A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance.
I believe in the United States of America as a government of the people, by the people, for the people; whose just powers are derived from the consent of the governed; a democracy in a republic; a sovereign nation of many sovereign states; a perfect union, one and inseparable; established upon those principles of freedom, equality, justice, and humanity for which American patriots sacrificed their lives and fortunes.
I therefore believe it is my duty to my country to love it; to support its constitution; to obey its laws; to respect its flag; and to defend it against all enemies.
Unless you have a government backed pension, forget about retiring. People less than 30-40 years old are going to have to pay for their parents/grand parents retirement (via their pensions and social security): while also trying to save for their own retirement (with no pensions or social security for themselves).
Did anyone retire before there were Roth IRAs, IRAs, 401ks or any numberof the investments we have now? Maybe the irresponsible generation was the one that came up with social security. People rely on too much.
“Maybe the irresponsible generation was the one that came up with social security.”
I think they knew exactly what they were doing. The first people to get SS-checks didn’t contribute a dime into the system. Eventually, someone has to pay: and guess who that is? (hint: people currently less than 30-40 years old).
“Many Americans” means anyone who is not in the top 2% and has not received the advantages on the Republican gravy train since 1980. Their taxes have been reduced from Reagan and Bush tax cuts. Their income has risen through large pay increases from the corporations they control. They have access to many financial advantages only available to people with large amounts of money to invest.
What specific financial advantages do you think the 98% of Americans are unable to take advantage of? I can think of tseveral things the top 2% CAN’T do: 1. Saver’s credit 2. Earned income credit 3 Most likely the inability to avoid AMT 4. The inability to take a child tax credit 5 Can’t avoid paying income tax on US saving bond interest used for college 6 no student loan interest deduction.
Wow.. you mean “If it feels good, do it!” isn’t a motto of responsibility?
I was born in the 70’s and I have to say when I look back on the 60’s in particular, I’m not surprised we’re in the mess we’re in. The WWII generation (A.K.A. “The Greatest generation”) begot what could be the most selfish generation in the history of mankind. The generation late lived for the moment and expected (and still expects) everyone else to foot the bill for them!