Sorry to hear about your mother, Brian. As frustrating as Social Security is, for most, it is the only income they will have for retirement. I've been looking into the figures for 401Ks since we will be the first generation to retire with them and the news is also grim.
Thanks, Nicole. Seems we'd be better off if, rather than Social Security being a retirement program for everyone, it transitioned over time to an outright form of welfare only for those in the toughest situations. To do so, we'd probably need to do away with the employee payroll tax and the accompanying illusion that individuals' taxes go to fund their own benefits--and rename the program altogether. Of course, from a political standpoint, such a transition couldn't begin to happen until a major federal financial crisis forces it upon us.
Sorry to hear about your mother, Brian. As frustrating as Social Security is, for most, it is the only income they will have for retirement. I've been looking into the figures for 401Ks since we will be the first generation to retire with them and the news is also grim.
Thanks, Nicole. Seems we'd be better off if, rather than Social Security being a retirement program for everyone, it transitioned over time to an outright form of welfare only for those in the toughest situations. To do so, we'd probably need to do away with the employee payroll tax and the accompanying illusion that individuals' taxes go to fund their own benefits--and rename the program altogether. Of course, from a political standpoint, such a transition couldn't begin to happen until a major federal financial crisis forces it upon us.