Osama bin Laden is dead

[wombat2u2004]

SS - retirement - my reward for having worked for 45 years and never having collected anything other than 1 week of unemployment the whole time. Yes - I did have to retire on disability 2 years before what I normally would have at 65, but since I was under 65 I could not get Medicare and I did have to pay for my own private healthcare insurance to the tune of over $500 each month, or do without. At least I qualified for SS tho. Medicare kicked in when I turned 65, but between that and my supplemental health insurance, I still pay about $250 each month out of that big SS check. And I don't even carry prescription coverage, which is more big bucks than I care to dish out, but I take next to no meds - fortunately!

Yeah. Well I suppose one of the big problems is how the country is going to sustain an ageing population. I believe people of our age group are sort of at the crossroads. I assume the USA and Australia are sort of similar in the way things are run, and how they can approach a problem like this.
Compulsory superannuation was introduced here in Australia about 18 years ago, before that, some people had superannuation, but most didn't, because most people believed that when they reached 65 for men or 60 for women, they would get their old aged pension. It's always been that way, so you can't blame people for not providing for their own retirement. Yes, they thought as you do, you work hard all of your life, and you pay into the system, and in turn the system will provide for you when you retire, and that is fair enough.
Why I believe we are at a crossroad, is because everyone now is providing for their own retirement, so the direction has changed, and now the question is.... why they should subsidise someone elses retirement ? ie: The aged population.
I believe that aged and disability pensions should continue to be paid as they always have. There should be no cuts, and the sum of money payable should be adjusted regularly to account for changes in the CPI and inflation etc, so that those people receiving such pensions, can live comfortably. (That happens here in Australia.) And that the govt. shouldn't even consider reducing the lifestyle of those folks.
I also believe that people who have superannuation be allowed a part pension to "make up" any shortfall, so that they would receive the sum equal to the aged pension. (That also happens here in Australia)
And I also believe that the people who disagree with this should take a real long look at themselves, and start to realise a few truths.

[Bonny]

Yeah. Well I suppose one of the big problems is how the country is going to sustain an ageing population. I believe people of our age group are sort of at the crossroads. I assume the USA and Australia are sort of similar in the way things are run, and how they can approach a problem like this.
Compulsory superannuation was introduced here in Australia about 18 years ago, before that, some people had superannuation, but most didn't, because most people believed that when they reached 65 for men or 60 for women, they would get their old aged pension. It's always been that way, so you can't blame people for not providing for their own retirement. Yes, they thought as you do, you work hard all of your life, and you pay into the system, and in turn the system will provide for you when you retire, and that is fair enough.
Why I believe we are at a crossroad, is because everyone now is providing for their own retirement, so the direction has changed, and now the question is.... why they should subsidise someone elses retirement ? ie: The aged population.
I believe that aged and disability pensions should continue to be paid as they always have. There should be no cuts, and the sum of money payable should be adjusted regularly to account for changes in the CPI and inflation etc, so that those people receiving such pensions, can live comfortably. (That happens here in Australia.) And that the govt. shouldn't even consider reducing the lifestyle of those folks.
I also believe that people who have superannuation be allowed a part pension to "make up" any shortfall, so that they would receive the sum equal to the aged pension. (That also happens here in Australia)
And I also believe that the people who disagree with this should take a real long look at themselves, and start to realise a few truths.

Well Said! Wombat

A lot of people in the U.S. live beyond their means & the rest of us end up paying for it. Not everyone is collecting S.S. & a lot of so called baby boomers are out their trying to help the so called X generation from going under. They put in a lot of hours volunteering in schools, rest homes, hospitals, etc., but I guess that doesn't count? We are just a bunch of leeches sucking THEIR got to have it now system dry.

[pomtzu]

Wom - SS recipients here have not had a cost of living raise in 2 years. The powers that be decided that inflation wasn't all that bad , and we didn't need any raise. Oh yeah - let's see the powers that be, try to live on what I do each month!
I wish I had the benefit of a 401K retirement plan all the years I worked, but I didn't. It wasn't until about 10 years before I retired, that the company I had been with already for over 10 years, implemented one. I paid in the max allowable that was met by company funds, but 10 years didn't amount to much. Had I had such a plan all my working years, I would have had a nice nest egg. Again - too little/too late.

