Thursday, March 10, 2011

Stressing the Teat

Government payouts (handouts, as we say in Greentown)including Social Security, Medicare and unemployment insurance—make up more than a third of total wages and salaries of the U.S. population, a record figure that will only increase if action isn’t taken before the majority of Baby Boomers enter retirement.

One third?

This isn't sustainable. The previous generation that retired at 65 have received ridiculously high returns on their social security taxes. Good for them. But it's a different world now.

How about this... When I retire I'll let the federal government keep half, maybe even two thirds of my social security payout, if they will let me work and make as much as I want and pay no income taxes on income less than $100k. Without taxes, two days of work will provide the income of three day's work.

See, I'd work a couple days per week, part time, and stay in touch with my friends... (probably healthier than sitting in my La-Z-Boy watching TV). Through my employer I'd have insurance to supplement medicare... I'd be making and spending money supporting our economy... I could even continue to save and invest. It's a win-win. With my lifestyle I would do great! I'd take that option and be happy.

The Federal government needs to come up with options and alternatives to social security and medicare. It's not greedy to expect a return on the Social Security promise, but Social Security became welfare a long time ago, and not every retiree needs welfare.

Let the uber-wealthy retire and be happy with the millions they've saved and invested... I'll be happy with my thousands if Uncle Sam will just work with me.



Grammy said...

Well, can earn $20,000 without penalty! That'll do ya, right? I wouldn't put Social Security in the handout since you don't get it if you didn't pay into it, although it is true that we have to wait and hope like dogs for the government to send us checks, so in that sense it's a handout. Our neighbors are in a financial mess because they've always worked at their own business on the sly as far as taxes were concerned and now their Social Security is pretty much non-existent.

SkyePuppy said...


Re your neighbors: Cheaters never prosper! Sometimes non-cheaters don't prosper either, but at least we have a fighting chance.

Malott said...


20,000 plus social security would be more than plenty. I cook my own meals and do not suffer from wanderlust like some.


I have friends that never saved or invested a dime... But I'm sure they will get full social security benefits when the government deems me too wealthy.