In response to:

Social Security Cliff in Sight

Grandpa/Hank Wrote: Jan 18, 2013 11:04 AM
I am 63 and plan to work until I am 67 or maybe even until I am 70. I have also saved a significant amount for retirement. I will be OK, However, it's really quite sad, in this past election the majority of those that are nearing or already on SS voted for the man who at least indicated that he would do something to resolve the problems with SS. Unfortunately, those who are years from receiving any benefits voted for the status quo. To those foolish enough to vote for the status quo, Please do not point at me or my generation and suggest that we were to greedy to think of your future. You had the chance and blew it. Good Luck!
Desert Denizen Wrote: Jan 19, 2013 12:24 AM
It is nice that you have saved some of your own money for retirement, but as they say, "You didn't earn that." Nancy Pelosi has already mooted that we need some kind of a wealth tax (see France). I am really afraid that as the politicians get desperate, they will see that money sitting in the 401k plans and IRAs and tell us, "The tax deferment is over, we want it now!" Politicians are not entirely stupid, they will do what is necessary to win the next election. The populace has become accustomed to "free" stuff. They will riot if they think that will be taken away from them (see Greece). Good Luck with that!

In response to my post Making Social Security Actuarially Sound in a Business-Friendly Manner I have been exchanging emails and phone conversations with Jed Graham at Investor's Business Daily.

Jed thinks benefit cuts will happen, and I agree. However, Social Security cuts are considered the "third rail" in politics.

If you are not familiar with the term, it means anyone espousing cuts cannot be elected.

Retirees Will Outlive Trust Fund

Graham's current position on the viability of Social...