Tuesday, March 26, 2019

KEEP WORKING! Millions On Social Security Are Depending On You!

I came across this article today. Again with the 4% rule!

I am beginning to think that this stuff is Socialist Insecurity ponzi scheme propaganda. Again and again articles and videos about retirement beat the 4% dead horse, telling everyone that they must stack up millions in liquid assets in order to be able to retire.

This article even literally says right in it, "Why not work longer so you can enjoy life more?"

Exactly what I think the point of all of this stuff is: work longer.

Why?

So you can continue to fund the worker-to-retiree transfer scheme that is Socialist Insecurity.

The gray wave is well underway here in the U.S., and the boomers are moving into retirement. Meanwhile, if you look at your Socialist Insecurity statement, it says this on it, in bold:
"Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2034, the payroll taxes collected will be enough to pay only about 77 percent of scheduled benefits."
(For instructions on accessing your own Socialist Insecurity statement, click here.)

That's fifteen years from now. Only fifteen years.

If you pay attention to the retirement topic articles that are out there, the other common theme you've probably noticed is "Americans don't have enough saved for retirement." Again, that's largely the boomers.

Right now about 10,000 of them are turning 65 every day, and that will continue for eleven more years. Four years after that, the last of them will be around 69 years old, with lots of life expectancy left to go...

Put this all together, and it looks an awful lot like propaganda aimed at a) keeping you focused on one "rule" that b) demands that you keep working in pursuit of it, so that c) you'll keep pouring money into a destined-to-fail system during the years that the boomers need it.

The possibility of Gen X and later generations pursuing early retirement, a transition from living on wage income that is hit with FICA taxes to savings or passive sources that are not, would be an absolute disaster for the boomers.

With $500k, I could create an aggregate passive income stream of about $42k per year, tomorrow, through a combination of debt elimination and building on existing passive income investments I already have, which would at the same time leave me with a basic annual household budget of about $6k per year. I think I can hack it on a $36k/year discretionary spending budget, especially since what I've built is designed to increase on its own over time.

To accomplish the same thing with the 4% rule, I'd have to amass $1.3 million....

They want you to keep paying into this broken, failing system just long enough for them to squeeze every drop of blood out of it that they can before the whole thing collapses. They want the decades of living it up that they feel they're entitled to, but did not earn, and they want all of us, the younger generations, to pay for it.

The Socialist Insecurity system is funded through work, so they want you convinced that you must keep working for decades.

Prediction: at some point in the future, we'll start to see proposals pop up to expand Socialist Insecurity taxes to forms of income other than wages.

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