110
Baby Boomers Are Overestimating Future Social Security Income
(www.bloomberg.com)
Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!
Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)
Seniors are a reliable voting block. So I believe that those social programs will endure. They might be diminished, but they will exist.
Almost all of GOP's "reforms" for social security start with people 50 or 45 years old at their inception. It's a lot easier to get current reitrees to reduce benefits for future retirees if you assure them that their own benefits are safe. But I agree that SS/MC will still be around, even if the purchasing power of benefits erodes substantially. It's easier, and more conservative, to plan without SS, though, and retirement is so important that it makes sense to have safety factors at every step.
Seniors were also one of the hardest hit groups with regards to Covid. Doubly so for those senioRs who avoided the vaccine.