Retirement thoughts Past Present Future

   / Retirement thoughts Past Present Future #2,121  
While the declining working population is the root SS problem the current wage inflation should bring in more SS and Medicare tax receipts I expect cutting SS benefits to catch a lot of attention until the last baby boomer is dead.


The declining working population is a worldwide problem, not just for the USA.

I am coming up to 79 so an old fuddy-duddy that knows nothing. When I was young the best thing that could be said of someone was "he is a good worker". That applied to both blue and white collars.

Now, across the world, it seems that those in white collar jobs (who we all need to keep the world rolling) do not actually go into their workplace so a lot of governmental departments have ground to a halt. In the blue collar industries there are so many on long-term sick leave that their industries have the same problem. Medics are so afraid of litigation that they dare not call out those who simply do not want to work.

Retirement age is far too low in many occupations, but trying to correct that gives rise to what is happening in France at present.

I do not have the answer as to how to fix it. I suspect there is not one, and those of us who live after, will have to adjust to the anarchy of the useless .
 
   / Retirement thoughts Past Present Future
  • Thread Starter
#2,122  
Driver’s license rules change at 71

Kentucky is starting a visual screening process when you go in to renew your license as a senior. Actually they use the same equipment when you go to get your driver license when you're 16, 17 or whatever. A driver with impired vision kill the brother of an Opthamologist and that led to steps in Frankfort. This case got me interested in full Self-driving technology.
 
   / Retirement thoughts Past Present Future #2,123  
I will always say if a driver needs self driving technology there's an issue beyond the vehicle's ability to provide that technology.
 
   / Retirement thoughts Past Present Future #2,124  
Please be aware I am not saying veterans compensation and social security payments are remotely the same

What caught my attention was the billions that could be cut out of the USA budget by means testing VA compensation.

There is already SS means testing when it comes to taxing SS benefits. SS is lower hanging fruit and Saving the SS fund is a hot subject today..

While the declining working population is the root SS problem the current wage inflation should bring in more SS and Medicare tax receipts I expect cutting SS benefits to catch a lot of attention until the last baby boomer is dead.

I expect there is not much I can do to stop strong efforts to reduce SS and Medicare expenses at the Federal level.

My developing view is to expect less from SS and Medicare going forward due means testing. The assets of babyboomers are too large to escape attention.

SS is also highly effected by the stagnation of wages over the last fifty years, vs the inflation rate over those same years. If wages were keeping pace with the inflation rates we would have a whole lot less of a problem. Your contribution is based on what you earn, and the benefits paid are adjusted for the inflation. Real wages have not kept up. Thus the SS fund is shrinking in an inverse proportion to the inflation.
 
   / Retirement thoughts Past Present Future
  • Thread Starter
#2,125  
I will always say if a driver needs self driving technology there's an issue beyond the vehicle's ability to provide that technology.
Do you think your views may be age related?

Will you share your personal experience with self-driving technology?

Are you going to stop driving when you start meeting cars without steering wheels?
 
   / Retirement thoughts Past Present Future #2,126  
Do you think your views may be age related?

Will you share your personal experience with self-driving technology?

Are you going to stop driving when you start meeting cars without steering wheels?
My views are reality related.

I have no experience with self-driving technology for the reason I stated above.

I am going to stop driving when I need a vehicle without a steering wheel.
 
   / Retirement thoughts Past Present Future #2,127  
The declining working population is a worldwide problem, not just for the USA.

I am coming up to 79 so an old fuddy-duddy that knows nothing. When I was young the best thing that could be said of someone was "he is a good worker". That applied to both blue and white collars.

Now, across the world, it seems that those in white collar jobs (who we all need to keep the world rolling) do not actually go into their workplace so a lot of governmental departments have ground to a halt. In the blue collar industries there are so many on long-term sick leave that their industries have the same problem. Medics are so afraid of litigation that they dare not call out those who simply do not want to work.

Retirement age is far too low in many occupations, but trying to correct that gives rise to what is happening in France at present.

