The Future Is Now
I hope you’ve got your stock portfolio in order and are following the recommendations on your 401(k), because if you’ve been counting on Social Security, you can stop now. Those of us twenty years or more from retirement who are paying in to the system cannot expect this program to survive long enough to see any of it back. Does that mean we’ll stop paying? Of course not. This is, essentially, an unfunded pension plan, and the money has to come from somewhere, and it surely won’t come from spending cuts on other programs, like going to war in Iraq. Bush’s stated position is an empty promise. Australia’s superannuation fund is likewise unfunded, but at least it’s also invested, so in a strong market there’s a chance for it to pay for itself. Not that it does.