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I support raising the retirement age to 70. People are living longer
I am resistant to privatizing Social Security. If you want cash reserves there are 401Ks and IRAs that do the same function. Americans should really have both
Most companies have already trashed their pension funds and SS is one of the last ensured steady flow of income if something bad happens
So why have they "trashed" them???
What better way to generate private ownership of SS then letting YOU manage your money!
You really think an administrator in a D.C. cubicle KNOW more about you?
My point is I think you need both
Social Security doesn't seem like much, but it is adjusted for inflation. It might not be much, but it will be much more 30 years after you retire
That one million is the opposite. It sounds like a fortune now, but in 30 years, you will be struggling
This is assuming of course that the corporations running the privatized social security scam don't make shitty investments that end up crashing the entire global economy in which the young worker is totally fucked and the CEO who fucked him gets a multi-million dollar bonus.
Much is made about 70 being the new 50,
70 is the new 50 in the Workforce | TIME.com
This means for people LIKE ME age 71 I am still very active in my business nearly as much as I was when I was 50!
So while I'm getting MINE.. i.e. social security I don't understand why especially younger people don't figure out that because there are more of people like me, i.e. living longer then what SS originally planned in the 1930s i.e. (I'd be dead by 65!) they need to fix this!
Because as more of us live longer and yet we have SS kicking in at 65. With more retired people at 65 getting SS there are fewer younger people paying in!
Solution..
A) Raise retirement age to 70 for all those people currently under age 50!
B) Give the younger people the chance to tell SS where to put their payments... privatize SS!
So by raising the age we have more people paying in for those younger people when they retire at 70!
But more importantly IF NOT mandatory BUT IF the young employee wants to invest say at 25 their SS/Medicare payments into
the wild and risky stock market for 20 years then the next 20 switch a portion to more secure investments and then last 20 years
into totally secured risk free investments.. this 25 year old would have base on average starting salary of $30,000 with increases
in income over the 60 years would have nearly $1 million that is solely under the young worker control!
So at age 70 getting ready to retire this young (now old retiree) has money set aside MORE then traditional SS would pay.
Also with $1 million the health care costs would be taken care of with no need for medicare!
AND AGAIN NO one would be forced to participate in the privatized SS... you want traditional more power!
Two solutions that would solve the "safety net" destruction that is ahead!
Some of us had IRA's in place of defined benefits pensions. Look how that worked out in 2008. The JP Morgans became fabulously rich selling defective rifles to the govermnent during the civil war. Now they want all the pension money to manipulate the market and screw the average american further into the ground.
AGAIN... YOU seem to forget THAT was ONE YEAR! YOU determine ALL YEARS are bad based ON ONE YEAR??
ARE you f...king stupid???
No one invests for a 9% return in just one year.
As I stated.. over 39 years the DJIA has increased an average of 9%...
YES 2008 saw a 33% DECLINE from the 2007 which grew 6.4% and 2006 which grew 16.2%.
Of course MOST people don't judge all events by just one as you do.
THINK you idiot...you don't invest for just one year... !
Take the checks. It has a terrific return if you live that long. You'll get back much more than you paid in.
Bullshit.
$1 million invested in an immediate annuity at age 65 pays a single life benefit of $5914.00 (7.1% annual) per month for males $5451 (6.54% annual ) for females. For a slightly lower monthly payout you can add inflation protection, you can make the annuity joint life. A married couple could have a guaranteed benefit for life with built in inflation protections identical to SSN and still collect $4500 or more per month.
By contrast - Social security pays a MAXIMUM benefit of approx. $2600 per month for a single person. The max benefit for a couple is approx $4000. Keep in mind - these are the maximum benefits for people that have paid the maximum tax for 35 years or more. The average SSN benefit is only $1300 per month.
That is why I said you need both savings and an annuity adjusted for inflation
$5900 a month may seem like a fortune in 2014. But in 2044 it will not be that much.
$5900 is a helluva lot more than $1300 (the average payout) and you can buy inflation protection for a very small premium.
So why have they "trashed" them???
What better way to generate private ownership of SS then letting YOU manage your money!
You really think an administrator in a D.C. cubicle KNOW more about you?
My point is I think you need both
Social Security doesn't seem like much, but it is adjusted for inflation. It might not be much, but it will be much more 30 years after you retire
That one million is the opposite. It sounds like a fortune now, but in 30 years, you will be struggling
spoken like a true left winger. you get what, 20k a year at best with SS? 5% interest on a million gives you 50k a year and you haven't even touched the principle. i'll take the million, you take ss and remain dependent on the government.
