The Coming Retirement Crisis

[Dan47]

This is a central planning thing (totalitarian), not generational. The seeds for this cluster**** were planted long before the boomers.

The problem with boomers is most are just as ignorant, intentionally or otherwise, as the generations that are mad at them. They either don’t care or don’t understand the monetary shenanigans, especially interest rate manipulation, creating the current economic nonsense.

Having dollars and having purchasing power are not the same thing. A person can control every dollar they earn but they cannot control the purchasing power of that dollar. That is the whole point behind modern, centrally controlled fiat currencies.

[VITE1]

Originally Posted by DAB

you control every dollar you earn. you get to decide what happens to it. save it, spend it on something worthwhile, spend it on something worthless, give it away.

too many spend more than they should early on, wanting to enjoy life, and later on discover that that vacation/car/whatever cost a lot more than they thought.

on this, Ramsey is right: live like no one else now, so later you can live like no one else.

The problem is that most public employees pension programs and a large number of Union pension funds are badly underfunded. And the government will have to take over those funds. The money for that Biden comes from people like you and I who saved and managed our funds wisely.

Property taxes will nearly double while home valuation shrink in many locations. And the Federal government will create trillions to prop hip the funds all while decreasing the value of oUr money.

http://www.pensionrights.org/publica...partment-labor

https://www.valuewalk.com/2020/06/st...n-liabilities/

[69camfrk]

Social Security is the largest Ponzi scheme the world has ever known. I feel certain I could have invested the money stolen from me in a better way. The whole shit house will eventually go up in flames because of our government.

[the new me]

Originally Posted by dwjz06

Watched this and a few others. Scary chit man. I also now see better why the younger generations hate us boomers

Got any particular recommendations for other ones to must-watch?

[markids77]

Originally Posted by 69camfrk

Social Security is the largest Ponzi scheme the world has ever known. I feel certain I could have invested the money stolen from me in a better way. The whole shit house will eventually go up in flames because of our government.

This may be true but I am approaching retirement and I want a slice of that scheme which I have been paying into for nearly 50 years. Is it an "entitlement" program? Damn straight; I have funded those who came before me and now I am entitled to get mine.

[VITE1]

Originally Posted by markids77

This may be true but I am approaching retirement and I want a slice of that scheme which I have been paying into for nearly 50 years. Is it an "entitlement" program? Damn straight; I have funded those who came before me and now I am entitled to get mine.

The problem is the government has expanded benefits to so many who did not pay the full amounts.

[markids77]

Originally Posted by VITE1

The problem is the government has expanded benefits to so many who did not pay the full amounts.

Welfare, Medicare, Medicaid, Section 8, I could go on and on. There's way too much money in government and way too many feeble minded "public servants" for there ever to be a shitstorm free .gov program. At this point I don't care as long as whatever the current administration is maintains the status quo so I get a return on my divestiture... umm.... investment.

[dwjz06]

Originally Posted by Steve_R

Yeah, everything bad is the fault of the boomers.

did not say that. I just understand even while trying to do something ok for our generation. We ended up screwing over other ones. Even if not intentional. Chit happens right?

Originally Posted by The_Dude

fixed

don’t tell him

Originally Posted by the new me

Got any particular recommendations for other ones to must-watch?

watch to the end. There are some other videos from the same company.

[Dan47]

Originally Posted by markids77

This may be true but I am approaching retirement and I want a slice of that scheme which I have been paying into for nearly 50 years. Is it an "entitlement" program? Damn straight; I have funded those who came before me and now I am entitled to get mine.

Reads like a reparations demand. This ^ type of nonsense is why so much other nonsense seems reasonable today.

You are not entitled to other people’s wealth. You might get it but you were never and will never be, “entitled” to it.

[Giraffe (He/Him)]

Originally Posted by Dan47

You are not entitled to other people’s wealth.

That's not what he said. Read it again only this time leave your personal bias out of it.

[VITE1]

Originally Posted by Giraffe

That's not what he said. Read it again only this time leave your personal bias out of it.

The problem is SS is a ponzi scheme and is dependent on OPM. When OPM runs out be if its will be cut.

And by law SS is not something that we are entitled to. The politicians are able to change the benefits anyway they want.

[Dan47]

Originally Posted by Giraffe

That's not what he said. Read it again only this time leave your personal bias out of it.

Nonsense. That’s exactly what he wrote.

“I have funded those who came before me and now I am entitled to get mine.”

He needs to take this up with the people he funded.

[dvarapala]

Originally Posted by markids77

This may be true but I am approaching retirement and I want a slice of that scheme which I have been paying into for nearly 50 years. Is it an "entitlement" program? Damn straight; I have funded those who came before me and now I am entitled to get mine.