[momoffuzzyfaces]

I worked for over 25 years and paid into social security all that time. I don't feel a bit guilty over drawing it now. I did have a bit of a retirement fund, unfortunately, I had to live on it while I went from doctor to doctor while the government decided on my disability.

Believe me it is no fun living solely on disability. I'd go back to work in a second if I could.

All I can say is for all of you lucky enough to still work, save every cent you can and buy your own home. When you get on limited income there is no money for rent or mortgauge payments. At least not on my budget.

I'm sure all us oldsters will die as soon as we possibly can and get out of the way.

[wombat2u2004]

All I can say is for all of you lucky enough to still work, save every cent you can and buy your own home.

And that's the trick....get a home of your own and OWN IT.
There are way too many people out there with mortgages so high that you couldn't jump over it.
Some people don't think, they go and buy a house on the hill, complete with the encyclopedia set, the completed rockery and the china ducks on the wall, only to find out that they are going to struggle struggle struggle for the rest of their lives.
Ya gotta get a house that you can afford comfortably and then buy the other stuff when you can afford it.
I built my first house when I was an apprentice carpenter, and had no carpet in it for 3 years.....living on a concrete floor is not bad when you know you own every square inch of it.

[wombat2u2004]

Wom - SS recipients here have not had a cost of living raise in 2 years. The powers that be decided that inflation wasn't all that bad , and we didn't need any raise.

Well that isn't fair. Payments should be adjusted in line with inflation and the cost of living every six months. It should be done automatically.
Our CPI rates are worked out quarterly, and pensions are adjusted automatically every 6 months.
Pension payment adjustments should not need the approval of some govt lackey every time the cost of living goes up...it has to be linked to index figures.
You will see from the following chart how these index figures change...

http://www.ato.gov.au/taxprofessiona...81&mfp=001/005

[Lady's Human]

Well that isn't fair. Payments should be adjusted in line with inflation and the cost of living every six months. It should be done automatically.
Our CPI rates are worked out quarterly, and pensions are adjusted automatically every 6 months.
Pension payment adjustments should not need the approval of some govt lackey every time the cost of living goes up...it has to be linked to index figures.
You will see from the following chart how these index figures change...

COLAs (Cost of Living adjustments) are automatic. However, because of the formula used by the United States in computing the COLAs, there have been no COLAs for two years for either Federal employees or SS recipients. IIRC, food and fuel are not included in the COLA calulations, yielding an actual drop in the cost of living.

To steal a line from someone, there are lies, damned lies, and statistics. COLA calculation in the US fall into the third category.

[wombat2u2004]

COLAs (Cost of Living adjustments) are automatic. However, because of the formula used by the United States in computing the COLAs, there have been no COLAs for two years for either Federal employees or SS recipients. IIRC, food and fuel are not included in the COLA calulations, yielding an actual drop in the cost of living.

To steal a line from someone, there are lies, damned lies, and statistics. COLA calculation in the US fall into the third category.

Then if they don't include those items like food and fuel, then the cost of living calculations are wrong......so how the hell do they get away with this ??
And how the hell can the public know what the TRUE inflation figures are ??? And therefore the true state of the economy ???
Ours include everything.........
Food
Alcohol and tobacco
Clothing and footwear
Housing
Household contents and services
Health
Transportation
Communication
Recreation
Education
Financial and insurance services

[Karen]

As someone who is sandwiched between the baby boomers and generation X-ers, I have been told since I was a kid that give the economics, not to count on Social Security existing by the time I am able to retire. I fully expect to be working until I am at least 80. I started paying into the system when I began working at 17, but have never regarded it is something I can count on.

Am I glad it exists for those who need it? Of course! That's entirely separate from expecting it to be available for me.

[wombat2u2004]

As someone who is sandwiched between the baby boomers and generation X-ers, I have been told since I was a kid that give the economics, not to count on Social Security existing by the time I am able to retire. I fully expect to be working until I am at least 80. I started paying into the system when I began working at 17, but have never regarded it is something I can count on.

Am I glad it exists for those who need it? Of course! That's entirely separate from expecting it to be available for me.

But wouldn't it be nice to know that if your circumstances changed for the worse, that there would be a safety net for you ???

