Auto manufacturers often offer special financing to drive up sales.
The chart was more to show to those complaining about sky high interest rates
that, while interest rates are up a few points but comparing historically,
they really have been much worse.
Average New Car Interest Rates
Month Commercial Banks Finance Companies
Aug 2023 7.88% N/A
May 2023 7.81% 6.60%
Feb 2023 7.48% 6.41%
Nov 2022 6.55% 6.07%
Aug 2022 5.5% 5.47%
May 2022 4.85% 4.98%
Feb 2022 4.55% 4.41%
Nov 2021 4.67% 4.37%
Aug...
Yep,, that's the reality we live in. In one case we pay into SS and pass or if we didn't and could save that amount, in either case someone else gets those funds.
"Ponzi scheme" That's a talking point if I ever heard one. lol
Their are to many people on SS for that to ever happen.
They may reduce funding at some point but in all likely hood, as politicians typically do, they'll wait until the very last moment to resolve it.
I've not run the numbers based on what I paid in, but I would be surprised if that were the case as
I've been on SS for 24 years.
The other problem is that the vast majority of people would not invest those funds.
While that is technically true, SS tracks every penny one pays in during their working career and your monthly earning are based off of what you paid in.
As far as SS failing, I don't see that ever happening.
I also know people that their only source of income is Social Security, and yes. many of those have a rough time.
As I mentioned earlier in this thread, my late wife and I each put 16% out of every check into 401K's and that plus some lucky investing worked out very well for us. I retired at...
Well, I said the same thing when I worked. I never thought there would be SS for when I retired.
I've been living off "your" money for the past 24 years:clap::like::rock:
Many don't earn enough to save for retirement and live paycheck to paycheck.
Many others that can save for retirement don't and will pay the price when
they wake up and find they have nothing, or very little saved for retirement.
The latter, I don't feel sorry for.
My wife and I did the...