Gen X vs Baby Boomers?

[Dave Schwartz]

http://www.foxnews.com/story/0,2933,93337,00.html

Are they out to get us?

[kitts]

The guy sounds a bit testy, don't you think? And baby boomers are years younger than I so I am tickled to get everything I can, especially when it is funded by others. <g>

[sq764]

You know, I am 30 and its a little depressing to think that when I hit retirement age, its likely that there will be no social security left for us.

I don't think its the fact that I won't get any that bothers me. Its the fact that by then, I will have been paying social security taxes for about 45 years for others.

If 401K plans disappear, we are royally screwed.

[BillW]

Originally posted by sq764
You know, I am 30 and its a little depressing to think that when I hit retirement age, its likely that there will be no social security left for us.

I don't think its the fact that I won't get any that bothers me. Its the fact that by then, I will have been paying social security taxes for about 45 years for others.

If 401K plans disappear, we are royally screwed.

sq,

Actually the ones that are screwed are the ones that believed the government was going to take care of them via Social Security. Beside being a pyramid scheme, that is doomed to fail, it leads the naive to believe that they don't have to take responsibility for their own retirement (even people of the boomer generation who will receive benefits ... my father worked 40 years to collect $1200/Mo ... hard to live on.

Take the initiative and learn a bit about investing and map out a plan. You'd be surprised what $100/Mo. will net you at the end of 35/40 years if put into a mutual fund portfolio.

I would love to see social security go (and I am 48 ... closer to collecting that not). And a system that doesn't assume the American worker is an idiot and can't take care of him/herself be put in its place.

A little education pays big dividends.

Bill

[Tom]

Originally posted by sq764
You know, I am 30 and its a little depressing to think that when I hit retirement age, its likely that there will be no social security left for us.

I don't think its the fact that I won't get any that bothers me. Its the fact that by then, I will have been paying social security taxes for about 45 years for others.

If 401K plans disappear, we are royally screwed.

If I knew then what I know now, I would have NEVER gotten into a 401K plan. You are at the mercy of your employer-who is only looking out for his short-term interests, not your retiremement. They will move your 401K plan to whoever suits their current needs with no concern for you at all. Kick-backs, sevret incentives, who knows? You have no say where your plan gets sent and if you are not happy with the new admistrator,, you have no options other than quit to get your mony rolled out.
401K's suck.

[Tom]

...with all the retirement funds literally wiped out by greedy corpoate scum bags like Enron.....just how many of these maggots have ended up in jail? Real jail? Just where is the american justice system on this issue?
These corporate geeks need to be doing hard time as bubbas in real prison. with real axe-muderers and father-rapers.
Won't happen.