The Motley Fool Discussion Boards
Retirement Discussions / Retired Fools
|Subject: Re: Obama on payroll tax||Date: 6/17/2008 10:06 AM|
|Author: SeattlePioneer||Number: 13462 of 20014|
<<Perhaps some will think of me as one of the selfish middle-class, but I feel entitled to my benefits. That being said, if they scaled down benefits by X-percent for everyone receiving more than X-dollars in order to keep the program solvent, that would be reasonable.
I included SS and my (tiny) pension in my retiremetn calculations. I have enough income to keep my present lifestyle (Assuming the market doesn't take everythng I have!) Take away the SS and I have a problem.
In a means tested system, once you spend your assets down to a suitably low level, you will start collecting benefits again.
You should have been paying attention to the fact that you have no contractual right to collect Social Security benefits, and that Congress can increase or cut such benefits as it chooses.
The fact that the retirement of the baby boom generation is going to place huge strains on Social Security. Social Security is famously a mostly unfunded system that is "pay as you go." When the money that is famously ghoing to be going a lot faster than it's coming, why would you plan that you would continue to collect what politicians who are now dead or out of office once promised you?
Perhaps you should revise your plans and keep working longer.
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|