Everyone I know, even the more affluent among them, is depending on Social Security, because we all know we'll probably live longer, much longer, than we can work. - ThreadSky

editorialboard.bsky.social • 15 hours ago

Everyone I know, even the more affluent among them, is depending on Social Security, because we all know we'll probably live longer, much longer, than we can work.

Reposted from Jon Niola

I think about how many people I know that don't make enough money to set aside savings for retirement and are basically counting on having Social Security when the time comes. I fear we are for a major retirement security crisis within 10-15 years.

Comments

dortress.bsky.social•15 hours ago

Disclaimer: not a boast. Mid 40's, my advisor & I shifted to analyzing my savings against a 'no social security' model. Good markets & saving got me to now - a few years out where I could w/o for longer into retirement. /1

dortress.bsky.social•14 hours ago

Now market's tanking. I also fully expect that in an effort to stave off collapse, I'll be means tested to claiming at all. I'll have fewer $$, higher med ins as they cut Medicare - all w/higher likelihood of being destitute. And I PLANNED. I don't know where that leaves everyone else. /end

elisa515.bsky.social•15 hours ago

And if the values of our IRA principles decline with the slaughtered stock and bond markets, we rely even more than we expected on Social Security. Lots of already-retired/semi-retired people are in this situation.

2kittlespins.bsky.social•14 hours ago

10-15 years in the future? It’s NOW. 2008 decimated many elderly and retired people’s nest eggs. My 88yo mother barely survives on hers, and she had IRAs and savings. This is a terrifying situation. Then realizing affordable countries require an astronomical amount of $$ to be an expat there. 🤦🏻‍♀️😩

editorialboard.bsky.social•15 hours ago

I don't know how a country whose economy is 70 percent consumer-driven can expect most of its people to save enough to survive until death at 80, if we're lucky.

editorialboard.bsky.social•15 hours ago

For the first time, I have started thinking about how far a dollar can go in places outside the US.

harlanworld.bsky.social•13 hours ago

Unfortunately this week, it goes much less further. Euro lost almost 10 percent, GB, Canada etc. such a fast adjustment.
That reasonable E1500 apartment in Spain, cost us$100 more this week

odoyle62.bsky.social•14 hours ago

dollars gonna end up like rubles pretty soon, only redeemable domestically

odoyle62.bsky.social•14 hours ago

That's at risk now too

profmisterlizzie.bsky.social•14 hours ago

Well not nearly as far as it could go just 5 months ago

lakecounty1975.bsky.social•15 hours ago

And...if they make everything more expensive with tariffs, at the same time we're saving more for retirement...we're basically going to stop buying stuff. What's that going to do to the economy?

darkstar1969.bsky.social•15 hours ago

The republicans have been raiding the social security trust fund for decades.

When is the time can we hold them accountable for stealing grandmother's retirement?

Oh, and let's tax the 1% and corporations rich from corporate welfare to replenish the fund

grouchomansavage.bsky.social•15 hours ago

You say that like being whipped isn’t motivational.

oheystephj.bsky.social•14 hours ago

The most important point is that it’s OUR money that we loaned to the govt and we’re “entitled” to the payments. Second most important: it’s not some vague “grandma” - it’s a “we/us” issue, and we have to make people get that!

Comments

Posting Rules

Reply