I don't really see a difference. I would say it's not an investment, which people don't seem to get.
The S&P just had it's best May since 2003
- Thread starter dorndawg
- Start date
Right - a pension plan (or investment) is yours (or your estate's). An insurance policy (generally) is not.
Did you all know that Barbara Bel Geddes was only nine years old when Larry Hagman was born, and Jim Davis was 22 years old when Larry Hagman was born? That means Mrs. Ellie was nine years old and Jock was 22 when JR was born. Just adding my point of view on the matter.
It's because I had money parked in cash. You all owe me.***The stock market isn't the economy etc etc, and yet this run is pretty remarkable. Bulldogs hitting retirement this year looking pretty, pretty good.
Recent S&P returns:
1 year: 25%
5 year: 84%
Stock market today: Stocks cap another winning month, S&P 500 logs best May since 2003
Investors waited for the release of the Fed's preferred inflation data, seen as a potential turning point for a market gripped by rate-cut jitters.finance.yahoo.com
I usually get hammered for suggesting people read, but this is a good one on the topic for those interested...
So what ? We entered into a contract with our government that if we paid an amount that the government stipulated for the time they stipulated we would get we would receive these benefits. We didn't set the price and we couldn't opt out but yet you are implying we did something wrong. So are we wrong now to expect the government to hold up their end of the contract that they made and forced us into ? I don't get what you're trying to say.
It's so odd to me when people act like The Government is some other, independent entity. In America, it's literally... just us. We can make it do whatever we collectively want.
They were the generation that was caught between the 40 years a gold watch and a pension generation and a the 401k or you're screwed generation. A lot of boomers had to get very thrifty from their 40's up when they realized that SS was a joke and they had to offset by leveraging every retirement investment possible. Kind of a crappy learning experience if you ask me.
I've known since I started work that it was my 401k and me. If SS is around when I retire, I'll consider it a miracle. I'm not saying that I know I'll have enough to retire when I want, but that I've done everything I can to prepare for me being responsible for my own retirement.
Well, I could post data the suggests that the economy is largely decoupled from the party in power, but we don't like information much. I do think that if we had an adult in office for the COVID response, we would be in better shape than we are now.
I hear so much variation on "if SS is around". If it were to default, the American dollars backed by the same Full Faith And Credit in your 401k etc are also taking a BEATING. Sure, it may be adjusted in ways we don't like, but it's either going to be around, or none of us are retiring.
There just isn't a scenario where SS goes away and our other retirement vehicles are status quo.
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I don't mean completely disappear, but contribute in a meaningful way to my retirement needs is a better statement.
The disability and survivors part is something like an insurance policy. The retirement benefits nothing but a welfare program.
There's no contract. Just a promise.
When a Boomer contends they paid for the benefits they are now receiving, they are not making a true statement. Due to demographics, they paid into the system when the cost was cheap, and now are receiving benefits when the cost is high. Part of the bill was passed to the next generations.
Yea, two working spouses get screwed compared to couples with one working spouse, and especially compared to earners that have more than one non-working spouse or ex spouse taking spousal benefits.
Well thats bonkers. Thanks for learning me something today.
I told my wife that about ten years out from retirement age I was going to divorce her and marry somebody younger to maximize the amount of benefits we get back from social security, and she was completely illogical about it. I guess she's librul and just is fine with both of us getting screwed by the government on SS.**
Certainly correct that there are going to be some painful adjustments everywhere when we are forced to acknowledge reality, but SS won't default. It will just payout what money comes in. If it ever does less than that, it will be because congress passes a law to change the benefit formula. Most likely we will get some combination of cuts in other programs. Whether that is better or worse for the other investments in my 401k will depend on what investments are in there at the time and probably be pretty unpredictable regardless.
But none of that will deal with the full faith and credit unless we stupidly and insanely decide to default on bond obligations rather than cut benefit payments (which as a population we are probably stupid enough to do but not guaranteed to do it).
We played by the rules and lived up to our end of the deal and expect the government to live up to theirs. Playing with semantics as you're doing won't changed the facts. I still have no idea what we (boomers) should have done or could do now about the situation. It appears to be that your beef should be with the government, not the people that simply did what they were told.
I wish there was a way to give like half a like. The equivalent of when you wave with just the index finger, don’t even add a head knod.
Ok, Boomer.
Dude, I'm telling you all you have to do. Just don't claim you paid for it.
It’s really hard for me to take anything seriously if it’s coming from someone with “hodl” in their name.
Sigh.
The S&P500 and the global money supply both increase with a growing economy.
Correlation is not causation.
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