A Ward of the State....

 

 

 

"How in the world did I get to this point in my life?"

So you are now able to collect Social Security. Congratulations - you are now a Ward of the State. "What in the world are you talking about", one might think. Simply this - all that talk, all that sophism, concerning a "Lock Box" which contains our Social Security holdings was just a bunch of hooey.

How in the world did it get to be like this? Why did our government lie to us for decades about this "Lock Box" that never existed? The truth is simple and painful. The government could not tell you the truth because it would have infuriated too many people. They needed to perpetuate the lie. We, the American people, would not have been able to handle knowing that our "cornerstone" retirement program was nothing more than a Ponzi Scheme. Always has been, always will be - unless we change it.

My retirement has two main sources of income right now - Social Security and Navy retirement. The aggregate of the two is not much, but it is enough for me to live on. The scary thing is neither of these "funds" are funded. Simple as that. The "Lock Box" for both of these funds looks like Mother Hubbard's Cupboard. At any time our benevolent government could send me a letter and say "Sorry - due a shut down, a default, or what ever, you will not be receiving a check this month." Yes, I am at their mercy. You see, I too have become a Ward of the State.

It is not that I did not plan - I did. However, unlike my parents generation, today working for the same company for 40 years is more uncommon rather than common. I ended up working for four different large companies in my career. Because defined benefit retirement plans are not "portable", all I had to take with me in my transitions were my 401K plans. However, due to terrorism attacks, dot com busts, the "Great Recession", and so on, my plans (along with many others) took a bit of a beating. Again, where I am now puts me square in the middle of being a 64 year old Ward of the State.

So long as our government stays solvent, so will I. I will continue to survive from month to month, hopefully year to year. If for some reason our government does not stay solvent, you might see me by the side of the road, cup in hand, holding a sign saying "Hungry - will blog for food".