I'm in my early thirties.  It is obvious to me that I will be means tested out of social security because I have been saving for retirement for over ten years.  I feel sorry for those who are going to "live" on social security, but it is the price they are going to pay for not saving.  

I know people will say they paid into the system and they should get the benefits, but remember the government defined your contribution as a tax.  It's a tax to me, and the sooner people realize the government is out of money the better.  I still hold out hope that the folks in DC can get together and solve the long term financial issues the country faces.  I will however continue to prepare for the worst while hoping for the best.

"The sad truth is that Americans do almost no thinking about what kind of retirement they want. They mistakenly assume that Social Security is a retirement program, when in fact it is a supplemental retirement program."

I've seen similar stats elsewhere, but I just don't get this. Do people old enough to be reaching retirement age really think this way?  I understand kids in their teens and 20s not really 'getting it', but I'm amazed that older adults are so clueless. I'm not talking about those who've lost jobs or had emergencies that wiped out some/much of their savings, but those who actually think they'll just quit working one day and let social security fund the rest of their lives.

We 'woke up'  a few years ago when we were in our late 40s and suddenly realized that the day was actually coming when we could retire. Realizing we were not heading, financially, in the right direction, we put our focus on funding retirement plans, and though we still have a ways to go, we will have had about 20 years of retirement savings, and no debt outside our mortgage. Certainly, we are counting on SS to supplement our retirement, but by no means are we seeing that as supporting our way of life.

Exactly, how are American suppose to save for retirement?

 My wife and I have been contributing to 401K  each years, we have 1 daughter in College (we help as much as we can), and two more daughters in grade school.  In the past several years, our bills have increased, taxes , housing, insurance co pays etc...out pacing our annual pay increases. The 401-k is a joke  the maintence  costs eat up a portion of proceeds.. Considering the two of us have been making slightly over 100k a year for the past several years that mean on average we will contribute (employer and employee contributions) about 13-K this year to Social Security.  I estimate over our lifetime we will have contributed (between employer and employee) roughly $ 350- 400K  If we had access to that amount in dividend stocks (Blue Chips such as-- KO, PEP, MO, PG PFE etc..) it would work out nicely for us combine that with our 401-k  and small pension option. we could retire comfortably.

Somehow, Social Security will penalize us for helping our kids with college, our  decision to fund a 401k's and  small pension . We go would out things to fund this, maybe I should blow all my money on fancy vacations, drinking, new cars, elaborate weekends, lottery tickets and put my hand out.

I know I will work in my retirement so I am not bored, but I feel that the honest Joe is getting  a snow job. Social Security pays to those who choose not to help themselves but laze off of others.

Unless economy grows, there is a problem.

Reserve bank has not helped. With zero interest many retire what ever little saving they may have is earning no interest and income from that, that can add and that can really count on small base.

there is a false belief that people pay less and get 3 times. They do not count appreciation of currency and total value of installment payments. If I paid 500 dollars to social security in 1960 that will be in today's terms about 2000 dollars and interest amortized will surpass 10000 in current dollars.

Then there is a cultural problem about letting one die rather than give ineffective , unnecessary hospital services at high cost that keep you in vegetable state in a bed at tremendous cost. We need to lead a strong campaign that says it is better to die at certain stage of health and quality of life.

When kids are multimillionaire, they should undertake care of their parents and grandparents. This is also cultural thing and will have to deal with on worldwide basis. It is OK to have three generation living together. It gives a higher quality of life to everyone at substantial savings. The days 18 and our and it is Government's job to take care of old people is passe. If we continue that we will destroy economic viability of society and quality of future citizens.

We need strong national dialogue where we talk win win for all by defining what kind of social compact we need across generation and what are our values that are practical and conductive to a greater total happiness.