Are Baby Boomers Being Greedy?
International Money Pile in Cash and Coins (Photo credit: epSos.de)
Some of our fellow Baby Boomers are saying we are receiving too much in our retirement checks. We didn’t put the money into the system and do not deserve to be taking it out. Our supposed greed is destroying the system and we should be the ones to take cuts in our retirement check for the purpose of putting the system back into the black.
A disgruntled boomer goes on to say that all during the 1980s we voted for politicians who increased spending at a greater rate than taxes. He goes on to say we knew full well that future generations would have to foot the bill. Today’s Social Security problems are our fault and we must take cuts in our checks so as to put things right.
The claim we did not pay for what we receive or will receive is true. But like any other pension we are getting more than we put in because the entire system was designed not to be an investment but just a re-channeling of money from one group to another.
Comparing Social Security to an investment is dead wrong. If we took our Social Security money and put in to a 401k for 50 years we would have the investment growth on top of our own money we put in. We would probably even have done better than the Social Security disbursement we receive from Uncle Sam. But we can only dream.
I think this gentle is wrong about having to not take full benefits. The Social Security plan was set up to be funded by current payroll deductions and nothing else. Many have made plans and are counting on this money. Those that do not need the money can refuse to take part and can send their money back. But they also deserve it, as it was the promise FDR gave to the nation.
I have to disagree with the gentleman’s opinion that baby boomers are being greedy. We all signed up for a plan and it should be implemented. But for future generations the Social Security plan should be junked and workers should have the option to opt out. It is unsustainable and it had its day and it’s time to start over.
Category: Retirement