Pensions are not sustainable.Much is made about 70 being the new 50,
70 is the new 50 in the Workforce | TIME.com
This means for people LIKE ME age 71 I am still very active in my business nearly as much as I was when I was 50!
So while I'm getting MINE.. i.e. social security I don't understand why especially younger people don't figure out that because there are more of people like me, i.e. living longer then what SS originally planned in the 1930s i.e. (I'd be dead by 65!) they need to fix this!
Because as more of us live longer and yet we have SS kicking in at 65. With more retired people at 65 getting SS there are fewer younger people paying in!
Solution..
A) Raise retirement age to 70 for all those people currently under age 50!
B) Give the younger people the chance to tell SS where to put their payments... privatize SS!
So by raising the age we have more people paying in for those younger people when they retire at 70!
But more importantly IF NOT mandatory BUT IF the young employee wants to invest say at 25 their SS/Medicare payments into
the wild and risky stock market for 20 years then the next 20 switch a portion to more secure investments and then last 20 years
into totally secured risk free investments.. this 25 year old would have base on average starting salary of $30,000 with increases
in income over the 60 years would have nearly $1 million that is solely under the young worker control!
So at age 70 getting ready to retire this young (now old retiree) has money set aside MORE then traditional SS would pay.
Also with $1 million the health care costs would be taken care of with no need for medicare!
AND AGAIN NO one would be forced to participate in the privatized SS... you want traditional more power!
Two solutions that would solve the "safety net" destruction that is ahead!
No thank you. I'll be lucky to make it to 70. My father didn't and his father didn't.
How about companies start giving pensions again? Then everyone doesn't have to rely on ss or be a financial genius just to retire.
That is why I said you need both savings and an annuity adjusted for inflation
$5900 a month may seem like a fortune in 2014. But in 2044 it will not be that much.
$5900 is a helluva lot more than $1300 (the average payout) and you can buy inflation protection for a very small premium.
Well the average person won't have $1 million saved up either
That is why I said you need both savings and an annuity adjusted for inflation
$5900 a month may seem like a fortune in 2014. But in 2044 it will not be that much.
$5900 is a helluva lot more than $1300 (the average payout) and you can buy inflation protection for a very small premium.
Well the average person won't have $1 million saved up either
My point is I think you need both
Social Security doesn't seem like much, but it is adjusted for inflation. It might not be much, but it will be much more 30 years after you retire
That one million is the opposite. It sounds like a fortune now, but in 30 years, you will be struggling
spoken like a true left winger. you get what, 20k a year at best with SS? 5% interest on a million gives you 50k a year and you haven't even touched the principle. i'll take the million, you take ss and remain dependent on the government.
No thanks
I'll take both
If you live to the retirement age and file, you will receive more than you paid in if you live to 75.
The chance of me living to 75 is-exactly-zero.
The Social Security Administration, or SSA, will expedite your benefits claim if you can prove you are terminally ill. To have your claim expedited, bring all medical proof that you have to your interview with the SSA representative. You must be able to prove that your medical condition is not expected to improve, and that your doctors expect it to result in death. Once your representative flags it as a terminal illness case, he will accelerate the claims process. Have a question? Get an answer from a personal finance professional now!
Read more: How to Expedite a Social Security Claim for the Terminally Ill | eHow
Pensions are not sustainable.Much is made about 70 being the new 50,
70 is the new 50 in the Workforce | TIME.com
This means for people LIKE ME age 71 I am still very active in my business nearly as much as I was when I was 50!
So while I'm getting MINE.. i.e. social security I don't understand why especially younger people don't figure out that because there are more of people like me, i.e. living longer then what SS originally planned in the 1930s i.e. (I'd be dead by 65!) they need to fix this!
Because as more of us live longer and yet we have SS kicking in at 65. With more retired people at 65 getting SS there are fewer younger people paying in!
Solution..
A) Raise retirement age to 70 for all those people currently under age 50!
B) Give the younger people the chance to tell SS where to put their payments... privatize SS!
So by raising the age we have more people paying in for those younger people when they retire at 70!
