Many Americans are not ready, or at all prepared for retirement according to news reports and findings by financial institutions. I would venture to say that there should be no surprise in this at all. Thanks to financial institutions going under and folks suddenly losing their 401(K’s) and Mutual Funds etc.
The housing crisis also was a factor in all this. As people realized that the entire financial system of The United States was apparently coming un-glued, the first thing they did was clear out the 401(K) account as well as any other retirement plans they had. It was a good thing too, because I can tell you horror stories of people who lost thousands thanks to an obvious government failure. The return of stability of their funds is a slow progress, but many are realizing that it’s too late for any real recovery. They look to their senior years understanding that like their parents, they are not prepared for retirement.
Now Conservative Republicans are angry, because so many people will be dependant on entitlements when their retirement years are upon them. But you see folks, that is the problem. The perception that entitlements are some form of welfare and that people are criminalized because they collect Social Security and Medicare. Entitlements are not Welfare. They are not Food Stamps, they are not Medicaid, or free clinics, or free food programs funded by State and Federal Government. They are just what it says they are ENTITLEMENTS! You Are Entitled To Social Security and Medicare. Just because the Federal Government, namely Congress, scuttled your money is not just cause for Congress to take your Social Security away from you. That is your money, you payed for it in FICA taxes. Therefore you are Entitled !!!!! to Social security and Medicare. Do not let Congress redefine entitlements.
But that does not negate from the fact that all too many of us are not going to be prepared for retirement. But, if the Government had done what it should have done in the first place, 401 (K’s) Mutual Funds and other pension plans would have been insured and protected. But they allowed Big Business to do whatever it wanted to. Barney Frank and Chris Dodd drafted stupid real estate legislation, which caused the housing market to flounder. And guess what? Both Dodd and Frank have retired and are making millions on the speaking circuit, and you, me, Ma, Pa, and Sally too, sit here realizing that our retirement years will not be what we had been preparing for.
So the articles that we are seeing, where it seems that the powers that be will gradually blame all of the retirees for the mess that the Government and Wall Street caused in the first place, will end with phrases like “Is it my fault that YOU were not prepared for retirement”? Is it my fault you can’t afford medical care? etc; etc;.
My answer to such allegations is YES IT IS!
Do not allow Congress to redefine the definition of the word Entitlement!
That’s my point of view, and as usual I look forward to your comments on the issues of the day.
Have a good one and of course……..God Bless America!