Quote:
Originally Posted by am_vanquish
Regarding people at the lower end of the salary scale ... they don't have to sock away 10-15% of their income. The rest of society is compensating for their inability to save for retirement through Social Security. A person earning 20k when they turn 65 can expect Social Security to cover about 69% of their pre-retirement income. Meanwhile, a person earning 70k will only get about 42% of their pre-retirement income from Social Security. That's just the way Social Security was designed ... for better or for worse!
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SS was designed as a safety net, not a primary income source for retirees. It was also designed at a time when the average lifespan was 62 and the benefits age was set at 65 meaning many people would never live to collect or only collect for a short time.
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Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.
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