👴👵 1 in 5 millennials rely on their kids to fund their old age - CBS News

[Spring2023]

(4 comments) Read comments and/or comment.

🗣BY AIMEE PICCHI. UPDATED ON: APRIL 19, 2023 / 3:05 PM / MONEYWATCH.

👉Link to online information 

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[Spring2023]

(3 comments) Hmmm, interesting as I see so many kids living with their parents = cannot afford a place of their own.

Personally, I will NEVER expect my "only" child to support me in my old age = reason I am still in Virginia (cheap) while I "save" and figure out my move back to Florida (expensive).

She has her bills, mortgage and stuff she likes to do, like trips around the world. 😉

Nicole 🙂

[GailL1]

@Spring2023 

I guess those parents that have their millennials living with them now better start charging them for room and board to add to their current retirement funds.  LOL

My mother did not need money to live comfortably in her golden years.  I had made the plans for her since I had guardianship over her for many years because of health reasons.  However she needed lots of management help like

• where she lived - what was best at different times in her life
• getting her back and forth to appointments
• making sure she had meals covered - from grocery store stocking to delivered meals later on 
• managing her money
• paying her bills
• ETC.

All those things took lots and lots of time and thought - especially also managing what I had going on in my life.

I hope my kid does not have to handle that stuff for me and have made as many plans as I can along that way.

From your link:

“. . . .advocates for the program point out that it could be shored up without cutting benefits, such as by eliminating the income cap on the tax that funds Social Security payments. In the current year, any income over $160,200 is exempt from the Social Security tax” 

That is only true IF those who would be paying more don’t get a benefit for their added contributions OR it is severely limited by adding in more bend points to the benefit formula.

Do you think that Social Security Retirement should be means tested?

[Spring2023]

(1 comment) Hi @GailL1 , lol, I am very slow with some things. What do you mean by - Do you think that Social Security Retirement should be means tested? Lol, I am sure the "regulars" you chat with know!!! 😂🤣 Thanks, Nicole 🙂

[GailL1]

Means tested means that you don’t get a benefit unless your means are within a specific area.  

Like Food stamps or Medicaid - your income and/or assets have to be lower than a specific number in order to be eligible.

Supplemental Security Income (SSI) is a welfare program for those who are elderly, blind or disabled and do not qualify for the SSDI (Social Security Disability Insurance) program.  It is administrated by the SSA but it comes from the General Fund NOT from the SS Trust Fund.

People on SSI cannot have more than $ 2000 in assets and resources unless it is set up legally specifically for their life-long special needs.

So what I am asking is - should the Social Security Program be means tested for other income, retirement income and or assets in order to be able to participate in it even though one might be vested with years of work and contributions?