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Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1491  
Subject: Re: Parents Nearing Retirement Date: 9/15/2006 1:10 AM
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<<Continue to give your parents the benefit of the doubt. Give them credit for having planned as well as could have been expected.>>


I agree with that. What's done is done.


<<It occurred to me that you or other young people might not realize that your parents probably did plan for retirement. Many old folks planned according to what made sense at the time. However, they did not plan for the government to fail on the commitment to Social Security. They did not plan for the government to lie about CPI numbers in order to reduce SS payments. Neither did they plan for companies to be sold out to competitors,.. or pensions to go to wasteful managements and golden parachute packages. The old folks had good plans at the time, but they could not see the future.>>


Unfortunately, those who relied on the promises of politicians for their livelihood or income in retirement were fools. The handwriting was already on the wall a third of a century ago that the 'boomer generation was going to stretch and likely break the retirement mold enjoyed by the WWII generation. It's been increasingly clear since then that government was not going to pay all those bills in real money.

The government cut Medicare reimbursement rates to healthcare providers to the bone in the early 1980s, and cut Social Security by raising the retirement age and subjecting Social Security benefits to income taxes. They've done other things to cut the amounts they pay out and increase costs to retirees (means testing Medicare is on the front burner right now).

People shouldn't be surprised.



Seattle Pioneer



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