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Old 09-29-2019   #17
RObert Budding
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RObert Budding is offline
Join Date: Oct 2004
Location: Arlington, Massachusetts
Posts: 1,404
Quote:
Originally Posted by Ronald M View Post
Does this tell you to forget pensions and control your own money. Social Security in USA is the worlds largest Ponzi scheme. My General Motors Pension was turned over to Prudential before bankruptcy. Retired 15 years now and have not tapped 401K.
If you are dependent on some company or union or government making retirement possible, you are just not reasonable.
Go back to what President Regan said, government is not the solution, government is the problem.
No, Social Security is not a Ponzi scheme. It's a transfer from today's workers to retirees. And, no, the system will not be bankrupt when the surplus from prior years is consumed. Worse case would be a 20% drop in benefits.
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