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Retirement Discussions / Retire Well on Less

URL:  http://boards.fool.com/if-you-work-hard-save-invest-and-deprive-19831120.aspx

Subject:  Re: SS conclusion Date:  11/9/2003  8:20 PM
Author:  LudditeAndroid Number:  215 of 1481

if you work hard, save, invest, and deprive yourself of that new BMW or DVD player along the way, then you will get your SS cut because you have greater means. This would be Bu** Sh**.

My thoughts exactly. The problem I see with means testing is: are we going to base a person's needs on lifetime income, lifetime savings, or something else? Why reward personal irresponsibility, or refuse to pay back money rendered when someone of modest means has made sacrifices to build up some personal savings? It seems to me that a means-testing scenario that would actually take into account these dynamics would be an expensive labyrinthian bureaucratic nightmare.

I imagine the retirement dates will have to be increased so that people cannot retire until well into their 70's. I am all right with this because this would treat all people equally regardless of their means.

This seems easier to implement to me as well. It means the people who don't plan will not get special treatment. The people who have made sacrifices to build up personal savings can still retire before age 70, on their non-SS savings, but also not be punitively treated at the age of 70 for having planned ahead.




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