alt Hacker NewsI've known I can't really rely on Social Security to exist when I retire, in any notable form, but man, this is so dark. And it's just a start.
(Edit: I'm not certain either way! But it seems like too great a risk to rely on. And the prognosis seems not great! I have heard for decades needs serious help, and nothing seems to change. More broadly, with a few exceptions, I've seen overwhelmingly obstructionism and destruction of America in lifetime.)
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Honestly, the reporting has looked the same around this since the 1980s. I've read books from them referencing how Social Security was going to be bankrupt by the 90s, or the 2000s. The fact is that older people vote way more than younger people, so it stays funded; we will at worst pay for some of it out of income taxes.
It's much worse than that.
Governments, when faced with shortfalls in the government pension, will absolutely nationalize your 401k or IRA.
YOU, while attempting to responsibly take care of yourself, will absolutely be a piggybank to be raided. This has happened in numerous countries.
You wouldn't want to be selfish, would you? Sure, you forgo the midlife crisis sports car in favor of the Toyota Corolla you've been driving for years, but that's just tough. Shoulda lived for the now.
This isn’t what my financial advisor told me and I doubt many others would, either.
Social Security is almost certainly going to exist in some form. The question is how much retirees will get from it and how that compares to the cost of living.
Excessive cynicism is often dangerous because it converts the mundanely pleasant reality into an enthralling doom and gloom scenario.
Of course, I’m not really saying that everyone in America is going to have a wonderful retirement. But if you’re like the other software engineers on this forum and you’re maxing out your 401k and have a mortgage, you’re almost certainly going to have a pretty enviable retirement.