The hyper-rich are leaving the merely rich behind!

Parent Cafe
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<p>“Boy, our kids are going to be incredibly mad at us some day.”
Just leave them some good real estate and they’ll get over it. I still curse my mom for not biting the bullet and buying a place in Key West back in the 80’s. Instead she rented.</p>

82

<p>“Boy, our kids are going to be incredibly mad at us some day.”</p>

<p>Some of us already are… (love you all though!). IMO, it started with this nonsense of “borrowing” against SS and never paying it back… SS is, in theory, a great system, just one which worked well when about half of the people died before really collecting. It was a type of insurance against getting old and living a long time beyond retirement. Life expectancy was about 65… most people didn’t think they would live beyond 70, so they only had to cover themselves for a few years beyond retirement. Now the life expectancy is about 10-15 years beyond retirement, with many people living into their 90s. So instead of paying into the system for 40 years and collecting for about 5, people are paying in for 40 (at the most - more education = less working years before 65) and taking out for 20. That doesn’t work. So many people live well beyond retirement that there is no risk-spreading anymore. The system just needs to change to a retirement fund, not the insurance pool it is. </p>

<p>Rant over. :)</p>

83

<p>Dstark, our economy was sputtering, is now maybe not sputtering in some ways (job growth is still poor) and you think it’s time to raise taxes? We will be right back into a deep recession.</p>

<p>As for farm subsidies, talk to the Dems. Who are making N. Cal farmers a special interest group? Norcal Dem senators and congressmen.</p>

84

<p>Zagat, we are going to raise taxes. We can raise them now, or raise them more later. You can’t collect 16% of the GDP and spend 19% with the baby boomers aging.</p>

<p>Dems are bad too.</p>

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<p>The Country has many problems, I don’t think more taxes are the answer. Let’s start with letting us self direct our retirement funds.</p>

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<p>I do self-direct my retirement fund!! :)</p>

<p>I’ve never counted on SS benefits, mostly because I live in a high-cost place and intend to live better than SS level in retirement. Many of us have self-insured our retirements. </p>

<p>I probably qualify as “rich”-- rich enough to not qualify for Fin Aid, but not rich enough to feel no tuition pain. I would be disappointed not to have my SS income in retirement, but I would give it up to save the system for the very poor who really need it.</p>

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<p>I’d like to see the end of corporate pensions deductions that can blow up, and SS deduction in the hands on every individual. Investing isn’t rocket science, everyone can invest in a conservative Fedility fund and be more secure in the future.</p>

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<p>Well, since the subject has shifted to SS, did anyone see this article, from a highly disreputable national paper? Looks like trouble, if true. I’ll bet it wasn’t in the Bush-bashing section (Page A1-A3).</p>

<p><a href=“http://www.nytimes.com/2005/06/07/business/07immigrant.html?ei=5090&en=575cf82043beb6b8&ex=1275796800&adxnnl=1&partner=rssuserland&emc=rss&adxnnlx=1118268471-bqW4R5/nVNAhtcCyzuzDiA&pagewanted=print[/url]”>http://www.nytimes.com/2005/06/07/business/07immigrant.html?ei=5090&en=575cf82043beb6b8&ex=1275796800&adxnnl=1&partner=rssuserland&emc=rss&adxnnlx=1118268471-bqW4R5/nVNAhtcCyzuzDiA&pagewanted=print&lt;/a&gt;&lt;/p&gt;