Millions face shrinking Social Security payments

[coppertales]

Figures....I am going on SS in January......chris3

[Gewehr98]

Wife #2 and I have decided that SS won't really be available for us when that time comes, so I'm busting my butt towards a second retirement, and we're both working hard for a nest egg to substitute in lieu of SS.  If there's anything left in SS then, it'll be a pleasant surprise. 

BTW, from what I read, it's not that the SS checks are shrinking, it's that there won't be a COLA for two years. 

There is a difference...

[makattak]

Wife #2 and I have decided that SS won't really be available for us when that time comes, so I'm busting my butt towards a second retirement, and we're both working hard for a nest egg to substitute in lieu of SS.  If there's anything left in SS then, it'll be a pleasant surprise. 

BTW, from what I read, it's not that the SS checks are shrinking, it's that there won't be a COLA for two years. 

There is a difference...

Yep. But the media, I mean, the Democrats, will portray cutting the growth of a government program as a cut. Ergo, the Democrats just presided over a cut to social security.

[buzz_knox]

Yep. But the media, I mean, the Democrats, will portray cutting the growth of a government program as a cut. Ergo, the Democrats just presided over a cut to social security.

The Dems/media have always stated that reducing growth was a cut, unless it served their purposes to state otherwise (i.e. "we're not cutting the military, we are just reducing the growth to what it was 20 years ago").

This time, they will have to take tactic 2:  it's a cut, but Bush made us do it.

[longeyes]

No COLA, just hypertrophic grown in spending everywhere else...

Re building "nest-eggs"... What makes you think you will able to create your own private retirement plan?  That suggests individual responsibility and private ownership of your wealth.  Haven't you heard that such ideas are "unfair?"  You mean you want to be better-off than other people?  Naw, can't happen in the New America.  Think ahead.  We've already had ideas about nationalizing all 401K plans and converting them to gov't-backed annuities.

[Desertdog]

Wife #2 and I have decided that SS won't really be available for us when that time comes, so I'm busting my butt towards a second retirement, and we're both working hard for a nest egg to substitute in lieu of SS.

A suggestion, buy gold and keep it in a safe deposit box.  If we go into a depression, the gold can buy the same amount as it would have in inflation.

[makattak]

A suggestion, buy SOME gold and keep it in a safe deposit box.  If we go into a depression, the gold can buy the same amount as it would have in inflation.

Fixed that for you.

Don't put all your eggs in one basket. Hedge your bets. Insert other folksy wisdom here.


Effectively: Yes, it's good to have a plan for the WORST of the worst. It's foolish to make that your only plan, though. Diversification mitigates risk.

[Headless Thompson Gunner]

A suggestion, buy gold and keep it in a safe deposit box.  If we go into a depression, the gold can buy the same amount as it would have in inflation.

Better hope they don't outlaw buying, selling, and owning gold in the next depression the way they did in the last depression.

[longeyes]

Gold, we've been told, is a barbarous relic.

Of course so is the U.S. Constitution.

I have this on good authority.

[Zardozimo Oprah Bannedalas]

Better hope they don't outlaw buying, selling, and owning gold in the next depression the way they did in the last depression.

They'd probably just institute price controls, to deal with those evil profiteers.

[buzz_knox]

They'd probably just institute price controls, to deal with those evil profiteers.

Actually, given that they are openly discussing nationalizing 401(k)s, I think they'd simply go with the confiscation.