There is a reason why I am buying (cash) a good sized piece of land out in the middle of no-where that has its own water, solar/wind powered where you can survive on your own for almost no money.
With my three 401k's (which were combined a few years ago) (and thank God they have now started rebounding), cash that I will have when I sell my house and savings elsewhere I could almost retire now. Am coming up on 57 and if I can work another 4-5 years can retire. Am planning on spending the time restoring old cars, motorcycles and airplanes. Taxes on the place are $400 right now, so workable.
Am not planning on Social Insecurity being here to support me, especially after the announcement on the news today.
The Associated Press: Early retirements strain Social Security system
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Early retirements strain Social Security system
By STEPHEN OHLEMACHER (AP) – 3 hours ago
WASHINGTON — Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that's happened since the 1980s.
The deficits — $10 billion in 2010 and $9 billion in 2011 — won't affect payments to retirees because Social Security has accumulated surpluses from previous years totaling $2.5 trillion. But they will add to the overall federal deficit.
Applications for retirement benefits are 23 percent higher than last year, while disability claims have risen by about 20 percent. Social Security officials had expected applications to increase from the growing number of baby boomers reaching retirement, but they didn't expect the increase to be so large.