It's just under 2 million, but I'm only 31. Consultants start off with pretty crappy salaries, but I make nearly half (gross) my net worth every year now.
OhIsee, what type of engineering did you do? I studied applied math in an engineering school, never envied the engineers, lol.
Yes, like us. And not concerened about your SS taxes too. At least you shouldn't be.
I designed computers, hardware. ‘Retired’ as a systems architect which most don’t understand the function of. My wife was a software engineer.
I am very happy to let the poor build wealth. Very happy for that to happen.
how is that?
In 50 years $7K is going to have the purchasing power of $700 today. That's less than the current SS pay checks.
reread the post: that rate of growth is inflation-adjusted, which means that the monthly payout is in constant dollars. in the real world, Worker Joe would make a much larger monthly income, but you are right the value of each individual dollar would be less. I kept everything adjusted for inflation in order to make the dollar amounts more easily translatable.
Social Security doesnt need any fixing. State Unions need some fixing though.
It's going bankrupt in the not-too-distant future. It needs fixing.
Just raise the FICA cap for those making over a half million dollars and stop stealing from the fund. Problem solved!
Problem not solved. There is no way that the government would stop stealing from the fund. What's so bad about people taking care of their own retirement?
At the first major catastrophe the retirement fund will be used for something besides retirement.
Problem not solved. There is no way that the government would stop stealing from the fund.
What's so bad about people taking care of their own retirement?
Sure there is, you lock those funds (legislatively) so they cannot be used for other purposes. The suggestion has already been made by a presidential candidate, but the country decided to vote for the guy they would rather have a beer with instead.
You mean as invest in the stock market??? I think we've recently seen that would be unwise. The simple matter is the SS system is extremely efficient and secure, properly maintained their is nothing in the private market that can beat it.
There are other ways to invest besides stock market.
In any case, it's very easy to beat SS, its max return is the return on government bonds, which is pitifully low.
If people want that return themselves, they can invest in bonds by themselves.
Sure there is, you lock those funds (legislatively) so they cannot be used for other purposes. The suggestion has already been made by a presidential candidate, but the country decided to vote for the guy they would rather have a beer with instead.
You mean as invest in the stock market??? I think we've recently seen that would be unwise. The simple matter is the SS system is extremely efficient and secure, properly maintained there is nothing in the private market that can beat it.
Efficient and secure? In what manner? The interest they've gotten on those funds has been terrible, and then they still from it routinely! Besides, people don't have to invest. They could just save it.
People are free already to invest in additional retirement accounts. I see no reason to scrap one of the most efficient and secure methods for providing a safety net for everyone in their retirement, or should they become disabled. All the system needs is some tweaking and locking the funds so they can't be used to offset other government spending and we are good to go!
In a private set up, what happens if people make bad investment decisions, or become disabled and can't work before they have enough returns to support them? Then they are added to the welfare roles. Afraid I just don't see the advantages to a private system.
They can have precisely the same return rate the government has by investing in bonds, except with absolutely no administrative costs at all.
Or, they can choose a riskier option. It's their choice.
I donate most of the money I don't use or just reinvest every year. It hurts seeing basically a negative return rate on my "investment" in SS, when I could help the world a lot more if just given the freedom to do what I want with it.
I don't want nor will I ever need this insurance. SS was never meant to be welfare and I don't want it to change into that. Taking even more of my money and dumping it basically down a bottomless pit is extremely inefficient.
Did you check the return rate on ten year bonds from the US govt? When you adjust it for inflation in normal times, you basically get nothing on your investment.