My grandfather retired as a superintendent of schools in New Canaan, Conn., when he was only 52 years old. He had served 27 years in that capacity and had spent three years or so teaching. After retirement in Naples, Florida, he was prodded to go back to work in order to qualify for Medicare. So he put his Ph.D. to work, spending five years as a part-time consultant to the big high-rise towers and their outdoor gardens. (He had been a former biology teacher.)
In that time he maxed out his earnings for Medicare so he and his beloved wife could receive the maximum benefit. Not bad.
Then the school gave him cost of living adjustments too. Not bad.
He died several years ago at nearly 92.
Shortly before this occurred, I stated to him that I thought Social Security was unsustainable. He would have none of it--it certainly had been good to him, giving him benefits over a longer period than his working career. That's not going to happen to me.
How can a highly intelligent person as he was be so misguided by thinking such a system could prevail indefinitely?
That's what Jay Ambrose talking about. It's a Ponzi scheme. Period. It worked great early on, but now it's rapidly tilting in the other direction.
In that time he maxed out his earnings for Medicare so he and his beloved wife could receive the maximum benefit. Not bad.
Then the school gave him cost of living adjustments too. Not bad.
He died several years ago at nearly 92.
Shortly before this occurred, I stated to him that I thought Social Security was unsustainable. He would have none of it--it certainly had been good to him, giving him benefits over a longer period than his working career. That's not going to happen to me.
How can a highly intelligent person as he was be so misguided by thinking such a system could prevail indefinitely?
That's what Jay Ambrose talking about. It's a Ponzi scheme. Period. It worked great early on, but now it's rapidly tilting in the other direction.
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