[CFOT]You don't need the money - you're a selfish Boomer.[/CFOT]

[Dan47]

Originally Posted by VITE1

The problem is SS is a ponzi scheme and is dependent on OPM. When OPM runs out be if its will be cut.

And by law SS is not something that we are entitled to. The politicians are able to change the benefits anyway they want.

It’s worse than a Ponzi scheme because government has a legal monopoly on coercion. That don’t have to use confidence, they use force. Social Security is totalitarianism, aka communism, socialism, etc.

Enough’ s enough. A big portion of the boomers are hypocrites and for the record, I’m a boomer. They want their “entitlements”, they want the government to have the power to go and take it from other people, then some of them bitch about socialism.

[Giraffe (He/Him)]

Originally Posted by Dan47

Nonsense. That’s exactly what he wrote.

“I have funded those who came before me and now I am entitled to get mine.”

He needs to take this up with the people he funded.

He's paid into SS for nearly 50 years. Are you suggesting he's not entitled to those benefits?

[Steve_R]

Originally Posted by Giraffe

He's paid into SS for nearly 50 years. Are you suggesting he's not entitled to those benefits?

No more than he's entitled to get his income taxes, or any other .gov taxes, back. Call it whatever you want, SS is an entitlement program. If it wasn't you couldn't get back more than you put in, which isn't the case.

[Giraffe (He/Him)]

Originally Posted by Steve_R

No more than he's entitled to get his income taxes, or any other .gov taxes, back. Call it whatever you want, SS is an entitlement program. If it wasn't you couldn't get back more than you put in, which isn't the case.

What's you opinion on Medicare? We've all paid into it, are we entitled to utilize this benefit?

[Bill]

Originally Posted by Giraffe

What's you opinion on Medicare? We've all paid into it, are we entitled to utilize this benefit?

Medicare is absolutely Marxist.....from each according to his abilities, to each, according to his needs.

Medicare eligibility requires that you work 40 quarters where Medicare taxes are paid. That's 10 years. OK, so someone who worked 10 years at a minimum wage job gets the EXACT SAME benefit as someone who maxed out their Medicare taxes for 50 years. And I'm not sure, but I think non working spouses get Medicare whether they had one day of Medicare tax withheld or not.

Beyond that, it's a PURE Ponzi scheme. The very first folks who got Medicare never were taxed one thin dime for it.

Having said all that, I think most of us fall in the same trap. I remember when I was younger, I would have gladly said, "Hey, release me from paying SS and Medicare taxes, and I will waive any right to collect those entitlements, and I'll just consider all the taxes previously paid a loss. The closer I get to that magic Medicare age, though, I think, I'll just choose to continue with the Ponzi scheme and screw over our kids and grandkids, just like I was screwed over. It's insidious.....Marxism is evil.

[Steve_R]

Originally Posted by Giraffe

What's you opinion on Medicare? We've all paid into it, are we entitled to utilize this benefit?

This is a better answer than I could come up with:

Originally Posted by bill_daniels

Medicare is absolutely Marxist.....from each according to his abilities, to each, according to his needs.

Medicare eligibility requires that you work 40 quarters where Medicare taxes are paid. That's 10 years. OK, so someone who worked 10 years at a minimum wage job gets the EXACT SAME benefit as someone who maxed out their Medicare taxes for 50 years. And I'm not sure, but I think non working spouses get Medicare whether they had one day of Medicare tax withheld or not.

Beyond that, it's a PURE Ponzi scheme. The very first folks who got Medicare never were taxed one thin dime for it.

Having said all that, I think most of us fall in the same trap. I remember when I was younger, I would have gladly said, "Hey, release me from paying SS and Medicare taxes, and I will waive any right to collect those entitlements, and I'll just consider all the taxes previously paid a loss. The closer I get to that magic Medicare age, though, I think, I'll just choose to continue with the Ponzi scheme and screw over our kids and grandkids, just like I was screwed over. It's insidious.....Marxism is evil.

I agree with all of that except the last part. I've figured for my working life that the .gov money wouldn't be there when I got older, so I've planned and saved for retirement. I don't need SS, Medicare, Medicaid, or any other .gov handouts. I have no desire to screw over our kids and grandkids.

[Aerovette]

Originally Posted by Dan47

Reads like a reparations demand. This ^ type of nonsense is why so much other nonsense seems reasonable today.

You are not entitled to other people’s wealth. You might get it but you were never and will never be, “entitled” to it.

I feel VERY entitled to what I paid in to it.

I also believe there should be a "lump some" option that can be willed.