Reply to High earners/savers: How do you feel about social security?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We are high income and I think we should pay a social security tax on ALL of our earnings, plus have a cap.

Why? I'm from a lower middle class background and have many elderly relatives who only have social security to support them on old age.[/quote]

So why don't you help them personally if you feel the need?

I came from LMC/MC background and somehow my parents managed to save for retirement.  They lived frugally and kept a budget and got a 2nd job if needed.  But they now have a decent retirement.

Just don't get how you can expect to only live on SS in retirement.  It was never intended for that.  It's SUPPLEMENTAL, not "your only retirement plan"[/quote]

It's not always that simple.  DP - for my MIL she always worked minimum wage jobs, and at one point for a husband/ex husband who never paid into the system for her.  She simply didn't know better.  She had my husband young, barely got a high school diploma and struggled with good choices (she was a lovely person who I loved deeply).  She got early onset dementia (as in her 60's) and we helped what we could but we didn't have a high income, special needs child and other issues.  We were struggling ourselves.  We eventually figured it out, moved her to us, I couldn't work to care for her and the kids (my income wasn't high enough) and eventually it got bad enough the only option was long-term care medicaid.

Many people live paycheck to paycheck and cannot save.  My MIL had almost nothing materially and didn't eat well/proper nutrition to save money.  I had to go out and buy her all the basics when she came to us.  She never had more than a few outfits.[/quote]

But you see my parents were living paycheck to paycheck as well.  Neither had a college degree.  Mom was SAHP until kids hit MS and they realized they needed to beef up retirement and help with college for us (at that point we got mega FA and my first 4 years total to school was about $6-8K total, I had to pay half and take max student loans in addition and pay all my fun money as well).  
We lived thru the employed parent being laid off every 18-24 months for much of my life at home.  So any savings were often partially depleted during that time as unemployment isn't enough.  However, its easier when you chose to live well below your means---I was embarrassed to have friends over, never had AC until I went to college and beyond (we lived in areas that were hot and high humidiyt--most people had ac), our cars never had AC (ever!), we grew a garden to supply much of our food and only ate what we could afford otherwise (hello rice and beans for 2-3 meals per week).  My mom made most of my clothing up to Middle school age from cheap material.  
So my parents made choices to live very basic so they could survive.  Once we went to college and beyond, they both worked, sometime 2nd jobs, to save enough for retirement.  But never changed their lifestyle until retirement when they finally had enough to spend.

SO it is about choices.  Most people are not willing to sacrifice. They expect others to help them rather than helping themselves
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