Social Security – Webman's View

Today, more than 10,000 Baby Boomers will retire. This is going to happen day after day, month after month, year after year until 2030. That is a lot of Boomers on the Beach! Will there be enough adult beverages with little umbrellas available?

The US is about to go through an unprecedented demographic shift with all these boomers entering retirement age. During the first half of this century, the number of senior citizens in the United States is being projected to more than double. Problem is, most of them are not ready to retire as the economic challenges over the last 10-15 years have compromised their ability to retire gracefully and just relax. Take a look at these statistics:

Today there are about 40 million senior citizens in the United States. By 2050 that number is projected to skyrocket to 89 million
According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.
One poll discovered that 26 percent of all Americans in the 46 to 64-year-old age bracket have no personal savings whatsoever.
According to a survey conducted by the Employee Benefit Research Institute, “60 percent of American workers said the total value of their savings and investments is less than $25,000”.
67 percent of all American workers believe that they “are a little or a lot behind schedule on saving for retirement”.
A study conducted by Boston College‘s Center for Retirement Research found that American workers are $6.6 trillion short of what they need to retire comfortably
Overall, the Social Security system is facing a 134 trillion dollar shortfall over the next 75 years.
The U.S. government is facing a total of 222 trillion dollars in unfunded liabilities during the years ahead. Social Security and Medicare make up the bulk of that.

Ouch. This is not the way the boomers envisioned how their retirement would be. Looks like they may still be working well into their golden years – serving those umbrella drinks to the 1% that can actually afford to be on that beach buying $15 drinks 😦

Original article can be found at http://www.zerohedge.com/news/2014-02-11/22-facts-about-coming-us-demographic-shock-wave

Webman

Today I am going a bit off road with the blog. I received this from a friend yesterday and wanted to share with each of you. Hopefully you will find the same inspiration and perspective as I did on how to make politicians accountable – Enjoy and pass it on! You may have already seen this but it is worth seeing again.

Subject: Warren Buffet
Warren Buffett, in a recent interview with CNBC, offers one of the best quotes about the debt ceiling:

“I could end the deficit in 5 minutes,” he told CNBC. “You just pass a law
that says that anytime there is a deficit of more than 3% of GDP, all
sitting members of Congress are ineligible for re-election. The 26th
amendment (granting the right to vote for 18 year-olds) took only 3 months
& 8 days to be ratified! Why? Simple! The people demanded it. That was in
1971…before computers, e-mail, cell phones, etc. Of the 27 amendments to
the Constitution, seven (7) took 1 year or less to become the law of the
land…all because of public pressure.

Warren Buffet is asking each addressee to forward this email to a minimum of
twenty people on their address list; in turn ask each of those to do likewise.
In three days, most people in The United States of America will have the
message. This is one idea that really should be passed around:

*Congressional Reform Act of 2011*

1. No Tenure / No Pension. A Congressman collects a salary while in office and receives no pay when they are out of office.

2. Congress (past, present & future) participates in Social Security. All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system, and Congress participates with the American people. It may not be used for any other purpose.

3. Congress can purchase their own retirement plan, just as all Americans do.

4. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.

5. Congress loses their current health care system and participates in the same health care system as the American people.

6. Congress must equally abide by all laws they impose on the American people.

7. All contracts with past and present Congressmen are void effective 1/1/12. The American people did not make this contract with Congressmen. Congressmen made all these contracts for themselves. Serving in Congress is an honor, not a career. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work.

If each person contacts a minimum of twenty people then it will only take three days for most people (in the U.S.) to receive the message. Maybe it is time.

THIS IS HOW YOU FIX CONGRESS!!!!! If you agree with the above, pass it on.
If not, just delete. You are one of my 20. Please keep it going.

Webman

Share this:

Like this:

Share this:

Like this: