Retirement age: Should it be raised?

[75center]

The Ky Enquirer says it will be 2075 before the retirement age hits 69.

 

It won't matter by then.

[SportsGuy41017]

When Social Security was put into place, life expectancy was around 58.

Now it is around 78.

 

Should part of reducing debt and fixing Social Security mean the raising of retirement age?

Discuss.

 

:popcorn:

NO! I think when people have worked all those years they should be able to retire and try and enjoy what years they have left. People like you in their mid 60s shouldn't be expected to still be working.

[bballfamily]

NO! I think when people have worked all those years they should be able to retire and try and enjoy what years they have left. People like you in their mid 60s shouldn't be expected to still be working.

 

Why? Until the last 100 years people worked until they died or if they were lucky their family cared for them. Save for your own retirement. Social Security was started in part to encourage older people to retire during the Depression to open up jobs for younger workers, all politics. The widows, orphans and the disabled helped by Social Security could have been aided by other means.

Why shouldn't people in their 60's be expected to work? Many are still very capable of working. Plus, businesses can benefit from their lifetime experiences.

[woodsrider]

NO! I think when people have worked all those years they should be able to retire and try and enjoy what years they have left. People like you in their mid 60s shouldn't be expected to still be working.

I agree except if you want to retire and enjoy the years you have left then plan for it. You can't enjoy the years you have left on SS alone anyway.

[HammerTime]

I agree except if you want to retire and enjoy the years you have left then plan for it. You can't enjoy the years you have left on SS alone anyway.

 

True, when it runs out how is that fair to everyone who has paid into it all along and will get nothing out of it. Makes a lot of sense. What a messed up system we have.

[littleluck55]

I read a article the other day discussing how Social Security is nothing more than a sophisticated Ponzi Scheme. And it made a lot of sense. The problem I have is with people making the decisions have their own retirement plan. I think it is wrong when they vote their own raises and it is higher than Social Security cost of living raise. And when a Senator serves one term (or none at all) and is guaranteed a pension for the rest of his life. Just major problems all the way around.

[malachicrunch]

I agree except if you want to retire and enjoy the years you have left then plan for it. You can't enjoy the years you have left on SS alone anyway.

Best argument yet for ending SS. Let me keep MY money, and let me plan the way I want.

[History]

As the population gets older and older in terms of longevity the "old folk" voting bloc gets bigger and bigger.

 

You should be a politician. You always point out the voting position of the "older" groups, etc, and that is what is wrong with our system. If all groups just vote in their self interest for additional funds, then where is the money to come from? The bowing to voting groups is a big part of the problem with our country. When the parties cave to any type of group and how they are going to vote, then this demonstrates they are more interested in keeping their job than being a public servant and doing what is best for all of us. IMO, this is a fundamental problem with our democratic system. If you don't have the money to buy soemthing, then you can't have it.

Edited November 24, 2010 by rockmom
fixed fundamental

[ladiesbballcoach]

It is expected that when a person starts a thread, they state their opinion.

 

I knew I was not going to be able to be on here for a week or so and thought it I post my opinion, people will respond to it and I won't be here to respond to the responce. But, thought you guys might want to discuss it.

 

I see no other way out but to raise it.

 

For the person that says you should be able to retire, no one is saying you can't retire at whenever. Just saying the retirement age for drawing SS should be raised.

[Bluegrasscard]

So what is the 'retirement age'?

 

59 1/2 - when you can tap into your 401k or cash balance pensions penalty free?

62 - when you can draw social security (though at a lesser rate)

67 - when you get to draw social security at 'full rate' and can go onto medicaid.

70 - when you have to start drawing 401K and IRA monies.

or is after 25 or 30 year of 'service' at the same company or in a government position, especially if you still have a 'defined benefits' pension.

 

 

For many who have taken advantage of 401Ks, IRAs, etc. social security will be a nit in their later years. Personally, I have not concept of 'retirement age'. I do have an expense plan outlook for the next 20 years and know what is in a) IRAs, b) 401Ks, c) cash balance pension plans and yes d) what social security can bring in starting at 62 or at age 67. Its all about cash flow. You can retire when ever you secure a cash flow that take care of your expenses. That is the gift of a capitalist system. You can live off your capital and not depend on the 2000-2500 hours a year of 'labor' you can produce. This important when your 2000 hours is not wanted after age 60!