The Motley Fool Discussion Boards
Retirement Discussions / Retire Early CampFIRE
|Subject: Re: What incensed me the most||Date: 10/12/2012 8:41 AM|
|Author: telegraph||Number: 648425 of 711618|
Mike:"A second half boomer like myself, age 55, is going to get the shaft when it comes to SS. The older boomers like tele are getting their SS and the system will go broke before the younger folks have put that much into it. People like me who have been paying in for almost 40 years will be the losers. I look at my paycheck withholdings for SS and Medicare as simply an additional Federal income tax and have made the necessary plans to fund my own retirement."
You don't realize that the government is now doing the biggest transfer of wealth from the boomers to the younger generation of America?
Right before your very eyes, the gov't is artificially keeping interest rates near zero for savings, and at 3% for mortgages to bail out the mess they created.
They are desperate to 'bail out' the housing industry, but who benefits from this? Yep, the younger generation buying houses. who loses? Folks like tele and even tele's parents generation if they are alive, trying to eek out a living on CDs that now pay 1.1% for five years or so, and 0.02% on passbook and checking accounts and MMF.
Who loses? the savers and retirees, who see the dollar plummeting, so their assets are 'worth less'.
Same for the housing market. AFter Biden, Obama and his ilk, and protected the 'scheme' at Fannie, Freddie, and the 'everyone needs to own a home movement' protected by Dem Big Wigs like Bwarney Franks and Chris Dodd, who wouldn' not let Bush reform FAnnie before it was too late.......
It's the Boomers who have taken a 30-50% drop in the housing prices. It's the boomers who see their retirement evaporating as they can't sell their houses at any price, and certainly not at what they had hoped for.
WHo wins? Those buying houses now (younger generation). At near record low mortgage rates.
Of course, when inflation kicks in......the boomers will once again take it in the shorts.....the youth who are working, will get COLAs to compensate. The boomers often do not have COLA adjusted pensions, and of course, their CDs/bonds are slow to trek upwards - once again they lose, and inflation drives everyone into higher tax brackets so they pay more and more......on money worth less and less.
If you are under 55, you might not get a good deal......
If you are over 55, the system still is going broke and means testing will appear at some point.
Medicare costs will go up for everyone. They'll just keep sneaking in 'annual adjustments'...
Heck, my supplement went up over 23% this year over last year!.....
|Copyright 1996-2013 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|