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Retirement Planning: A simple social security solution

Posted May 1, 2008

“I care about our young people, and I wish them great success, because they are our Hope for the Future, and some day, when my generation retires, they will have to pay us trillions of dollars in Social Security.”– Dave Barry

by Robert Ringer

Baltimore – (TFN): Too bad it wasn’t mandatory for every American to watch the segment 60 Minutes recently did on David Walker, Comptroller General of the United States. Walker heads up the Government Accountability Office (GAO), which acts on behalf of taxpayers to assure a nonpartisan, honest assessment of government operations - especially government spending.

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Walker bluntly stated that the most serious threat to the U.S. is not some guy hiding in a cave in Afghanistan or Pakistan, but our own fiscal irresponsibility. You know he’s sincere when he says he has given up on elected officials to take responsible action. He truly believes the very survival of the U.S. is at stake if voters do not demand that their elected officials make some hard choices.

To overly simplify it, the catalyst for our fiscal predicament is the eat-drink-and-be-merry bunch affectionately referred to as “baby boomers.” If you were born between the end of World War II and the beginning of the Vietnam War, when the “culture of consumption” somehow became synonymous with the American dream, this means you.

Those Florida retirement communities you see advertised on television - the ones where retirees are yukking it up, playing golf, enjoying aerobics classes, and sipping midday cocktails - are where an awful lot of your fellow baby boomers fully intend to be in the not-too-distant future. And when your time comes, you not only won’t want to hear about work, you also won’t be in a mood to hear about medical bills. All you are going to be focused on is that it’s your turn to be supported by the people at the bottom of the social security pyramid.

Only one problem: The pyramid is upside down. Read on to learn the solution to the inverted pyramid.

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