You know, it is no surprise that the Baby Boomers contributed MORE to Social Security and have taken less than any other generation. We are barely getting to the age where we can collect! But now it is almost gone!
Now, just take a moment, sip a cup of coffee or tea, and think about this. Most of us here are of the Baby Boom generation. Most of our grandparents didn’t contribute much to Social Security, but got some after 65. Most of our parents contributed to Social Security, but not nearly as much as we did and our payments are supporting them.
The Baby Boom generation has been followed from the beginning. The politicians knew we were going to get old someday and that most of us would need Social Security for our retirement—FACT. But basic math seems to elude our politicians in both parties.
BUT, I do resent being made to feel like I am a moocher, an entitlement brat sucking off the government teat. I paid Social Security all of my life! My employers paid their share for me! No choice—we paid!
Plus, I don’t think that people realize that once you are disabled or retired that you MUST continue (It is simply deducted from your Social Security check.) to pay for Medicare. Medicare only covers 80% of part B medical expenses. And there is the donut hole for medical prescriptions which is about an additional $2,500 a year. Plus, you are almost (may be) required to carry some kind of Medicare Supplement.
That average $12,000 a year EARNED RETIREMENT BENEFIT just went down to about $7,000 a year to live on. Hmmmm, about $550 a month IF you averaged $30,000 a year all of your life–Under 30 y.o. and over 50 y.o. and you made it to 65 without becoming disabled by accident, health, or service to your Country.
And now you are probably at poverty level and Medicaid (Medical Assistance) kicks in to help out with home care and/or nursing home assistance. I don’t know the laws in other states, but if you own a home in Minnesota and use Medical Assistance at any time after the age of 55, that home will be CONFISCATED by the County when you die or go into a nursing home.
ENTITLEMENT???? NO! PONZI SCHEME? Maybe. RIP OFF, YES!!!
Just My Humble Opinion.