Four Years Of Savings Can Set You Up For Life

WallStreetFighter:

For all you recent college graduates entering the workforce, I realize that "Start Thinking About Your Savings" might be the lamest piece of advice uttered to you since, "Wow! There Is No Way You're OK To Drive Right Now". But I promise you, in both instances you'll be very happy in the pants that you heeded both warnings.

First off, let's take a little look-see at the financial future of our country. The way things are going, the idea of 'Social Security benefits' will be non-existent in the year 2041. Whoopsies! Therefore, if you're 21 years-old right now, you'll be royally screwed with a good few years to go before retirement age.

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Comments

[pie8ter]

"Drop some loot and hear me toot"

ROTFL!

[NoSillyName]

MODS, I commented on this hours ago. Where's my post? Some odd things are happening here today. More tweaking of the system?

[johnmorgan]

I'm so tired of media people, usually Republican, who claim that there will be no Social Security in the near future. That's not true. This story was started by the sort of people who want it to be privatized, which would be a disaster for all Americans.

Social Security actually has a huge surplus right now, and is earning interest on it. By the year 2040, it will take in less money than it pays out. At that point, it will have to cut benefits, unless we do something about it in the meantime, such as raising Social Security tax on the rich.

[sandiegoconservative]

Just you wait and see. I wish I had your email to tell you years from now, "I told you so". At best, if social security is not dead, then the people who pay the most into it will be "exempt" or their payments will be minimalized because they made too much over their lifetime. The reason why the age of eligibility is increasing is not solely due to longer life expectancy.

I am 31 and qualified for full retirement benefits awhile ago because of what I paid into the system to date. The only way I am going to see full benefits (close to what I pay in v. what I get) is if I contribute to the system until I am about 40, then am horribly injured and can never work again.

[1099]

Why raise the SS tax on the rich? Do they have to pay for everyone else? Redistribute wealth on your own time.

[CaptainHowdy]

What the government should do is let me keep and manage my own damned money. I'm sure that I could do a better job.

They should get rid of Social Security. Period... end of statement.