Every so often I am reminded of how lucky I am to have been born in 1950, despite my increasingly decrepit state physically (and mentally?).
Today that reminder came from a Washington Post story on how much better older Americans are faring (and will in the future fare) if they have pensions. Kathleen and I occasionally marvel at how well we are doing financially after retirement, benefiting from both of us working for the public educational institutions that mandated a certain percentage of our paychecks going into a retirement fund.
We gave up earning more income during our prime working years but we are enjoying this "delayed" payoff, and hope to see it continue for many years to come.
A couple of our "pensions" are actually 403(b) accounts, with required minimum distributions, but we each receive Colorado PERA payments plus social security. I suppose anything could happen, in the event of societal disaster, but the odds are on our side here.
Our children are invested in much less stable retirement plans, requiring them to invest some portion of their paychecks in 401K plans, and those depend a lot on the state of the stock market.
The government appears to have no interest in developing better methods for average Americans to save more for retirement. Heck, nothing has happened for years to shore up social security, which is slated to pay only 75 percent of "expected" benefits to retirees after 2035. That is just 13 years away and it doesn't take an economics expert to know that the earlier the fund is strengthened, the less pain there will be when the inevitable pain of either lower payments or higher social security taxes kicks in.
But our congressional disfunction leaves us paralyzed.
I see stories every week about how many Americans only have social security to depend upon after retirement; right now it's 40 percent of seniors, and that number rises when those under age 55 are included.
We are a rather cruel nation, and that has little to do with politics. Our foundational national myth is of the self-sufficient individual or family that takes care of itself, no matter what. Don't tell us what to do. Don't mandate, well, anything.
The nation wants more college grads but insists on their suffering financial hardship to earn those diplomas -- clearly, the wealthy are not going to do any of this suffering. We want more young workers but don't ask the government at any level to support young children and young families with better childcare or even basic education.
We claim to be peace-loving but don't you dare take away a single AR-15 or suggest that our military spending is a bit bloated. We are patriotic about the Statue of Liberty and its symbolism, until people who are not white Europeans embrace the promise of America.
There was a time when being a senior citizen meant near-poverty for most Americans, but politicians respond to those who vote, and no population votes more regularly than seniors. Now, the elderly poverty level is quite low, and we eagerly embrace a form of socialism for seniors: Medicare and Social Security.
A tragedy of messaging and education is that many Americans don't think of their "earned" benefits as socialism. "Keep the government's hands off my social security" is the protest sign that makes me shake my head.
Logic and common sense be damned.