Anxiety about retirement income, savings

[Marthe48]

Is anyone else worried about how bad things will get? I don't mean prices and tariffs, which are bad enough. I'm worried that SS and pensions will end in January, regardless of what the laws say. I'm worried that rwnj will suspend laws that protect us and seize our assets, force a change to crypto and bankrupt a majority of individuals. Am I being ridiculous?

[XanaDUer2]

1. YES!

super worried. The one upside to dying will be per woody allen my expenses will go down.

I lie awake at night thinking about money worries. Its horrible and I get it.

[multigraincracker]

2. I think there would be blood in the streets.

I’d be out there.

[Ocelot II]

3. A parasite can't survive if its host dies.

Many wealthy people lost everything after the 1929 stock market crash and the subsequent depression. If nobody has any money, whom will the oligarchs parasitize?

[elleng]

4. Won't happen in January, will take longer IF We the People allow it to do so.

Laws are not 'suspended' with a click of the fingers. neither are assets seized.

Not 'ridiculous,' but we must be aware of what's happening around us, which includes states and localities.

[thinkingagain]

5. Pretty much same fear

I was debating trying to do early retirement next year. But it was dependent in getting some medical ( most likely from the ACA )

I also was worried that they could not just drop SS
But take our 401 and pensions
Or take our $ out of our savings , cds MM, checking.

Most of my savings etc is in a credit union

My hubby has two different retirement account from two jobs

My retirement is low $ of a PERS

we both have SS if they don’t take it.

[doc03]

6. I don't think they will touch SS or Medicare for those already getting it. SSI and Medicaid

maybe. The MAGAs that are retired don't give a damn about their children or grand children though. My pension
consists of three plans PBGC, a company defined benefit and a union defined benefit all of which could be in trouble.

[CousinIT]

15. I'm 5 years from retirement.

Hopefully they don't take it from those on it or near retirement (10 years).

[Happy Hoosier]

19. I a little further awat... 8-9 years....

But yeah, I am worried they will let SS tank. I'm also worried they will crash the economy and last few years before retirement will mea crappy returns on my retirement investments.

[CousinIT]

21. Talk w/ a financial advisor (a fiduciary if possible)

Maybe you can protect at least some of it in an annuity, MM, or other similar product. Of course, those don't earn as much. The advisor would have the best advice, maybe even just changing the investment mix.

[Happy Hoosier]

22. That's good advice

Fortunately, I do have a great FP.

[Marthe48]

16. their demolition 2025 mentions privatizing pensions

which always goes so well >sarcasm<

I got the statement from my husband's pension (he set it up so I'd get half payments if he died) and the plan assets gained over 2 million since last year, even after all of the payments.

[rampartd]

7. at 72 i need a job

we depend on my civil service pension, social security and medicare. i'm fairly certaun that none of those will be efficient enough for musk and the boys.

unfortunately, i seem to have outlived anyone who could be a reference.

[Peregrine Took]

8. Me, too! My husband says it won't happen but

With King Trump around who knows what will occur..especially if you’re a retired government employee.

[jimfields33]

9. Not going to happen especially end of January!

[kimbutgar]

10. I was holding out getting social security until I was 70 and I got a year and half to go

So now I might apply for it!

[Joinfortmill]

11. No, you're not. That said, I think what we'll see is a huge grift...

An attempt to exploit America and her riches as much as possible. What form that will take, I don't know. And what guardrails will be in place to prevent this, I don't know either. All we can do is protect ourselves as best we can, given our individual situations. And help each other as much as possible. I'm hoping it won't be as bad as I think it might be.

[Silent Type]

12. Corporate America and GOPers are not going to cancel SS for almost 70 million people, roughly half Repubs.

Corporate America makes most of their money off us peons, so they ain't cutting that flow off. Might make a few changes that impact people under 55, but won't be severe.

With mid-terms coming, they are even less likely to risk drastic change.

Maybe we should have listened to Obama when he tried to address these issue. Instead we bashed him for the so-called "cat commission" and here we are.

[Happy Hoosier]

20. I'm worried that they will find a way to blame it on Democrats.

Seriously, the MAGA-morons will believe anything spoon-fed to them by the Presidential Felon.

[Lulu KC]

13. At the very least, it will not happen in January

Even Republicans in the House and Senate know that a significant number of their constituents are retired and dependent on SS and pensions, whether DT grasps this or not.

Heather Cox Richardson is pointing out that the ones who stand between us and utter mayhem are the even-slightly-more-reasonable Republicans in Congress. I'm still trying to figure out how many of those there are, but I find her morning newsletter gets my adrenalin down.

[CousinIT]

14. YES. I moved some of my retirement money out of the fucking gambling casino - er...

...stock market but I couldn't move it all.

There is no damn telling what those psychopaths, criminals and rapists will do.

Esp to people of color, childless women, and the disabled, poor and elderly whom they consider worthless human beings who should die.

[Fiendish Thingy]

17. The scenario you describe isn't going to happen

There will definitely be attempts to weaken and privatize SS, Medicare and other benefits, but it’s not all going to go “poof!” On January 20.

[bucolic_frolic]

18. No, that's not ridiculous. There are a lot of laws on the books and regulations

that could make things hairy. Things that were floated in the Great Recession, like goverment regulation of SD boxes, outlawing cash, taxing bank deposits just for being held in a bank. But these are extreme measures and would create a backlash.

Will they try to reduce SS? Like maybe 15%? That's not beyond the realm of possibility, but again, the backlash.

More likely they will raise income tax rates and force everything to be taxable income.

Think of it as a wealth tax - on everyone at the bottom. So the wealthy can get their tax cuts.

[PoindexterOglethorpe]

23. I am 76 years old, and for at least fifty of them

my age mates have been predicting that Social Security won't be around for us. Even then I knew that was bullshit.