Skip to comments.Early retirement selfish, unpatriotic (raise taxes to force you to pay taxes longer)
Posted on 03/27/2008 10:54:24 AM PDT by sickoflibs
When I hear my fellow baby boomers gleefully talk about their elaborate plans to retire ASAP, head for the Tuscan hills, or otherwise continue their lifelong quest for "self-actualization," I have to bite my tongue.
It's not that I'm all work and no play. But there's just something - make that lots of things - wrong, in general, with retiring at 55, 62 or even 65. I would go so far as to call it profoundly selfish and unpatriotic.
However, if Americans retired later, either staying in their current jobs or taking up "encore careers" - what Marc Freedman of Civic Ventures calls do-good, later-life jobs - we could significantly slow the growth of our multitrillion-dollar national debt, which is largely driven by rising Medicare and Social Security costs (as yesterday's Social Security trustees' report makes abundantly clear). We also could keep more people in a labor force that would no longer be growing appreciably if not for immigrants. For individuals, working longer can mean more income and savings and something to bequeath to one's children. For the nation, if millions of us worked until 67 instead of 62, Americans' wealth and consumption would increase appreciably, fueling stronger economic growth. That added income would provide about $800 billion in additional tax revenues, and reduce government benefit costs by at least $100 billion in 2045, according to Urban Institute calculations. This alone would cut the projected deficit in 2045 by 159 percent.
To encourage such behavior, Social Security benefits taken before age 66 or 70 could be more highly taxed, and employee rates of Social Security taxation could be progressively reduced for each year worked after 66 or 70. Or the government could provide a similar sliding tax credit for Americans who continue working beyond age 70.
(Excerpt) Read more at baltimoresun.com ...
I hated it when Reagan and Clinton raised income taxes on social security benefits to pay for the general budget, It's no better than the phony I OWE YOUs they wrote themselves while spending the SS taxes. Notice they wont call for just cutting the benefits, that would show it's just a welfare ripoff scheme. By taxing SS benefits the people who paid no income taxes (but paid minimum SS taxes ) dont get a cut in SS benefits because they make under the income limit once gain.
Not surprised that it comes from that rag the Baltimore Sun, but here’s an idea...
SUCK A LEMON!
Take a flying leap off the nearest skyscraper, Yarrow. I'm retiring the day I turn 62, and I'd retire sooner if your beloved liberals weren't stealing so much of my income. You are not entitled to my labor, and I am not morally obligated to work to support your socialist nanny state.
I plan on working as long as someone will pay me.
I’ll tell you what, Andy, you work until you fall over dead from old age, while I retire and cruise around the country in my geezer RV.
Seems to think the problem with government is not enough revenue.
WRONG!! It's too much spending. Bush and his liberal Republican cronies have been spending our, our childrens' money and their subsequent generations' money at a rate that would embarrass Bill Clinton.
“....You are not entitled to my labor, and I am not morally obligated to work to support your socialist nanny state....”
Double - Bingo
Thank goodness that doesn't include me, I retired at 54.
I will retire as soon as I can without counting on SS and play golf and with grandkids. Call me unpatriotic but the framers did not intend for me to pay for someone else’s retirement.
Yeah, people should work longer so they can pay more taxes to help fund other people. If someone decides they can retire at 30 and they don’t expect anybody else to support them, what business is it of mine?
Another mathematical illiterate with a journalism degree.
Apparently he doesn’t understand how many days a year we all work for the government. Its into May now isn’t it? I just retired in January at age 62 and I have one response for this idiot - BMA!!!
“To encourage such behavior, Social Security benefits taken before age 66 or 70 could be more highly taxed,”....
Kiss my rosy red ass!....Who were the village idiots who got us into this mess?....Maybe the politicians who got us here should all get 9 to 5 jobs til they turn 90!
this guy is a socialist moron...just because I started saving for retirement when i was 21, and put together enough money to retire at 52, I am unpatriotic!!!!!!!! This guy can Bl@w me big time......
One small step, folks...
Take a flying leap off the nearest skyscraper, Yarrow. I’m retiring the day I turn 62, and I’d retire sooner if your beloved liberals weren’t stealing so much of my income. You are not entitled to my labor, and I am not morally obligated to work to support your socialist nanny state.
Bravo!!!! and ditto
The point is, that if you were able to keep what you have earned, you may, in fact not need social security to supplement your retirement. Thus, the whole purpose of the program is exposed as a fraud and scam to redistribute your income to those more deserving of your hard work.
I look at my AGI as reported by the SS Admin and compare what I have paid in taxes to FICA and what I would have (imputed value based on DJIA 1980 to present) as a nest-egg (about 2.2 million) now, were those funds not stolen from me. I could retire from my job, today at 45, and live very comfortably for the rest of my life.
So we should more and longer to pay more taxes... yeah, that’s incentive. /s
I retired 3 years ago next week and am only upset because I wanted to do so by the time I reached 50 and it took til I was 52.
