UAW and Stellantis Reach Tentative Agreement

[NightFog]

That’s why planning and being as well-prepared as possible for retirement is important. I’ve been doing it since I started working when I was 16.

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 same. We each put 16% out of each check in a 401k and had company matching on the first 6%.
Even with that, I still basically only use Social Security to live on..
The savings from the 401K, now an IRA, are used for things like my Gladiator and Jeep grand cherokee. None of which are necessary.

Many are just not that fortunate.

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[Deleted member 57233]

Tell that to the millions on Social Security where the average monthly benefit is around $1800 per month.

Damn, $1800 to do nothing? That's even worse than these bumper installers asking for a raise! ?

 

[NightFog]

Damn, $1800 to do nothing? That's even worse than these bumper installers asking for a raise! ?

Really, those people doing nothing paid into Social Security their whole working career.
They're getting their own money back.

 

[Deleted member 57233]

Really, those people doing nothing paid into Social Security their whole working career.
They're getting their own money back.

No, they are getting our money back. They didn't pay anywhere near $1800 a month their whole career. There won't be any social security left after the boomers drain it, which is ~10 years from now.

 

[sharpsicle]

No, they are getting our money back. They didn't pay anywhere near $1800 a month their whole career. There won't be any social security left after the boomers drain it, which is ~10 years from now.

This is what most people don't understand. Social Security is a program, not a government savings account. You don't have a 'balance'.

And once the program begins to pay out more than it takes in, it fails.

 

[NightFog]

No, they are getting our money back. They didn't pay anywhere near $1800 a month their whole career. There won't be any social security left after the boomers drain it, which is ~10 years from now.

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

 

[Deleted member 57233]

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

I know people that have to live off social security, and that's a rough 24 years. Glad you can make it work!

 

[NightFog]

I know people that have to live off social security, and that's a rough 24 years. Glad you can make it work!

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 52 and my wife a 47.

Many don't have that luxury, as they live paycheck to paycheck.

 

[ErylFlynn]

If you could invest the money instead of pay into SSN, you would end with more money per month than you get paid with SSN. Look up if you are curious who started picking the pocket of the SSN account and moved it into a program and not a savings account so to speak.

 

[NightFog]

This is what most people don't understand. Social Security is a program, not a government savings account. You don't have a 'balance'.

And once the program begins to pay out more than it takes in, it fails.

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.

 

[ErylFlynn]

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.

Fail is relative. SSN is becoming a huge burden, it is a ponzi scheme. You need an increasing population to keep paying in to support it. Or alternatively, a reduction in life span for those pulling from SSN to reduce the burden.

Failure is when the government decides to not fund it anymore and I am not sure they can do that with out too much heat. But as we have seen they just borrow and print more money.

 

[NightFog]

If you could invest the money instead of pay into SSN, you would end with more money per month than you get paid with SSN. Look up if you are curious who started picking the pocket of the SSN account and moved it into a program and not a savings account so to speak.

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.

 

[NightFog]

Fail is relative. SSN is becoming a huge burden, it is a ponzi scheme. You need an increasing population to keep paying in to support it. Or alternatively, a reduction in life span for those pulling from SSN to reduce the burden.

Failure is when the government decides to not fund it anymore and I am not sure they can do that with out too much heat. But as we have seen they just borrow and print more money.

"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.

 

[legacy_etu]

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.

And then there's the opposite side of the discussion: folks who pay in their whole life, finally retire and start collecting, then pass away after a short duration of collecting.

 

[AstroZombie]

Hopefully now I can get the part for my truck that has been sitting for almost a month.

I have been waiting since January!! and they still blame the strike

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