[quote=AN][quote=bearishgurl]What would members of Gen X/Y think if they contribute all their lives to SS and then find out at the 11th hr (age 65) that their benefits will be drastically reduced or eliminated?
Boomers, in general, worked hard all their lives in much lesser circumstances than younger workers of today and many are still working. They *deserve* to retire.[/quote]I’m part of the Gen X/Y you’re referring to and I’m expecting my benefits will be drastically reduced or eliminated. That’s why I’m not counting on them in my planning. FYI, those WWII and Greatest generation paid into the system all their lives as well and they die a lot earlier, which mean they take out less. So your entire argument sounds like the boomer will be a biggest drainer yet due to their longevity and the medical advancements.[/quote]
I’m pretty much expecting the same thing. Social Security has always been a pay as you go system, and frankly Social Security is fairly fixable. Tweak the retirement age, index the payment increases to actual revenue coming in, maybe some means testing for high income, and you can probably keep the system. You might lose ground to inflation but there won’t be a sudden shock that is built into the current system when the IOUs run out in about 20 years.
It’s medicare and medicaid that aren’t fixable. Pretty much everybody is going to cost $250K+ in medical care before they die and most put in a tiny fraction of that amount in payments.