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New Social Security bill
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<blockquote data-quote="bacha29" data-source="post: 3967108" data-attributes="member: 58386"><p>As has been mentioned earlier SS is a forced retirement savings plan. Some of you want to abolish the program but those who do have not offered an alternative forced savings plan. Why is that of upmost importance? You don't know how long you can work. You don't know how much money you'll earn. You don't know if there will be lapses in employment and earnings due to no fault of your own . The days of working 40 years for one company with no layoffs, plant closures no long term sickness or injury are over. SS today is only meant to provide one third of the average retirees income needs. That means that in addition to funding the other two thirds yourself you'll also have to find a way to fund the income loss resulting from an abolished Social Security. It was once stated that a person would have to have a savings portfolio of at least 1 million dollars to have any hope of having a modest retirement. That number has long since gone away with the new savings goal in the 2 million range. One of the reasons for the uptick is inflation and the rising costs of healthcare which is projected to increase by an average of 5.5% annually for decades to come.</p></blockquote><p></p>
[QUOTE="bacha29, post: 3967108, member: 58386"] As has been mentioned earlier SS is a forced retirement savings plan. Some of you want to abolish the program but those who do have not offered an alternative forced savings plan. Why is that of upmost importance? You don't know how long you can work. You don't know how much money you'll earn. You don't know if there will be lapses in employment and earnings due to no fault of your own . The days of working 40 years for one company with no layoffs, plant closures no long term sickness or injury are over. SS today is only meant to provide one third of the average retirees income needs. That means that in addition to funding the other two thirds yourself you'll also have to find a way to fund the income loss resulting from an abolished Social Security. It was once stated that a person would have to have a savings portfolio of at least 1 million dollars to have any hope of having a modest retirement. That number has long since gone away with the new savings goal in the 2 million range. One of the reasons for the uptick is inflation and the rising costs of healthcare which is projected to increase by an average of 5.5% annually for decades to come. [/QUOTE]
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