Pre-Boomer Musings

There was no cost of living increase in Social Security (SS) last year and no change for next year.  So some in Washington are considering giving SS recipients a $250 check to help us get through these trying times.  That’s less than $5 week, which is not enough money to buy an early bird dinner at a coffee shop or get enough ingredients from the supermarket to prepare a meal for two at home.  Why would politicians conclude that this lump sum is enough to buy some votes?

Image by Edd Sowden via Flickr

The folks in Washington just don’t seem to understand those of us born between 1930 and 1945, even though we are 30 million strong.  We are, quite possibly, the last generation who saved for the future, because we believed it was our responsibility to do so.  This is something we learned from our parents who weathered the back-to-back storms of the Great Depression and World War II.  As careful as we may have been, our 401Ks and other investments were significantly reduced when the current recession hit.      

Many of us had to sell off assets in order to survive.  This money is gone and there is no way to replace it in the years ahead.  Others held on as stocks lost half their value.  While the market has recovered it’s still a long way from where it was when the slide began.  For those who had to dip into savings the financial future is frightening. 

Along the way, many of us tried to make our portfolios safer by switching from stocks to mutual funds or to tax-free bonds.  Therefore, the opportunity for appreciation and a livable return is greatly reduced.  In addition, we couldn’t down-size and sell our homes at the prices we needed to help us through the retirement years.  So we are stuck.  The only ones who may be worse off are those who did not save for the future.   Government employees are seemingly the only retirees who have few financial concerns, which is less than comforting to the rest of us.

Whatever your financial situation may be; don’t be seduced by the $250 gift.  Instead, remember the old saying, “there’s no such thing as a free lunch.”  Earlier we received $250 as part of the stimulus package.  Can you remember what you bought with it?  Probably not, but chances are New Seniors will be paying for it with tax hikes or reduced benefits across all government programs, particularly the costs and quality of health care.

The upcoming election is a good time to let politicians know that you, and others like you, are not happy about the planned $500 billion cuts to Medicare, in order to finance insurance for 32 million people who can’t or won’t pay their own way.  Aren’t we the people who paid to support Medicare since its inception in 1966? 

The problem New Seniors face is we may not be able to live the quality of life, including the level of health care, we worked so hard to secure.  It’s your choice: fight for what you believe is right or let others decide your fate.  Don’t let anyone buy your vote.  Be sure to go to the polls on November 2, and let your voice be heard.

Tags: Current Events, How it is. . ., Pre-boomers // Add Comment »