Stage may be set for cut to Social Security benefits.
If you are 40 or younger and going to be forced to depend on Social Security benefits for retirement, you are gonna be completely fucked. Don’t let any pundit tell you differently. They are wrong. Social Security basically won’t exist for you.
Same for Medicare.
The problems aren’t insoluble. They are easy to fix, actually, requiring very little change or sacrifice.
But they won’t be fixed. Society is going completely the opposite direction and climate change will only exacerbate this trend with its slow then sudden decimation of productivity and previous arrangements.
So what should people younger than 40 do? Social Security taxes are based on the understanding that current taxes from working people fund retirees and that future workers will fund Social Security.
It simply isn’t feasible to forgo as much income in Social Security taxes if none that money will be there because in basic annuity speak a dollar today is worth more than a dollar in the future. Most people can easily spend that 7.5 or 15% today.
This rhetoric has been around for twenty plus years and it’s never ever suggested that people ever do anything besides invest in the stock market. Are you a Helaine Olsen fan? She suggests the biggest factor in your retirement is how well the stock market does in the 10 years before your retirement. :/
If you don’t have enough money to retire without Social Security, attempt to emigrate to Australia or New Zealand or a similar country unlikely to have huge refugee problems.
Failing that, you are probably out of luck.
Hard times ahead with climate change and resultant regional destabilizations. No way for most to avoid that.