S. salar,

It started before the Boomers. The "Greatest Generation" was in charge when SS and Medicare began, and they conveniently taxed themselves at such low rates that the vast preponderance of what they've drawn on has been paid for by Boomers. The average member of the GG, if they lived to collect SS, got everything they paid in plus interest in a little over a year, and definitely less than two years of retirement. Yet they believe they have not lived in retirement on the dole. My mother, an 87 year old member of the GG, and a bookkeeper by trade, when presented with the data, doesn't believe it, and like most, insist that they are just receiving in SS what they contributed plus interest. Is it any wonder SS is on the brink and so touch and go for us Boomers, who began retiring 3 years ago?

As one of the Boomer exceptions who is analytical by nature, I readily admit that the Boomers, instead of launching and creating the Age of Aquarius, instead took our parent generation's example, and have magnified it. We have known for slightly more than 30 years about the SS and related problems and collectively have chosen to essentially ignore it, and exacerbate it.

I'm looking to retire in less than 3 years, and SS would be a little more than a third of my retirement income. But if the US is to attain fiscal solvency, it will necessarily become less, which does lead to some problems, but starvation won't be one of them. I anticipate the turnaround to come when a majority of the Boomers discover than a significant reduction in their SS benefits is a better alternative than running it over the edge and losing even more.

What's this thread about?

Sg