[Lady's Human]

Well Said! Wombat

A lot of people in the U.S. live beyond their means & the rest of us end up paying for it. Not everyone is collecting S.S. & a lot of so called baby boomers are out their trying to help the so called X generation from going under. They put in a lot of hours volunteering in schools, rest homes, hospitals, etc., but I guess that doesn't count? We are just a bunch of leeches sucking THEIR got to have it now system dry.

Volunteering in schools? How? Thanks to the liability scares pushed on the schools by the baby boomer's lawyers, the schools won't take volunteers, because to volunteer you have to pay $$$ to have a complete background check run, and the school is held liable for anything that happens while the volunteers are there. I've been trying to volunteer to help in the schools, and I cannot due to liabilty concerns.

Most of my generation doesn't expect one dime from SS, not because of greed, but because of the greed of groups like AARP who would rather see insolvency for the government rather than cut into their piece of the pie.

[Bonny]

Volunteering in schools? How? Thanks to the liability scares pushed on the schools by the baby boomer's lawyers, the schools won't take volunteers, because to volunteer you have to pay $$$ to have a complete background check run, and the school is held liable for anything that happens while the volunteers are there. I've been trying to volunteer to help in the schools, and I cannot due to liabilty concerns.

Most of my generation doesn't expect one dime from SS, not because of greed, but because of the greed of groups like AARP who would rather see insolvency for the government rather than cut into their piece of the pie.

You are a tax payer. That is your school. You should be able to volunteer in a building you are paying for with your tax dollars.

We have a special volunteer group in our area & fill out forms before we volunteer & they do the back ground check & we are insured through them & don't have to pay a dime towards the insurance. We fill out time sheets to count the number of people served.

I never thought the generation I am a part of would ever get to see S.S. either. It was threatened to go defunct when I was a teenager. I still pay into to S.S. along with medicare in my part-time job. I plan on working till I drop dead so I guess I shouldn't be to much of a burden to our society.

I was a stay at home mom so didn't build up much in the way of anything so would be considered a codependent person living off of my husbands retirement. If he passes before I do his pension would cease then I would have live off of his life insurance, 401-k,& hopefully get to stay on our little farm. I would not want to be a burden to anyone in our society so hopefully I can stay healthy. If I should die before hubby well then he would have to find himself another sweet heart to keep him company.

As far as AARP goes they are a ripe off.

[wombat2u2004]

If I should die before hubby well then he would have to find himself another sweet heart to keep him company.

No worries mate.....I can help him find someone else.
I'll just take him on a holiday to the Phillipines, plenty of sweethearts there to choose from.
And Bonny, no need to thank me. I'd do the same for any of my mates.

[Edwina's Secretary]

I was a stay at home mom so didn't build up much in the way of anything so would be considered a codependent person living off of my husbands retirement. If he passes before I do his pension would cease...

Sorry to bring up facts again but...if your husband has a pension and dies before you the only way his pension would cease is if you sign papers agreeing to such an arrangement. If he dies before he begins to collect his pension it is assumed he selected (and you agreed to) a survivor benefit.

This is the law - ERISA. It was written to protect spouses. It was lobbied for and written by...Baby Boomers/wicked lawyers/AARP/Congress. Before all these evil people passed this law it was not uncommon for husbands to select the maximum pension payout - with no survivor benefits. Many a widow was shocked to find she had no income after the death of her husband.

As they say - there are facts, damn facts and inconvenient facts!

[Bonny]

Sorry to bring up facts again but...if your husband has a pension and dies before you the only way his pension would cease is if you sign papers agreeing to such an arrangement. If he dies before he begins to collect his pension it is assumed he selected (and you agreed to) a survivor benefit.

This is the law - ERISA. It was written to protect spouses. It was lobbied for and written by...Baby Boomers/wicked lawyers/AARP/Congress. Before all these evil people passed this law it was not uncommon for husbands to select the maximum pension payout - with no survivor benefits. Many a widow was shocked to find she had no income after the death of her husband.

As they say - there are facts, damn facts and inconvenient facts!

Hubby selected maximum pension & there are no survivor benefits. That is why there is the life insurance & 401 K. I don't recall signing any papers with the union or company it was decision he had to make at the time of retirement.

Now I have to keep him alive & well for a long long time.