Why work more if I don’t need the money?
I ride my Harley, Fly my plane, fish and play on my boat, and travel.
I don’t take anything from the govt even though they still take from me. and I don’t bother anyone.
I worked hard and am now just enjoying and doing anything I want.
Raise my taxes? Fine. Guess I’ll go scuba diving.
Life’s real nice.
Sounds like you would retire earlier than 62 if it were possible.
Sounds like you would retire before 65 if you could.
Aw, shucks. Why can't the liberals be straight with us, skip the foreplay, and go straight to the full-blown command economy?
Oh wait, I forgot, people would actually throw them out if that happened.
I am not a baby boomer.
But there's just something - make that lots of things - wrong, in general, with retiring at 55, 62 or even 65. I would go so far as to call it profoundly selfish and unpatriotic.
This guy would hate my guts if he found out I retired when I was 46.
For individuals, working longer can mean more income and savings
...if millions of us worked until 67 instead of 62 [...] That added income would provide about $800 billion in additional tax revenues,
I do not wish to contribute money to finance programs I find disgusting.
Any bets on whether the author supports high death taxes so most of that bequeathing is actually to the government?
When you are retired, everyday is Saturday. And you know its Sunday because the paper is thick.
Raising the Social Security eligibility age would have the effect of reducing our fiscal problems. At the time SS was instituted, the retirement age was around the age the average American expected to be dead and buried. If we raised the SS eligibility age to 72 to 77, I don’t think we would have a multi-trillion dollar problem on our hands any more. Seniors who did not save up on their own would work until they dropped (or when they became eligible for SS) - seniors who did would retire before they became eligible for SS, pretty much as it was when SS was first put into place.
That labor force might have grown if the liberals didn't abort millions of American babies.
At age 35 I am at the bottom of this ponzi scheme they call Social Security, and paying for benefits that I will likely never collect. Cry me a river if you have to work until 70.
There is always euthanasia.
Average life span is a bad number to use because it improperly counts the affect infant and childhood mortality have. A child dying has no affect on the financial status of retirement plans. It's sad for the parents, but since the kid never put anything into SS he doesn't affect the accounting.
A better number would be life expectancy of someone who has hit 18 and is entering the work force. I expect that number is significantly higher than the 63-65 ages we often see for life expectancy when SS was started.
Which brings us 'round again to my mantra...TERM LIMITS NOW!
These are the folks who must be resisted at every turn.
Hey, I'm already ticked off that they promised me full benefits at 65 many years ago, but recently changed it to 66. Want a geezer revolution? That's one way to start one!
Where did you find his email address?
That’s the smart thing to do, IMO. For many of us baby boomers, the difference in benefits between retiring at 62 rather than 66 will not be equaled until 76 YO.
IOW, if you retire at 62, your benefits will be reduced by 25% to 30%. If you wait until 66 to 67 to start drawing SS, it will take you at least until you are 76 before you have received the same total amount of money that you will be retiring at 62. (For those born in 1960, the break-even is at almost 79 YO.)
Makes no difference which set of figures you use. Child mortality stopped being an issue stateside during the 20th century. Average life span went from the low 60's to the low 80's. That's 20 more years for SS to carry, which is a really heavy burden, considering the pay-as-you-go nature of the program.
Of course, if SS were structured so that people got what they put in, instead of getting more than they paid in, SS wouldn't have a solvency problem. At the same time, without the getting-something-for-nothing aspect of SS, it wouldn't be anywhere near as popular as it is today.
“Ill tell you what, Andy, you work until you fall over dead from old age, while I retire and cruise around the country in my geezer RV.”
I retired, started a second career and now plan on leaving the work force, primarily due to the confiscatory tax system that punishes tax payers for earning more income, just as is done in other socialist countries.
It’s time to sit back now and come out ahead tax wise without bothering to work in retirement.
More and more of the baby boom generation will be doing this soon.
So Hitlery and Obama tax the working men and women all that you want and watch the coming collapse.
Most who are considering early retirement could have retired at 29 if they hadn’t been so foolish in their youth.
Liberals preaching patriotism is something akin to Eliot Spitzer preaching fidelity.
“...given our nation’s crying need for teachers, social service workers and public servants, millions of “seasoned citizens” could serve our communities...”
What a maroon. I could easily retire now, but am working to do some fun stuff. However, were I to retire, I could teach at the university level (since I have a PhD), but could not teach at the high school level. And, I never would, because I would NEVER lower my IQ by taking any of the marshmallow courses offered to those pursuing a degree in “education”.
Nothing will reduce the fiscal problems of a Ponzi scheme.
Ask a construction worker about retiring at 72 - physical demands of the job usually dictate an earlier retirement.
And an engineer whether his company will keep him employed at age 70 - most get laid off by age 45-50 now in favor of younger or foreign workers.
Socialists bring this on themselves and then wonder how it happened.