Social Security woes

  • You are viewing Orangepower as a Guest. To start new threads, reply to posts, or participate in polls or contests - you must register. Registration is free and easy. Click Here to register.
Dec 18, 2019
399
104
93
41
Central Oklahoma
#21
Too many people don’t understand retirement savings and/or don’t think it is important because it is so many years in the future. Or they think SS is all they will need in retirement.

Personal Finance should be a required year-long course in school.
My fear is even with a required class it would just become corrupted by banks and credit card companies. Our kids will be taught how great it is to get airline miles and cash back by going into debt. Or how great it is to take on $100k in student loans just because you deserve to attend the school of your choice. Or how great it is to lease a car, etc.

I had a personal finance class in college my last semester. I already had a job lined up so beer and girls took more of a priority over actually learning something in class. Wish I would have paid more attention now or at least still had the textbook. I’m sure I sold it for beer money
 
Feb 11, 2007
4,824
2,087
1,743
Oklahoma City
#24
My fear is even with a required class it would just become corrupted by banks and credit card companies. Our kids will be taught how great it is to get airline miles and cash back by going into debt. Or how great it is to take on $100k in student loans just because you deserve to attend the school of your choice. Or how great it is to lease a car, etc.

I had a personal finance class in college my last semester. I already had a job lined up so beer and girls took more of a priority over actually learning something in class. Wish I would have paid more attention now or at least still had the textbook. I’m sure I sold it for beer money
We all learn the easy way or the hard way....
 

Boomer.....

Territorial Marshal
Feb 15, 2007
7,557
6,260
1,743
OKC
#26
It's probably more that many of us have accepted there's no way in hell SS will even still exist by the time we retire and have been loading up our 401k instead. For me, if SS manages to still be a thing it'll just be bonus.
Exactly! You need to rely on yourself and own decisions to live comfortably in retirement. Anything from the feds would be gravy. I have no anticipation on receiving a penny despite the insane amount I'll contribute to SS over the course of my working lifetime.
 
Jul 10, 2009
318
198
1,593
60
Stillwater, OK
#27
My prediction--they will means test SS. You already pay more in Medicare premiums if your income is above a certain amount. They will start reducing the SS payments based on income. Tax the rich and all.
 
Dec 18, 2019
399
104
93
41
Central Oklahoma
#28
We all learn the easy way or the hard way....
I’m not sure most of my mistakes would have prevented by reading a textbook. I’m sure we’ve all been there. I’m 45 and in better retirement shape than most people retiring today so I feel fortunate. One thing I did really pay attention was the lesson on compound interest and starting early pays off big time.
 

OSUCowboy787

Territorial Marshal
Dec 31, 2008
6,926
4,789
1,743
34
Keller, Texas
#30
I can't understand how this isn't a bigger deal to people, especially younger ones.....oh wait a minute, yes i can...this doesn't have a masked singer... THAT'S what matters to people.
oks10 hit it right on the button.

It's probably more that many of us have accepted there's no way in hell SS will even still exist by the time we retire and have been loading up our 401k instead. For me, if SS manages to still be a thing it'll just be bonus.
The younger generations basically see SS as just a zero benefit tax. Now would i prefer and love to get my investment out now plus a moderate interest of the years i've been putting in, sure! I'd keep it in my IRA and make triple what the government was expecting to pay me but to this point it is and likely will be political suicide to try and kill SS like that.
 

steross

he/him
A/V Subscriber
Mar 31, 2004
31,582
32,641
1,743
oklahoma city
#32
oks10 hit it right on the button.



The younger generations basically see SS as just a zero benefit tax. Now would i prefer and love to get my investment out now plus a moderate interest of the years i've been putting in, sure! I'd keep it in my IRA and make triple what the government was expecting to pay me but to this point it is and likely will be political suicide to try and kill SS like that.
When I was the younger generation we said the exact same thing. Big government programs of this size don’t simply end unless the government itself ends. If that happens, your IRA etc will not be very relevant.
 

OSUCowboy787

Territorial Marshal
Dec 31, 2008
6,926
4,789
1,743
34
Keller, Texas
#33
When I was the younger generation we said the exact same thing. Big government programs of this size don’t simply end unless the government itself ends. If that happens, your IRA etc will not be very relevant.
Think the main point is that there is zero expectation that our generation will draw any money from SS unless we reach the age of 90, which will be the age to start collecting by the time we get there.
 

Jostate

Identifies as a Cowboys fan
A/V Subscriber
Jun 24, 2005
22,040
15,103
1,743
#34
When I was the younger generation we said the exact same thing. Big government programs of this size don’t simply end unless the government itself ends. If that happens, your IRA etc will not be very relevant.
Old people vote and SS is one of the single issue voter things. Taking it away would be political suicide.

It will last but may require some inflation to make the numbers work.
 

kenny41

Territorial Marshal
Aug 28, 2006
5,677
3,861
1,743
33
OKC/Tulsa
#37
We all learn the easy way or the hard way....
I’m not sure most of my mistakes would have prevented by reading a textbook. I’m sure we’ve all been there. I’m 45 and in better retirement shape than most people retiring today so I feel fortunate. One thing I did really pay attention was the lesson on compound interest and starting early pays off big time.
The saddest part is if you have a $1,000 in savings you are doing better than most of Americans. Hell more than 80% have less than $10,000 in savings. If SS runs dry then there will be a lot of old people eating dog food…

Sadly most Americans are in no shape to save for themselves. Not sure if it’s due to keeping up with the Jones’s, increased cost of education & the medical field, housing inflation in cities with jobs/economic growth, or just flat out poor financial choices. We done…
 

bleedinorange

Federal Marshal
Jan 11, 2010
12,638
16,481
1,743
Close, very close
#39
The saddest part is if you have a $1,000 in savings you are doing better than most of Americans. Hell more than 80% have less than $10,000 in savings. If SS runs dry then there will be a lot of old people eating dog food…

Sadly most Americans do not have the discipline to save for themselves. It’s due to keeping up with the Jones’s, increased cost of education & the medical field, housing inflation in cities with jobs/economic growth, and just flat out poor financial choices. We done…
FIFY
 

kenny41

Territorial Marshal
Aug 28, 2006
5,677
3,861
1,743
33
OKC/Tulsa
#40
The saddest part is if you have a $1,000 in savings you are doing better than most of Americans. Hell more than 80% have less than $10,000 in savings. If SS runs dry then there will be a lot of old people eating dog food…

Sadly most Americans do not have the discipline to save for themselves. It’s due to keeping up with the Jones’s, increased cost of education & the medical field, housing inflation in cities with jobs/economic growth, and just flat out poor financial choices. We done…
FIFY
I think it’s easy to say most Americans have no financial discipline and that’s mostly true, but our entire culture is built around consumer goods and our economy is built around everyone living in a thin line. Most are not taught real personal finance, it isn’t taught in schools and most parents do not know it well either to teach it to their kids. Tools that assist in personal finance are getting more complex. The metrics that determine credit for borrowing availability are complex and mostly account only for the lender’s risk to lend instead of the borrowers risk to borrow. Folks to are desperate for credit are burdened with predatory lending. Technolgy has helped the rich get richer instead of democratizing building wealth. Access to good jobs and access to capital largely depend on people’s social capital, and if you’re not in the club you’re not getting in.

The problem isn’t just stupid people are too dumb to save.