View Single Post
  #4 (permalink)  
Old 05-01-2020, 10:18 AM
AZRWinger AZRWinger is online now
Conservative Sage
 
Join Date: Mar 2010
Location: Scottsdale, AZ
Posts: 18,895
Thanks: 12,383
Thanked 13,360 Times in 7,784 Posts
Send a message via ICQ to AZRWinger
Default Re: Why do so many assume that retirement means settling for less income?

To the extent people develop a financial plan for their retirement at all the projections for full income replacement require far too much sacrifice from current income. They are apt to view the goal as impossible and so discard the entire exercise of retirement planning. I want to retire early becomes I'll work til I drop.

Social Security was sold as a base income to keep old people out of poverty. At the time it was implemented average life expectancy was around 62 with pension benefits beginning at age 65. Of course if you died before collecting your pension the beneficiary was the Federal government.

In our advanced modern age life expectancy has increased while the minimum age for pension benefits has declined. Even more significant is the belief that the Federal government is obligated to provide you with the income to support the lifestyle of your choosing in retirement. If SS alone is insufficient to do this, it's not your fault you have been "left behind" by a society run by the greedy rich. You are a hapless victim.
__________________
If Democrats were confident their nominee actually received more than 80 million votes they wouldn't have more troops occupying Washington, DC than Lincoln had defending the city during the Civil War. Not Joe Biden, Kim Jung Biden.
Reply With Quote
The Following User Says Thank You to AZRWinger For This Useful Post: