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View Diary: White House: No Medicare age increase, cut Social Security instead (360 comments)

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  •  It was NEVER intended to be sole support (3+ / 0-)
    Recommended by:
    3goldens, Whatithink, musiccitymollie

    Social Security was always considered to be one-third of retirement. You were supposed to have savings of your own (i.e., IRA), plus a pension or defined benefit plan (401(k)) from your employer, and Social Security was a supplement to the rest.

    Unfortunately, pensions have disappeared (does anyone besides public employees get them?). Wall Street has run off with a great deal of the money that was in IRAs and 401(k), and all that's left?

    Social Security. No way in hell should it be cut.

    •  "always" and "IRA" (9+ / 0-)

      in the same sentence is an oxymoron.  You do understand  that for people who are retired or will retire within the next 10 years, an IRA is something very new indeed?  It was never intended to be part of their retirements.

      What WAS supposed to be part of their retirements, was their company pension (which the big corps got the government to assist them in killing), and their (paid for) house,(which the big banks got the government to assist in making worth 30% less).  

      So considering the government collusion in ruining the retirements of nearly everyone over 45, you'd think they'd lay off SS, wouldn't you?

      •  I worked for Social Security (0+ / 0-)

        I just retired -- I chose to switch from the Federal CSRS system to the FERS system so I could get the Federal equivalent to a 401(k). I never had enough money to spare to fund an IRA as well.

        My above statement was what we were taught in counseling we received in preparing for retirement. At that time, no one knew that pensions were going to vanish, the stock market was presumed to be on the increase.

        I'm 56, and in the 1980s all the folks I knew were saying "you've got to have an IRA." So yes the current crop of potential retirees did know about them. But a goodly number of us didn't have the disposable income to fund one.

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