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they did that by moving workers off of defined-benefit pension plans into 401(k) and IRAs. it's been a uniform disaster

Posted by: professor smartbrain (a.k.a mickpix) on Apr 16, 16:41 in response to RogerMore's post I think you've got to take responsibility for retirement...

http://www.usatoday.com/story/opinion/2013/02/05/social-security-retirement-benefits-column/1891155/

Chris christie his social security plan effect 80k a year plan eliminated? mike255 Apr 16, 11:11

SS for retirement needs to be eliminated entirely islander Apr 16, 11:46

*vehement disagreement* {nm} DTravel Apr 16, 12:45

"Vehement"? Uh oh! {nm} islander Apr 16, 13:24

Yup. And I'm going to leave it at that. {nm} DTravel Apr 16, 14:05

WOW YOUR part of the PROBLEM saying some Privileged words like that - so you want people to slave till they die? aleksthegreat Apr 16, 12:45

lol I'm working class. I just wonder if there's a better way {nm} islander Apr 16, 13:27

raising the retirement age would be a good place to start {nm} Moviesnob Apr 16, 13:28

+1 It's the entire root of the problem at this point. Too many people living too long with not enough young people to contribute {nm} BSmurf Apr 16, 15:45

only because of the Baby Boomer wave. when Gen X retires and Gen Y is still in the workforce, the numbers will be flipped {nm} professor smartbrain Apr 16, 17:31

But not if the whole system is bankrupt due to the "low" benefits age vs increasingly extended lifetimes. BSmurf Apr 16, 22:51

Social Security isn't nearing "bankruptcy" any time soon professor smartbrain Apr 16, 23:24

I think you've got to take responsibility for retirement planning away from employers and put it in the hands of employees. {nm} RogerMore Apr 16, 14:31

they did that by moving workers off of defined-benefit pension plans into 401(k) and IRAs. it's been a uniform disaster professor smartbrain Apr 16, 16:41

But that's because the policy settings were wrong, not because the principle was. Opt-in? Boo! Really, contributions should be opt-out or RogerMore Apr 16, 17:33

raise the cap on the amount of earnings that are taxed for SS purposes. Right now, only the first $118,500 are taxed for future benefits. professor smartbrain Apr 16, 15:48

Alex I agree completely with your 1st paragraph. You got a little heavy handed in the 2nd para, but I mostly agree with that too {nm} JDolphin Apr 16, 13:43

Actually, his first para is factually wrong. 24% of taxes go to funding social security with a further 8% to federal retirees and veterans RogerMore Apr 16, 14:15

Oh, if you're interested, there's another page on where state funding goes - though there's obviously a lot of variation from state to state RogerMore Apr 16, 14:21

Interesting site. I was assuming if they get rid of SS then they'll get rid of Medicare and the other Social Services {nm} JDolphin Apr 16, 14:38

I think islander's point was that if you got rid of SS, people would respond by taking more responsibility for their retirement RogerMore Apr 16, 15:31

I don't know that it is "in the public interest that society has funded retirement". Its in the PI, that the retired population is able to islander Apr 16, 17:01

so they don't have to eat cat food, like the Great Depression {nm} professor smartbrain Apr 16, 17:32

By "funded retirement" I don't mean redistribution. I mean that there's a system in place that ensures people's retirement is funded. RogerMore Apr 16, 17:38

but it's good to see someone agree that the 40 year redistribution of wealth from the bottom 90% to the top 10% needs to be reversed {nm} professor smartbrain Apr 16, 18:26

effin moochers {nm} professor smartbrain Apr 16, 15:46

Blame the young people are busy youtubers making money. They do not need a real job. mike255 Apr 17, 16:06





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