Lack of retirement savings makes entitlements sacrosanct

[Gingersnap]

Lack of retirement savings makes entitlements sacrosanct

http://i56.tinypic.com/1zywmtz.jpg
Nicholas Read poses for a photo at the University at Buffalo South Campus where he once taught as a graduate assistant in Buffalo, N.Y., Thursday, May 19, 2011. Most Americans say they don’t believe Medicare has to be cut to balance the federal budget, and ditto for Social Security. “I’m pretty confident Medicare will be there, because there would be a rebellion among voters,” said Read. (AP Photo/David Duprey)

By Patrice Hill
The Washington Times
8:49 p.m., Thursday, June 2, 2011


Social Security and Medicare are emerging once again as seemingly untouchable third rails of politics despite their looming insolvency, and economists say the reason is obvious.

Surveys show that a majority of Americans will rely solely or mostly on the programs for support in their retirement because they have not saved adequately.

That was not the way it was supposed to be. Social Security originally was intended as a supplement to retirement income such as corporate pensions and personal savings — one leg of a so-called “three-legged stool” of retirement support.

Washington Times (http://www.washingtontimes.com/news/2011/jun/2/lack-of-retirement-savings-makes-entitlements-sacr/)

[marv]

Surveys show that a majority of Americans will rely solely or mostly on the programs for support in their retirement because they have not saved adequately.

That was not the way it was supposed to be. Social Security originally was intended as a supplement to retirement income such as corporate pensions and personal savings — one leg of a so-called “three-legged stool” of retirement support.
...but time erases the memory.

My wife and I planned well ahead of retirement. After a few years in the sixties in the private sector, I chose Federal employment even though I could have earned two to three times as much in private industry. I did it because of the retirement program. At the time, I had barely enough private sector quarters in to qualify for a minimal SS benefit.

I was transferred often, but always put the equity from the old house into the new one. On retirement, we owned our house free and clear and made sure the big bills were paid off...no car loans, no credit card balances, etc.

If a school dropout like me can do this without breathing hard, why should I pity anyone who pisses and moans like those edukated kollege kids who don't look beyond the 54" flat screen TV they think they "need".

My goodness! They won't have crap when they retire. But I should worry.........?

[Gingersnap]

...but time erases the memory.

My wife and I planned well ahead of retirement. After a few years in the sixties in the private sector, I chose Federal employment even though I could have earned two to three times as much in private industry. I did it because of the retirement program. At the time, I had barely enough private sector quarters in to qualify for a minimal SS benefit.

I was transferred often, but always put the equity from the old house into the new one. On retirement, we owned our house free and clear and made sure the big bills were paid off...no car loans, no credit card balances, etc.

If a school dropout like me can do this without breathing hard, why should I pity anyone who pisses and moans like those edukated kollege kids who don't look beyond the 54" flat screen TV they think they "need".

My goodness! They won't have crap when they retire. But I should worry.........?

You planned carefully, as did I. Sadly, most don't.