I do not have the answer as to how to fix it. I suspect there is not one, and those of us who live after, will have to adjust to the anarchy of the useless .
Governmental departments have ground to a halt because congress has not increased funding to keep up with inflation, and doesn’t remove missions from the agencies to correspond with the loss of funding. If you cut the effective budget, you need to cut the mandated tasks. Any successful business man knows that. And, the Congress has imposed so many idiotic security safeguards on teh agencies, that it is nearly impossible to function.

the private sector leveraged new and more effective methods to increase the productivity of their workers, and decreased staff accordingly. The idiot posse which is Congress decided they should decrees government staffing to keep pace. Well you can’t run the organization without the technical expertise so you eliminate things like clerical staff, mechanics, and facilities maintenance workers.

I am an Engineer. Yes I can file my own documents, service my own truck, and fix a broken toilet or window. But, having worked in both the private and public sector, I know that there is no way any engineering firm I worked for would let me do any of that, and that they either have people on staff or vendors who do it. They most certainly don’t have senior engineers with a billing rate of around $150 to $200 per hour, playing around washing thier own vehicles. It wouldn’t fly at any of the construction companies I’ve worked for either.

The output of most government agencies stayed constant or even increased when they began working from home. Despite what some people are telling you, the backlogs existed for all of the agencies before covid, they will exist after covid, and the cause has nothing to covid, and remote work. It is 99% caused by the inability of Congress to even begin to understand what missions the agencies have been tasked with, and decide to reduce the task load when they reduce funding.

Most people don’t understand that everything the government does was requested/demanded by someone at some time. And that trying to cut back service just becasue Congress didn’t give an agency enough money to perform them. Try not doing something which is legally mandated. Some interested party will take the agency to court and win a settlement forcing the payment of damages, and requiring that the task gets done. Which becomes a priority, until the next interested party sues because the agency is no longer doing their pet thing, and another judge changes the rules.

Congress needs to take a hard look at everything they have mandated agencies do, and other fund it, or remove the mandate requiring it be done. Failing to do that means they are failing in their mandate to help govern the nation, and should be sent packing.
 
   / Retirement thoughts Past Present Future #2,128  
Speaking of social security it always was you worked, paid into it and received it when retiring. My wife (51 yrs. this year) both started working as young teens paying all those years but receive a pittance because it's taxed so heavily...basically it pays Medicare. The young generation doesn't want to work therefore not paying into the system. Just yesterday I was talking with a good friend, university math professor. For example his first class of the day is a liberal arts business math class, variety of (great to me) figuring discount percentages, investments, statistics, etc. He has 25 students, class starts at 8am. He said he shows up a few minutes early and 8 students were there. An hour later others (but not all) show up and he said he's going to start locking the door at 8! Then during class he's teaching and everyone is on their phone or laptop texting. Then he hands out a test. Most students got a zero! Not an F, they just turned it in blank!
There's no work ethic...parents pay then they make a youtube video or some internet potential money making scheme.
It's sad and SS is doomed without young working. My friend worked his way through college and universities 4 jobs...slept 4 hours a night.
 
   / Retirement thoughts Past Present Future #2,129  
The average age of US workers has only increased by about 2 years in the past 20 years. Figuring in that a gradual phase in of increasing the retirement from age from 65 to 67 is just about finishing now, one could pretty confidently say:

THE AGE OF THE AVERAGE WORKER IN THE US HAS NOT CHANGED IN PROPORTION TO THE RETIREMENT AGE.

 
   / Retirement thoughts Past Present Future
  • Thread Starter
#2,130  
SS is also highly effected by the stagnation of wages over the last fifty years, vs the inflation rate over those same years. If wages were keeping pace with the inflation rates we would have a whole lot less of a problem. Your contribution is based on what you earn, and the benefits paid are adjusted for the inflation. Real wages have not kept up. Thus the SS fund is shrinking in an inverse proportion to the inflation.
JnF your last sentence finally clicked. I have been drawing for two years since I decided to sign up at age 70 to get the 32% annual SS bonus for as long as I stay alive. During that time my monthly check has increased 15% due to inflation but when I am required to sign up for Medicare that will eat up SS inflation gains. Thanks for the information that you posted.
 
 
Top