Hat tip to occasional links and commentary.
I’m one of the fortunate few. At age 80, I have a Social Security pension which I started drawing before the retirement age for full benefits was raised to 67. I receive a defined-benefit pension from my former employment.
Income security for older Americans was a proud achievement of the New Deal era, and I don’t see any justifiable reason for taking it away. It is not as if the USA as a whole were growing poorer—just a lot of the people living in it.
I was lucky enough to be able to accumulate better-than-average personal savings, which I have put into mutual funds that have retained their value despite the income I draw from them every year. And I have good insurance; I don’t depend on the Affordable Care Act.
I am a privileged character. I can buy a book, a theater ticket or a restaurant meal without having to think about how much cash I have on hand until the end of the month.
That is a privilege. I have friends and acquaintances who can’t do this. They are at least as worthy as I am. On average, their abilities, work ethic and resilience is probably greater than my own.
I’d be willing to accept less retirement income if it meant that those who had less than me would get more—but not if it meant giving more to those who already better off than me.