TELECOM Digest OnLine - Sorted: Re: Norvergence W-2

Re: Norvergence W-2
26 Jan 2005 11:59:17 -0800

> [TELECOM Digest Editor's Note: Lisa, are you one of those people still
> laboring under the delusion that Social Security is still going to be
> around and financially healthy when these younger guys start retiring
> in 2050 and 2060? Bush, in a rare moment of honesty, has already
> started breaking the news to us: Make your own plans for the future.
> PAT]

Several comments:

1) Social security was never meant to be a total pension, but rather a
supplement so a senior at least had something coming in. In most
cases, it wouldn't be enough for anyone to live on.

I'm nervous for the baby boomers who will retire with little savings
or pensions and debt. One still has to pay rent, eat, get around, pay
for health care, have some entertainment.

2) The NYT Magazine just had a major article discussing the SS issue.
They felt things are much healthier than suggested. At present, the
fund takes in more from taxes than it pays out, and they suggest that
will continue for some time. Once that ends, the surplus Trust Fund
can last for a very long time (remember, taxes are still coming in).
The article isn't hot reading, but I recommend it.

They do agree some tightening is in order, such as raising the tax
threshhold (so more taxes come in) or raising the retirement age
(which in effect lowers benefits).

I am not thrilled about Bush's plan to allow stock market investments
as a alternative.

What really concerns about about the future is the continuing
skyrocketing cost of healthcare. Seniors need lots of expensive care
-- where will that money come from, especially as people live longer?
What about the rest of us?

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