Now it seems more than just rumor...
Trial balloons are being floated to gauge how negative the reaction will be.
And again I have to ask, "Am I the fool?" Right now those "instant gratification" folks truly look like the wise ones!
It doesn't take a math whiz to figure it out:
For 20 years I have foregone using 18% of my before-tax income in order to prepare for retirement.
Even though my income is probably much, much lower than you might guess, consider my annual 18% contribution multiplied over 20 years, and even without the effect of compounded interest you're talking about real cash. Then realize that up until recently I have done better than most at selecting mutual funds that give double-digit returns and add that to the total.
The result is... umm, correction... WAS a number that, added to my military retirement, my Social Security payout, and the various IRA's I've also contributed to over the years, put a smile on my face.
The idea of sipping Margaritas on the balcony overlooking the Gulf of Mexico was almost within my grasp.
Anyone watching their retirement accounts has had a similar experience. Your mileage may vary, but my accounts are all still idling at just above 50% of their peak values. The only bright spot in my retirement planning is the pension I receive for my military service, and I'm fearful the government will screw with that when the bottom falls out of the economic pail. We've all had fears about the long-term viability of Social Security...
The realization of those fears now looks unavoidable.
Nationalizing our 403b's and 401k's? Remember those GM and Chrysler Bond holders who already had their retirement funds stolen by the Bozama administration?
So in just a little over a year I've had to completely change my game plan...
I've gone from thinking I'd be able to quit work, head South, and actually have more $$$$ deposited to my checking account each month than was added while I was working, to wondering when the collapse will happen and how long I'll have to work in order to just survive.
Some of you still may be thinking, "Ha! What a fool.
This will never happen!" I hope you're right. But...
So far we're making all the mistakes Argentina made, and so long as we have stupid leaders we'll continue down that path. Taking that into consideration, what did Argentina do with their citizen's retirement accounts?
Read it and weep.
Wondering "What do we do now!?"
You're just a little late to "The Party", but not TOO LATE!
That's a GREAT place to start, but if that schedule doesn't come close to your neighborhood or is otherwise inconvenient, watch for rallies in your local area and join in there.
It's fun. It's educational. Draw up your own home-made protest sign and let your voice be heard!
Andrea and I are of somewhat like minds.