by Gary Christenson, Deviant Investor:
You want to retire? The retirement dreams of most Americans, Japanese, and Europeans are threatened.
There are many reasons.
- We can’t quit working – we need health insurance, even when the rates increase by double digits each year. Grim!
- We can’t afford to retire – we have too much debt. We have lived beyond our means, just like our governments, for decades, by borrowing from the future – that is, going into debt to pay today’s expenses with tomorrow’s income.
The official US national debt is approaching $20 trillion – a huge number, and do not believe that “deficits don’t matter.” For those approaching retirement, deficits and debt do matter because they suck cash from current retirement income to pay for yesterday’s expenses.
- We need more income since Social Security income will barely pay for housing. Systematic debasement of the US dollar (euro, yen, pound) has increased the cost of living and predictably, the US government has responded by changing the process by which the cost of living increases for Social Security Benefits are calculated. Government has collected the SS taxes and spent it on many other items, so they increase SS benefits slower than our cost of living increases. No surprise here, but expect it to continue.
- And many more…
- Too much debt, too little income, expenses too high, cost of living increasing every year, and retirement income increases (if any) do not keep pace with increasing cost of living.
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