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Economy
How to use Social Security to fix retirement inequality
2015-06-01
[Rooters] Americans need bigger retirement nest eggs, there is no doubt about that. More than half of us have saved less than $25,000, according to the Employee Benefit Research Institute.
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Policy experts often point to such figures to underscore the looming retirement security crisis, and proposals have been flying this year from Republicans and Democrats alike for ways to encourage people to sock away more money.

Just one problem: Middle- and lower-income households often do not earn enough to save meaningful amounts due to decades of stagnant wage growth, job insecurity and the rising costs of housing and healthcare.

Only high-income households have managed to build significant savings, and the Center for Retirement Research at Boston College says 52 percent of today's working-age households face the shock of declining living standards in retirement.
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In other words, income inequality is translating into retirement inequality.

Here is a better option: Expand Social Security benefits to help people who need it most.
Here is an even better option: Stay out of my pockets.
Posted by:Besoeker

#9  It's an old tale, but still appropriate.
Posted by: Mullah Richard   2015-06-01 15:25  

#8  I hear cries of MORE, MORE,and think ,WHY ,WHY,
Posted by: Redneck Jim   2015-06-01 10:00  

#7  I worked damn hard for my retirement and contributed to SS steadily for 30-40 years.
Now they give it to illegal aliens and people who haven't contributed a dime.
Next up I suppose they will want to "more equally distribute" my 401k, IRA, and investments. It's not mentioned in the article but I'm sure they're drooling over the prospect. Collectively it's a big pile of money. Just think of the votes it can buy!
Posted by: CrazyFool   2015-06-01 08:36  

#6  The era of "Feeling Good About Yourself" created upon the sacrificial alter of hard work, perseverance, self denial, and thrift. Everyone gets a (faux) gold star.
Posted by: Procopius2k   2015-06-01 08:21  

#5  Glenmore, I'm right there with you. We ate much mac-&-cheese but we always paid our bills, barely. Worked hard saved what we could. Now after a wise/lucky move into computers after Jimmuh tanked the construction industry and carpentry became a non-income endeavor I'm retired and will be able to survive on my savings and SS. There was a lot of sacraficing of luxuries for the last 35 years to allow that.

I'm disgusted by the lack of sacrifice in society today. It is as Insty points out; subsidising the markers of the middle class, houses, phones, cars, college, etc., doesn't make a middle class. That is determined by values of gratification delay, hard work and independence.
Posted by: AlanC   2015-06-01 08:15  

#4  Choices. Consequences. Arrgghhh!!!

As newlyweds, on one barely minimum wage full-time and one part-time income ( a while ago, to be sure) we had a car - older, paid-for and unsured, health insurance - catastrophic only, and still saved money. No tattoos, no tv (never mind cable), no eating out (well, we did go to McDonald's once on their roll back price night), and no bar bills. Now retirement beckons and they who chose differently will make me pay. I feel so used. And foolish.
Posted by: Glenmore   2015-06-01 08:00  

#3  When asked how he felt about swindling people, noted card-sharp Riverboat Slim replied "Suckers aren't supposed to keep money..."
Posted by: M. Murcek   2015-06-01 07:58  

#2  Just one problem: Middle- and lower-income households often do not earn enough to save meaningful amounts due to decades of stagnant wage growth, job insecurity and the rising costs of housing and healthcare.

Caused by government policies, compromised institutions, micro-central management through regulation and earlier attempts at redistribution. So, the clown's solution is - ready - more government. YJCMTSU
Posted by: Procopius2k   2015-06-01 07:34  

#1  Now the late comers to the Ponzi scheme are figuring out that the GIVERnment did not invest their money over the last 30+ years but instead gave it out directly to someone else.

Posted by: Airandee   2015-06-01 06:38  

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