Letter: Don't neglect retirement savings

Regarding "Buckle down on debt debate" [Editorial, June 28], whether because of a Republican solution, a Democratic approach or a compromise, Social Security, Medicare and Medicaid are going to undergo significant cutbacks. Many of us are current or future recipients of these entitlements. How will we deal with these changes? Personal responsibility needs to become the prevailing philosophy.

Since the time of FDR, there's been a belief that government assistance would provide people with money and sustenance. But a revolution is happening, and our lives and financial capacity will not be the same.

Many on Long Island, with our expectations about high-quality lifestyles and creature comforts, will face a sobering proposition. The affluent are going to have to turn over more of their accumulated wealth, middle-class workers may be forced to pay for a lot more, and fewer government benefits will mean the poor will be forced to make do with less.

Cutbacks in Social Security, Medicare and Medicaid will touch all of us, and we're not ready. More than half of maturing Americans have less than $25,000 saved, even though more of them than ever before are projected to live into their 80s. We need the discipline to save a minimum of 15 percent to 20 percent of our annual income, and to make sacrifices and economize to live off the remainder.

Astonishingly, a record 11 million households in America include a child younger than 18 and where no adult has life insurance. Americans have to build financial strength through careful study and methodical saving. We can no longer assume entitlements will be there for us. It's time for personal responsibility.

Victor Muro, Jericho

Editor's note: The writer is the president of a financial advisory company.