Just When You Think You've Planned
Imagine my expression when NPR ran an update on the new timeline for Social Security and Medicare (to a lesser extent) to be depleted if nothing is done soon. NPR Social Security and Medicare Benefits. Well, benefits greatly reduced at minimum with no action.
That throws one more curve ball in my and all current or soon retirees, plans. I guess we've all been hearing this, but now new dates are in play. I guess there's not much we can do but advocate that Congress puts forward a solution and the president signs. I will feel doubly cheated-my husband worked and payed in since he was 15, and so have I. He never got to use a penny of his, and I'll switch to my own when I turn 67 (or at whatever age they end up pushing back).
We never have counted on a hefty SS benefit so have squirrelled away as much as possible for the past 25 years in our deferred 401k. We added to the Roth account when we could. I wish we had done more, but we've enjoyed life too with incredible family and couple trips. We got our kids through college. We paid off our house. I guess I'm positioned as well as most that retired early before me.
I'll follow the news and AARP email updates. I might get details wrong, but now that it's close, I'm invested in there being a solution.
Edit: This was not intended to provoke debate on the merits of one news source over another, or who leans left, right, or stays in the center. I called out the NPR story because that's where I heard the information. I think we all can agree that when you've worked hard for a long time and think you've earned a return to support your retirement, any story in the news about Social Security is going to awaken interest. We're all grown ups and can and should look for a variety of sources to fill in our knowledge gap, even if that source leans left, right, or stays in the center. Interesting, if people think NPR is left leaning biased, then surely an equal number feel Fox is as far biased to the right in the same extents. This was posted by Fox Business, the same information.
The talk to raise retirement age has been on the table for a long time now. I guess we will wait and see what happens and when.
ReplyDeleteEveryone needs to read this article!!! NPR is a credible source that doesn't inflect political bias. VOTE CAREFULLY!!!!
ReplyDeleteFrom your article:
The Biden administration has pledged not to touch Social Security benefits.
"Seniors spent a lifetime working to earn the benefits they receive," Treasury Secretary Janet Yellen, who leads the trustees, said in a statement. "We are committed to steps that would protect and strengthen these programs that Americans rely on for a secure retirement."
Congressional Democrats have proposed higher taxes on the wealthy to support Social Security. Congressional Republicans have balked at that, instead calling for reducing the benefit formula and raising the retirement age for younger workers.
".......NPR is a credible source that doesn't inflect political bias." ROTFL............... NPR's own senior editor says it has lost the public's trust because they are so left leaning in their coverage and 'news'.
DeleteEvery where, every person, every media outlet has bias of some sort. This particular article states quotes and past responses to the SS situation. I'm never opposed to good dialogue and different opinions so I rarely delete comments but it would be appreciated if those who contradict/ argue with another commenters thoughts that a name is attached.
DeleteDear Anonymous, as Sam said, own your comment. Don't hide behind untruthful statements. NPR writes stories from fact. You can find this fact in discussions of Congress floor debates. If you consider it Left-leaning, that doesn't make it less factual it simply makes it a fact you don't like.
DeleteLikely, if the retirement age is raised, it will be for those who are still a ways away from retirement, not those that are near it. The news that SS will be depleted soon has been going on for years and years. Oh, and here's my name attached to my opinion - NPR is NOT unbiased, LOL.
ReplyDeleteBeen the talk for years and years. All we can do is be as prepared as possible and hope for the best.
ReplyDeleteThe social security systems in the UK and the US are so radically different that I cannot usefully comment - it’s another learning curve and I am sorry you have to
ReplyDeletedo it .
Siobhan x
I commented a few days ago about your dryer vent and didn't realize until just now that it came up as "anonymous". I just got a new laptop and I guess I have to re-sign into google and whatnot. I am NOT the anonymous comment above, however (hopefully I've fixed it). We're monthly contributors to NPR!
ReplyDeleteWell geeze, mention a news source, any source, about anything, and someone always blows up. So I'm counting on Social security. I have pension and savings, but I'll need the SS when I get older. Medicare is the reason I've waited until 65. I expect Congress will eventually fix it.
ReplyDeleteI was fortunate and retired age 60 but my sister in law had to wait till she was 67.. so it happens in the US too.
ReplyDeleteI heard this when my Dad was retiring 37 yrs ago. We didn't plant to use SS but do since we do have a mortgage on our forever home, wheel chair accessible and wheel chair bathroom.
ReplyDeleteIt's so disheartening to hear some of the talk about social security. I hate it when it is said to be an entitlement. No, it's not. It's something we've paid for. If they don't want to continue to pay it out, then they should just give us back everything we've contributed into it!
ReplyDelete