General Discussion
In reply to the discussion: Know the FACTS: Simpson-Bowles only calls for tiny cuts to Social Security [View all]JDPriestly
(57,936 posts)But public pensions will be no better off. Best to stick with Social Security and Medicare. Wall Street is not going to do well in coming years. How can it. Those who have 401(K)s are REQUIRED to cash out and pay taxes on their savings. It's a small percentage per year, but it is yet another short-sighted, private, corporate scheme to bilk the poor and middle classes that is about to go awry.
At this time, real estate is probably the best "investment." If you earn anything above minimum wage, paying off an inexpensive house somewhere, well below your means, is the very best way to assure a secure future. Even if property taxes rise (which they will as fewer people own homes), you have a roof over your head. I feel so sorry for people who borrowed against their homes to start a business or day-trade in the stock market or to pay medical bills.
Saving for retirement in a balanced way is a great idea, but most of us cannot afford it. The stock market is something over which we have no control. Only the very rich have any say even in a company or maybe two. So investing in stocks requires just too much trust and confidence in a lot of greedy people for my taste.
If Social Security and Medicare are having financial problems, the stock market is facing much worse ones. That might be why Romney is running. Because he is a Wall Street candidate, and they need someone in power when people start understanding what faces us.