----Retirement age 'will rise to 85'----
It's going to have to. The Least-Great Generation (1946-64) is going to demand it so that their grandkids can keep up with their Social Security payments.
-Dan
Posted on 02/18/2006 7:25:29 AM PST by Paleo Conservative
The professor is Asian. Life is not the same there. In Japan the banks have been issuing 50- and 100-year mortgages for years. The payment is lower and the entire scheme is based on real estate appreciation. Don't get me wrong, I am not in favor of this, because any scheme which "lowers your payment," whether 100-year mortgages, deferred interest, or leasing, is a scheme to increase the stated price. Someone gets screwed in the end when the market appreciation bubble bursts. But my point is, there is a precedent, in super-hot economies, for extremely long mortgages.
My grandfather's first and only house cost (I think) about $5,000 in 1946 and was due and payable in 10 years. The entire agreement with the bank took only one page. Just like you would write a note payback with your child.
That is exactly what I am doing. After refinancing my mortgage to a 15 year at 5%, I had 2 car payments plus a mortgage. When the 1st car was paid off, I added that payment amount to the 2nd car's monthly payment. The 2nd car will be paid off in a few months from now (total will be 2-1/2 years on a 48 month loan).
When THAT is done, I will put the total for BOTH cars into the mortgage until it is paid off. When I run the numbers my 15 year becomes a 6-1/2 year. So 6 years from now I will be debt-free (if the creek don't rise).
I always pay my credit cards down to zero each month so when I say debt free I mean debt free. I expect to own both my cars 20 years (one has 10K miles after 4 years and the other 4K after 3) and I pay cash for all other big ticket items by saving for them up front (I keep a separate account that I put money from every paycheck into for such purposes).
A few extra principle payments are better off being used for other purposes.
Yes you could. I am 56 and retired. Eat fatty foods, booze, & smoke those cigarettes, you can do it too.
No doubt. The scam known as "Social Security" would not be the burden it is and will become if retirement ages had kept up with life expectancy. Retirement age would be somewhere around 80 or so now if that were the case, probably more. Those arguing against raising the age are closet socialists and don't even know it.
I don't belive in "RETIREMENT".....there should be "RE-WIREMENT"....where you rewire yourself for a different kind of work.....and NO not the flat out corporate stress laden work you MAY have done, or the BODY breaking carpentry, but SOMETHING that ADDS VALUE.....otherwise, the statistics say, if you think you're just going to go "relax" and golf or travel......you'll probably be dead in 10 years. People who keep working, keep living. My 2 cents. Am I still mad about all the Social Security paid in to a gov't entity that others take advantage of? YES....but, I'm not going to use it as an excuse. /rant
And no explanation on your webpage: what did they do with all those water-cured hams, anyway?
My brother works in an ER. One transient has accumulated over $1 million in hospital ER visits and treatment alone. He goes out, lives on the streets, gets drunk for weeks on end, finally collapses, is transported to the ER by ambulance, gets treatment until he is capable of transfer to a detox center, gets detoxed, goes to a halfway house, gets out, and proceeds back to step one. He's done this for several years, and of course, has never paid for any of it. BTW, the $1 million is only hospital and in hospital treatment costs. Costs to the ambulance company, detox centers, and halfway houses is maintained by those entities.
As St. Paul said: "If ye will not work, then ye will not eat!"
Great, we'll have Alzheimer's victims still working at their jobs.
That's getting the best of both worlds. Paying off quickly like a 15-year mortgage, but having the lower mandatory payment if something unforseen comes up.
The hog farm had to go out of business; very little demand in Israel for the product. Then when the inventory went over the cliff, management pulled the plug and blamed market research.
Seriously, I heard a preacher use the term once and liked the way it sounded, so I made a note of it for future use. When I signed on to FR, I thought this would be as good a place as any to make us of the title. You have no idea how crazy I would be if I hadn't been blessed by my Savior, Jesus Christ. I recommend him to all, crazy or not!
I agree. You don't need govt. permission to retire.
I am NOT going to be making a lot of money after graduation....either journalism or teaching....so needless to say, for the first couple years, just surviving will not be easy.
But, I have already made a budget and know I can begin saving for retirement almost immediately. If I can do it on 22-25 grand a year, folks making 30 can do much more. If you are making 40 grand, you can save millions in your lifetime.
I've been working 65-80 hours a week for most of the last 35 years. I really enjoy working.
I just hate anti-freedom, socialists.
They can have all of the $ I and my children have been FORCED to pay into SS for all of my working life. Just let me and my kids opt out of it right now. We will never ask for 1 dime. We will be doing our patriotic duty to insure the "system" is solvent.
Now who is the freedom fighter and who is the SCUM SUCKING SOCIALIST?
Yah, I live about a quarter mile from BFE.
Seriously, though, codes are nothing more than the legal codification of common sense building techniques established by private sector builders.
In my territory, I could build an 8 x 10 shack and live in it if I followed "the code." Wouldn't build it any other way.
In some areas, I'm sure you know, "the code" establishes the height of your lawn and what color to paint your trim. We ain't like that.
So if you bought a quarter acre in my area, built an 8 x 10 shack and moved in, we'd just consider you a fine fellow establishing his castle.
"I think a more reasonable goal is 70, especially since with modern medicine and today's far better understanding of how to maintain good health with a decent diet, good exercise and avoiding overindulgence of alcohol and less people smoking will allow people to live far longer than before."
70 might work for some people/jobs, I think those that work at hard labor like brick/block layers etc. are worn out by 65, if not before.
The age of retirement should be raised to 85 by 2050 because of trends in life expectancy, a US biologist has said.
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Why don't the people determine their own retirement age? Then this academic wouldn't have to worry his head about it.
Of course, this requires removing the socialism from the Untied States, which Congress is loath to do.
>Like some of our “esteemed” congress critters and Supreme Court justices?<
Yep, I can just see it now. 84 year old sheriff's deputies, in addition to 80 year old construction workers.
It's going to have to. The Least-Great Generation (1946-64) is going to demand it so that their grandkids can keep up with their Social Security payments.
-Dan
I can do it because I've saved for the future, unlike most Americans who spend everything they make !!!
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