[maggie1]

Originally Posted by JMintzer

Agreed.

One of my daughters works for a non-profit, in DC. Decent salary, but not huge by any means.

When she started, she put 3%/year away for retirement and her company matched it. The next year she upped it to 6% (they matched it, which was their max). Then she went to 10%, so 16%/year in total in her 401k. She was also able to save enough to buy a 1 br condo. She's 32, has over $100K in savings and her pension.

She used to only go to happy hours where they had specials. Same with eating out. They all knew where the bargains were.

She's getting married next month and will rent out her condo (for a profit) as it's a bit small for two people...

Smart lady - you taught her well.

[noslices1]

Originally Posted by Babubhat

Insolvency is irrelevant. Government has unlimited ability to print money.

I think Venezuela did something like that and now a wheelbarrow full of money can buy a loaf of bread. U.S. may become North Venezuela.

[jimbomaybe]

Originally Posted by noslices1

I think Venezuela did something like that and now a wheelbarrow full of money can buy a loaf of bread. U.S. may become North Venezuela.

Reminds me of a guy who told me we could solve all our problems if the government just gave everybody $1,000,000.

[craigrmorrison]

Originally Posted by Michael G.

So, with inflation, we can except another increase on our Social Security, right?

Logic would dictate. However your fate is in the hands of government bureaucrats so do don’t count on it. Remember the increase last year was quite generous in historical terms. I hope for the best

[rsmurano]

People don’t understand inflation. Sure it effects debtors because of higher rates, but it effects everybody by higher prices for everything. What cost $1 yesterday, will be $1.50 or more in a short period of time.
As for working hard, this is only partially correct. I know people who worked hard, made decent money, and had no income saved for retirement. You have to invest part of your money starting at a young age so it has a chance to grow before retiring. Working hard and playing/spending harder won’t work. This is what the millennials are doing today, they have no outlook for the future, thinking the government is going to bail them out

[bowlingal]

Originally Posted by Michael G.

So, with inflation, we can except another increase on our Social Security, right?

you mean expect......not except

[Jsan143]

It should be linked to the 21% Congress and The Senate increases!

[Dantes]

Don’t worry Medicare will go up the same day and take your increase

[Bay Kid]

SS will increase only after all those people we support, not having to work, with free health care, get their fair share.

[OhioBuckeye]

S. S. has to about ran out!

[charlieo1126@gmail.com]

That won’t bother me I only get $128, and yes I’m guilty to adding to this discussion

[toeser]

Originally Posted by Michael G.

So, with inflation, we can except another increase on our Social Security, right?

Yes, but only a fraction of the real inflation rate. The government has rigged the CPI to no longer be an accurate measure of real inflation. The CPI significantly understates the true inflation rate.

[petsetc]

Originally Posted by Babubhat

Insolvency is irrelevant. Government has unlimited ability to print money.

Originally Posted by dewilson58

There's an uneducated statement.

Respectfully, some economists believe it's true, the argument being that if your national debt is in your own currency, than you should be able to do this. Also, that the primary purpose of increasing interest rates and taxation is to control inflation.

Can't provide my source, but I'll bet Google or DuckDuckGo could.

JMHO

[Proveone]

Don't be greedy! Stop driving gas cars and you can blame Putin. You know the "genius" who started the war.

[Sportsguy1]

The U.S. government ‘We have good news and we have bad news for all of you on Social Security. The good news is Your monthly SS benefit will go up $62 a month; the bad news you will pay $48 more a month for your Medicare. Please enjoy your $14 a month raise and don’t spend it all in one place’!