But more importantly IF NOT mandatory BUT IF the young employee wants to invest say at 25 their SS/Medicare payments into
the wild and risky stock market for 20 years then the next 20 switch a portion to more secure investments and then last 20 years
into totally secured risk free investments.. this 25 year old would have base on average starting salary of $30,000 with increases
in income over the 60 years would have nearly $1 million that is solely under the young worker control!
So at age 70 getting ready to retire this young (now old retiree) has money set aside MORE then traditional SS would pay.
Also with $1 million the health care costs would be taken care of with no need for medicare!
AND AGAIN NO one would be forced to participate in the privatized SS... you want traditional more power!
Two solutions that would solve the "safety net" destruction that is ahead!
No thank you. I'll be lucky to make it to 70. My father didn't and his father didn't.
How about companies start giving pensions again? Then everyone doesn't have to rely on ss or be a financial genius just to retire.
The pension, what was once almost entirely funded by the employer is the only type that people will accept. Almost as though it were an entitlement. Part of the reason companies did away with them.I believe pensions would make a comeback if employees would agree to fund them at a much higher percentage....Say 50-50 with the employer
Perhaps a mirror of the 401k deal....A certain percentage of the employee's pay matched by the employer.
Much is made about 70 being the new 50,
70 is the new 50 in the Workforce | TIME.com
This means for people LIKE ME age 71 I am still very active in my business nearly as much as I was when I was 50!
So while I'm getting MINE.. i.e. social security I don't understand why especially younger people don't figure out that because there are more of people like me, i.e. living longer then what SS originally planned in the 1930s i.e. (I'd be dead by 65!) they need to fix this!
Because as more of us live longer and yet we have SS kicking in at 65. With more retired people at 65 getting SS there are fewer younger people paying in!
Solution..
A) Raise retirement age to 70 for all those people currently under age 50!
B) Give the younger people the chance to tell SS where to put their payments... privatize SS!
So by raising the age we have more people paying in for those younger people when they retire at 70!
But more importantly IF NOT mandatory BUT IF the young employee wants to invest say at 25 their SS/Medicare payments into
the wild and risky stock market for 20 years then the next 20 switch a portion to more secure investments and then last 20 years
into totally secured risk free investments.. this 25 year old would have base on average starting salary of $30,000 with increases
in income over the 60 years would have nearly $1 million that is solely under the young worker control!
So at age 70 getting ready to retire this young (now old retiree) has money set aside MORE then traditional SS would pay.
Also with $1 million the health care costs would be taken care of with no need for medicare!
AND AGAIN NO one would be forced to participate in the privatized SS... you want traditional more power!
Two solutions that would solve the "safety net" destruction that is ahead!
$5900 is a helluva lot more than $1300 (the average payout) and you can buy inflation protection for a very small premium.
Well the average person won't have $1 million saved up either
the average slug depending on the government all his life anyway
Take the checks. It has a terrific return if you live that long. You'll get back much more than you paid in.
Jesus told the story of a master who gave each of his three servants a sum of money. The amounts were set according to each servants previously demonstrated capabilities. The man then left for a long time. When he returned, he asked each of these servants to report what he had done with the money.
The first two servants revealed they had doubled his investment. Well done, thou good and faithful servant: thou hast been faithful over a few things, I will make thee ruler over many things: enter thou into the joy of thy Lord,7 was the masters reply.
The third servant then came trembling before his master. He had already heard what the others had reported and knew that he could not give a similar report. I was afraid, the servant said, and went and hid thy talent in the earth.8 The master was upset. Thou wicked and slothful servant, . . . he said. Then he commanded, Take therefore the talent from him, and give it unto him which hath ten talents.9
In modern revelation the Lord affirmed the principles in this parable: But with some I am not well pleased, for . . . they hide the talent which I have given unto them, because of the fear of man. . . . Thou shalt not idle away thy time, neither shalt thou bury thy talent that it may not be known.10 These are very solemn wordsspoken by the Lord and worthy of our consideration today.
Sometimes we have a fear of using our talents. We use excuses such as I know I cant do that, or Someone else can do it much better than I, or Those listening to me, or watching me, will criticize and judge me.
Again, let me read the words of the Lord: But with some I am not well pleased, for they will not open their mouths, but they hide the talent which I have given unto them, because of the fear of man. Wo unto such, for mine anger is kindled against them.11
President James E. Faust spoke on this subject and gave this profound counsel. He said: We may wonder whether it was fair to take the talent from the one who had the least and to give it to the one who had the most. From the outset, however, the Lord explains that each man had ability.
