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2022-07-01 Economy

The Retirement Time Bomb - Explained in 15 Minutes (video)

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Posted by Besoeker 2022-07-01 04:26|| || Front Page|| [11125 views ] Top

#1 What he says is certainly true. But the real looming catastrophe is what the government may do to 'remedy' the situation.

Posted by Cesare 2022-07-01 10:03|| 2022-07-01 10:03|| Front Page Top

#2 Lindsey Graham will cut benefits or the death vaccine will kill off large numbers as is happening now. They hide the numbers. Calling it something else other than covid opposite from before when everything was covid.

Posted by Dale 2022-07-01 10:41|| 2022-07-01 10:41|| Front Page Top

#3 This has been discussed in varying tones of alarm since the 1980s. Some thoughts:

How is savings defined? Does it include home equity — around 65% of Americans own instead of rent

There is a worker shortage. How many retirement age Americans will choose to continue or return to work when they realize they need the income or find themselves bored, perhaps working part time instead of full time or in job less physically/mentally demanding than before?

Means testing, etc: again, discussed since at least the 1980s. I’ve long assumed there would be nothing for people like me, to ensure there will be more for those who really need it.

Posted by trailing wife 2022-07-01 13:10|| 2022-07-01 13:10|| Front Page Top

#4 Granted, it's a "contract" imposed by gummint without consent from the other side. Still, go on, bust it and watch the fun.

Look for a "how to submit your tax return when SS is broken" movement.

Posted by M. Murcek 2022-07-01 13:17|| 2022-07-01 13:17|| Front Page Top

#5 ...I'll be able to take SS in Feb '27, but I still haven't decided yet if I'll try to keep working till 70, or just take a few months off and then get something just a few hours a week.

My concern right now is that IIRC, by law SS (and active duty/retired military pay) are keyed to inflation because, hey, we were never going to have inflation again. If you see Congress try and weasel their way out of that, then you'll know for sure they have no intention of fixing SS until it's probably way too late.

Mike

Posted by MikeKozlowski 2022-07-01 14:59|| 2022-07-01 14:59|| Front Page Top

#6 Takes a long time to recover the age 62 premiums if you wait until FRA. I wasn't going to start breaking even until somewhere in my early 80's. I took the smaller annuity at 62 and ran. You have to do the math for your particular situation. Also be advised, it's taxable income...thanks to Bill Clinton. Good luck with your decisiin.

Posted by Besoeker 2022-07-01 15:18|| 2022-07-01 15:18|| Front Page Top

#7 ^ I did the same. So many die near retirement or don't live long afterward. A friend who was a retired vet counseled other Vets. Told me waiting a few years would not make much of a difference. I work and have done well. I had to work as my work at home never stopped. It was a break for sure.

Posted by Dale 2022-07-01 16:57|| 2022-07-01 16:57|| Front Page Top

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