In less than two months, American workers' pensions and 401(k) plans have lost more than $2 trillion. For us in our fifties and sixties, this is painful as we approach retirement. Experts say the stock market may take years to come back.
However, Social Security is one guarantee Americans have been able to count on. It has never missed a payment in 70-plus years, and is set to meet all obligations until 2042. So, I got excited when Sen. John McCain said at the Oct. 7 debate that he would cut Social Security payments for current and future citizens as part of the solution to the economic mess we are in. Penalize the old, along with the speculators and gamblers who caused it?
Social Security was set up to supplement pensions and personal savings. For some seniors, it's their only income. Sen. McCain is out of touch. But, then again, at 72 he collects his Senate salary plus $1,900 from Social Security and $4,800 in military pension each month (taken from financial tax information dated April 18, 2008, on McCain's Web site, www.johnmccain.com/ mccainfinancial). Millionaires may not need Social Security, but it is bread and butter for millions of Americans.
However, Social Security is one guarantee Americans have been able to count on. It has never missed a payment in 70-plus years, and is set to meet all obligations until 2042. So, I got excited when Sen. John McCain said at the Oct. 7 debate that he would cut Social Security payments for current and future citizens as part of the solution to the economic mess we are in. Penalize the old, along with the speculators and gamblers who caused it?
Social Security was set up to supplement pensions and personal savings. For some seniors, it's their only income. Sen. McCain is out of touch. But, then again, at 72 he collects his Senate salary plus $1,900 from Social Security and $4,800 in military pension each month (taken from financial tax information dated April 18, 2008, on McCain's Web site, www.johnmccain.com/ mccainfinancial). Millionaires may not need Social Security, but it is bread and butter for millions of Americans.
