose 38% (28% taxes, 10% penalty). That ended that.
I was buying a place in Panama, a nice little boat where a few times a year I would take my friends fishing. My wife would write and continue speaking, my kids away at school.
Then the market collapsed, I lost my job, my kid got sick, I lost my COBRA by a fluke and next thing I know I am working 1500 miles from my family and am living paycheck to paycheck.
What is troubling is I wasn’t the exception. Many of my friends who were financially secure are now worrying about what they are going to do at 75 years old.
You got it.
It’s hard to save enough to retire when the Government is taking 40%+ directly in taxes and most of the rest silently through inflation.
The problem is when your 65 how do you really know that you have enough to carry you through the end of your life. What happens when you run out of money at 78?
I know of several people in their early 60’s who had to start taking SS because they were laid off and could not find jobs. What happens when they raise the SS age to these people.