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URL:  http://boards.fool.com/i-included-ss-and-my-tiny-pension-in-my-26738726.aspx

Subject:  Re: Obama on payroll tax Date:  6/17/2008  10:27 AM
Author:  AngelMay Number:  13465 of 19412

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.

cliff

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Exactly right.
Most people today don't have pensions as they did long ago when they worked for one corporation their whole lives. Corporations used to give nice pensions -- lifetime pensions -- when people retired. This is no longer true.

So today, most retirees only have what they have managed to save and invest -- and all "investments" are subject to loss -- and Social Security to keep them afloat in their elder years.

If Social Security is taken away -- even from those of us who have managed to save and invest -- we may not be able to stay afloat. Those who don't stay afloat will end up on some other government program. Why not allow us to keep what we have worked for for so many long years -- and which allows us to live with dignity -- instead of forcing us to rapidly spend down all else we have managed to save until we end up on true welfare?

It used to be said that it was one leg of a three-legged stool: Social Security, Savings, and Pension.
Today, the stool usually only has two legs (savings and SS) -- and maybe just a tiny stub of a third (pension).

Social Security is a life-saver for so many retirees.
Like Cliff, many others (probably most) would have a real problem without it.


AM
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