My young friend at 35 I owned (with my wife) 5 rentals, 1 waterfront investment/vacation home on the eastern shore in Md, 25% interest in each of two separate partnerships that owned two 6 unit apartment buildings each, my own home, worked full time, had an engine rebuilding side business and a satellite tv installation S corporation. My wife was the "slacker" only working one full time gig but kept the books on everything else. We were mortgaged to the hilt on every single piece of real estate we owned or were in partnership with because we were intelligent enough to understand that IF you want to make big money you use OPM. Dead money in RE "equity" earns nothing. RE "equity" has a funny way of deciding to disappear (check RE values over the last 5 years for verification) at the most inopportune of times.Not sure who you are referring to, I am saving for myself, it never even occurred to me to even consider SS as part of my retirement. You did. I don't expect to receive a dime from SS. I don't facebook and I own my house, two cars outright, both my wife and I have degrees and no debt from college and don't have a red cent in personal debt. I am 39 years old and I used my money, not a penny used from any parents who are all still alive, no inheritance money, no lottery, just living within our means and saving.
Can you say as much at your age? How about when you were 35 (that is when we paid off the remaining owed on our 30 year mortgage at the 11 year mark, about $86,000)?
That enough for you there, butch?
There's deviations from the norm in every generation. PLENTY of my boomer contemporaries sounded just like you ..... 25 years ago. "SS will be gone by the time we get there". "They should just end it" "Let us put OUR own money away for ourselves". I certainly joined in those conversations ESPECIALLY after 1983 when the rules for ME were changed in the middle of the game. Go listen to them now.
The POINT is, my young enthusiatic friend, that YOUR generation is NO DIFFERENT than any other one at your stage of the game. Stop thinking that you are so enlightened and prescient ... because you're not.
And stop worrying and wringing your hands over the demise of SS .... it ain't going anywhere anytime soon .... you'll get yours, trust me. Even your oh so "enlightened" generation wouldn't vote to end it TODAY let alone in 15 or 20 years.