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View Diary: A chastened AARP fights Social Security, Medicare, Medicaid cuts (80 comments)

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  •  I am close to receiving Social Security benefits (1+ / 0-)
    Recommended by:
    antirove

    And, I think they need to be "restrained".
    How about we take the current COLA and subtract 10 basis points? Forever.
    A small slice each year.
    Gives us decades to shift to a defined contribution plan without "hurting" current retirees [a lot].

    Defined benefit plans with COLAs are sustainable and we need to admit it.

    •  Defined contribution plans don't look so good (1+ / 0-)
      Recommended by:
      Brooke In Seattle

      in a weak economy, especially one where we've seen some fairly harsh hits on IRA, 401(k) and 403(b) accounts.  In the 1980's and 1990's we clamored for defined contribution plans since we all thought that having our accounts invested in Wall Street funds would earn 8% to 30% every year for the rest of our working lives.  That plus home ownership with values that could only go up were our tickets to a golden age retirement, maybe early retirement.  Many believed they'd have high 6 figure balances at retirement time, plus a paid off $500,000 home, if not more.  A defined benefit plan looks good and secure when you can't earn any real interest on your savings, tax deferred or otherwise.

      When life gives you wingnuts, make wingnut butter!

      by antirove on Mon Nov 19, 2012 at 06:57:31 PM PST

      [ Parent ]

    •  bad idea (0+ / 0-)

      All that is needed in social security is to remove the salary cap.

      "The real wealth of a nation consists of the contributions of its people and nature." -- Rianne Eisler

      by noofsh on Mon Nov 19, 2012 at 07:45:33 PM PST

      [ Parent ]

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