[quote=bearishgurl]AN, that’s easy for you to say because you have only been working a few years. I’d like to hear how you feel about the matter 30 years from now … after reviewing your annual SS report :=0
We didn’t put in “a little more” than our parents did. Collectively, boomers probably put in 8-12 times as much as both Greatest Gen and WWII Gen combined! Remember that payroll FICA deductions (not sure they were called that back then) didn’t start until 1935 or 1936.
The amount one “extracts” from the system is directly proportionate to how much they (or their “sponsor”) put into it. The problem is that it has minimum payments ($380 mo? regardless of contribution) and most of its current beneficiaries are overpaid every month in proportion to their contributions.
I am MORE than okay with taking my and my employers’ contribution as a lump sum when I am eligible for it, in lieu of a monthly “annuity.” I don’t even care whether they pay me any interest for all those years.
Actually, I think we should have the option of taking a lump sum of our contributions at 62. I’ve seen too many people die after working their entire lives without collecting a dime (exc spouse $250 benefit).
I can manage whatever amt it is from there. At least I will have collected it.[/quote]
Like I said, I have no expectation of getting any money I put into SS, so yes, it’s easy for me to say. I expect the boomers to drain the system and leave my generation with an empty coffer.
Do you have data to back up the 8-12x as you claimed? But again, that’s irrelevant. What’s the NET difference between boomers vs your parents generation, assuming average life expectancy will be 8-9 years longer yet retirement age won’t change nearly as much. I’m also pretty sure my generation will pay much more than your generation into the coffer as well. But I’m not optimistic in being able to get those money back through SS. If we do, that’ll be a pleasant surprise.
