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W. Michael (Mike) Chris
HouseNspect - Saint George, UT
The HouseNspect Guy

Ouch, been seeing this coming for a long time and I'm in this group. Thanks for the link.

Feb 08, 2011 04:35 AM #1
Dennis Duvernay Broker/Owner
Hillview Realty - Northbridge, MA

Skip...5 + years to go....not much bright news in that article...those are 16 items to cause depression in everyone.

Feb 08, 2011 04:40 AM #2
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY

Hi Skip~  It is not jaw dropping really.  We have been warned about this for many years.  It is no secret that retirement benefits from the government will not be there for most baby boomers.  Most have not planned properly for their retirement mostly because they could barely scrape by making ends meet on a daily basis and had to live paycheck to paycheck.  I have a feeling most of us will not be able to retire as we know it.  Working the rest of our lives will be a reality. 

Feb 08, 2011 04:47 AM #3
Mary Stewart
HomeTrust Real Estate, LLC, Homes for Everyone - Wilsonville, OR
Wilsonville and Surrounding Portland Metro Areas

Hi Skip,  We have been told for a long time that we are going to be in trouble money wise with social security, especially for the baby boomers.  The Social Security Act was established in 1935 and was "a system of old-age benefits for workers, benefits for victims of industrial accidents, unemployment insurance, aid for dependent mothers and children, the blind and the physically handicapped."  Before the 1930s, support for the elderly was a matter of local, state and family rather than a Federal concern (except for Veteran's pensions).  

They made the age you could receive it to be 65 and in those years the age of 65 was "old" and lots of people died then or before (my opinion).  Now, of course people live longer, and more and more people collect social security, sometimes even if you have not paid in very long.  The government has done a poor job of being the "steward" of the SS funds and now there are mainly a lot of IOUs I believe.  I am glad it is there, but Washington needs to figure a lot of things out.  I plan on being here at least another 40 years, God willing, and that puts me over the 100 year mark, bet I don't see it being solvent in my lifetime, let along having my children see it.

If you want to read about the Social Security Act of 1935 go to there is lots of interesting information as to how it originated.

Thank you for the Post.

Feb 08, 2011 08:38 AM #4
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