Which is why we're saying we have to get a handle on our debt. Otherwise programs like Social Security and Medicare will collapse too. There isn't an endless supply of money and sooner or later the debt has to be paid. We were already paying over $300 billion in interest but with inflation causing a rise in interest rates we're now paying almost a $trillion dollars a year. And our government keeps growing the deficit rather than reining spending in. Not going to end well.
Greece
- Thread starter Brownslave688
- Start date
In the case of Greece a lot of it was money that went to Greece that was then funnelled for a 3rd bailout for french and German banks
Usa should cut down on empire
Has nothing to do with the U.S. And the money was given to French and German banks to bail them out of the loans Greece reneged on. Banks don't exist to just hand out money until they run out and fold up. Greece borrowed money they had no way to pay back and now their citizens have suffered for it.
actually thats what they did in america - they did short term fraud and profits that follows and then went bankrupt. and it spread to europe as well.
no they needed to be bailed out but they could not legally do it besides funnelling it through greece.
Absolutely 100% false. Greece funded extremely generous benefits for their citizens by borrowing huge amounts of money. The banks that loaned them the money were in danger of collapsing because Greece reneged on paying. There's no free lunch Ricky. Those funds loaned represent the savings of millions of people. Greece was put on an austerity plan and their people complained bitterly but it's their fault that it happened.
Sounds like social security
Except our payroll taxes and the company match pay about 78% of benefits. Greece went to town with lavish benefits on borrowed money with no way to pay for it.
We also pay out benefits of people that don't deserve them
That's the biggest problem with social security
It's also another positive scheme if you made $50,000 a year and I made $150,000 a year I'd get maybe a couple hundred dollars more or more than you would after paying triple with taxes
I'm pretty certain when my older brother takes SS next year when he turns 65 he'll get considerably more than what I got at 62 as he has made anywhere from $60k to $80k the last 20 years. The maximum SS monthly payment is currently $4873 so I'm pretty sure guys making $100k a year are going to at least double what I'm getting which is $1671 at 62.
When I looked last year I'm asking social security payment for agr 62 is around $2,500 and for age 70 was $4,500
Oh to be you! When are you taking it?
Thebrownblob
Well-Known Member
Tomorrow
I'm not old enough yet but I have not made up my mind
But I do know those extra years of working overtime did pay off
All you fellows not taking SS on principle can sign it over to me. I won't fight it.
The thing about all that hard work getting you higher pay. With your SS plus your pension plus what you could save should get you close to replacing your pay. Once I turn 67 my pension will be $117 a month plus whatever SS is at that point. My dad is giving my sister his home and vehicles while my 3 other siblings and I split whatever cash is left. Which looks like could be an inheritance of less than $10k. On the plus side I'm living rent and utilities free so should get some savings together.
You forgot 401k and Roth IRA
The 'magic number' to retire comfortably hits a new all-time high
Americans say they need more money than ever in order to be able to retire comfortably as chronic inflation continues to erode their purchasing power.
Thebrownblob
Well-Known Member
The good news just keeps on comingThe 'magic number' to retire comfortably hits a new all-time high
Americans say they need more money than ever in order to be able to retire comfortably as chronic inflation continues to erode their purchasing power.www.foxbusiness.com
"Plus what you could save."
