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Author: ItGoesToEleven Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 35387  
Subject: Re: MAULDIN: The Coming Generational Storm Date: 4/5/2004 9:07 AM
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Lokicious(whom I have great respect for) said:
Social Security is an annuity program—it would make life easier if this were spelled out. It needs fine tuning—graudally raise the retirement age another year or two to reflect longer life expectancies, extend the upper limits of social security taxes, and the problem will be solved.


Fine-tuning??? Really???


In 1940, there were 42 workers supporting each SS retiree. In 1950, there were 16. Today, it's 3. Demographically, the boomers(1946-1964) will overwhelm this system.

Also, retirees are living longer. In 1940, life expectancy was in the 60s. Today, it's in the 70s and soon will be approaching 80.

Back in 1940, workers paid 1 percent of their salaries into Social Security, up to $3,000.
Over the years, the Social Security tax has gone up and up. Each worker now pays 6.2 percent, up to about $89,000 plus employers pay an additional 6.2 percent for each worker.

In sum, we've gone from 42 workers paying 1% to support each retiree for less than 10 years to 3 workers paying 12.4% for 20+ years.

Sorry, as a 40 year-old, this doesn't smell like success ... I'm counting on nothing in return and would favor abolishing the whole socialistic mess, at least for all of us under say, 50 years old.

My $.02, 11
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