Some of us are too content with what we may already be doing. We stand back in the eat, drink, and be merry mode when opportunities for growth and development abound. We miss opportunities to build up the kingdom of God because we have the passive notion that someone else will take care of it. The Lord tells us that He will give more to those who are willing. They will be magnified in their efforts. . . . But to those who say, We have enough, from them shall be taken away even that which they have.12
The Prophet Joseph Smith, through revelation recorded that every man may improve upon his talent, that every man may gain other talents, yea, even an hundred fold.13
Every person comes to earth as a unique individual. Similar threads may run in families, but each of us has a tapestry all our own. Elder Bruce R. McConkie (191585) of the Quorum of the Twelve Apostles wrote: Each person in this life is endowed with those talents and capacities which his pre-earth life entitle him to receive. Some by obedience to law acquired one talent and some another.14
The Lord made it clear that it is not good enough for us simply to return to Him the talents He has given us. We are to improve upon and add to our talents. He has promised that if we multiply our talents we will receive eternal joy.
Mormon version of the Bible you mean. And it has nothing to do with this but thanks. This has to do with paying in a buck and getting back six.Take the checks. It has a terrific return if you live that long. You'll get back much more than you paid in.
In the Bible...
Jesus told the story of a master who gave each of his three servants a sum of money. The amounts were set according to each servants previously demonstrated capabilities. The man then left for a long time. When he returned, he asked each of these servants to report what he had done with the money.
The first two servants revealed they had doubled his investment. Well done, thou good and faithful servant: thou hast been faithful over a few things, I will make thee ruler over many things: enter thou into the joy of thy Lord,7 was the masters reply.
The third servant then came trembling before his master. He had already heard what the others had reported and knew that he could not give a similar report. I was afraid, the servant said, and went and hid thy talent in the earth.8 The master was upset. Thou wicked and slothful servant, . . . he said. Then he commanded, Take therefore the talent from him, and give it unto him which hath ten talents.9
In modern revelation the Lord affirmed the principles in this parable: But with some I am not well pleased, for . . . they hide the talent which I have given unto them, because of the fear of man. . . . Thou shalt not idle away thy time, neither shalt thou bury thy talent that it may not be known.10 These are very solemn wordsspoken by the Lord and worthy of our consideration today.
Sometimes we have a fear of using our talents. We use excuses such as I know I cant do that, or Someone else can do it much better than I, or Those listening to me, or watching me, will criticize and judge me.
Again, let me read the words of the Lord: But with some I am not well pleased, for they will not open their mouths, but they hide the talent which I have given unto them, because of the fear of man. Wo unto such, for mine anger is kindled against them.11
President James E. Faust spoke on this subject and gave this profound counsel. He said: We may wonder whether it was fair to take the talent from the one who had the least and to give it to the one who had the most. From the outset, however, the Lord explains that each man had ability.
Some of us are too content with what we may already be doing. We stand back in the eat, drink, and be merry mode when opportunities for growth and development abound. We miss opportunities to build up the kingdom of God because we have the passive notion that someone else will take care of it. The Lord tells us that He will give more to those who are willing. They will be magnified in their efforts. . . . But to those who say, We have enough, from them shall be taken away even that which they have.12
The Prophet Joseph Smith, through revelation recorded that every man may improve upon his talent, that every man may gain other talents, yea, even an hundred fold.13
Every person comes to earth as a unique individual. Similar threads may run in families, but each of us has a tapestry all our own. Elder Bruce R. McConkie (191585) of the Quorum of the Twelve Apostles wrote: Each person in this life is endowed with those talents and capacities which his pre-earth life entitle him to receive. Some by obedience to law acquired one talent and some another.14
The Lord made it clear that it is not good enough for us simply to return to Him the talents He has given us. We are to improve upon and add to our talents. He has promised that if we multiply our talents we will receive eternal joy.
https://www.lds.org/pages/well-done-thou-good-and-faithful-servant?lang=eng
The Lord made it clear that it is not good enough for us simply to return to Him the talents He has given us. We are to improve upon and add to our talents. He has promised that if we multiply our talents we will receive eternal joy.
"But to those who say, We have enough, from them shall be taken away even that which they have."
well, after reading the liberal financial and retirement advice posted here I can see why this country is in such dire straits under their leadership. my how the entitlement mentality holds us back
