that will sure kill FICA if folks keep retiring in their early to mid 60s
Wait, I thought we were all going to die by 2050 from global warming.
Ping!
That would be insane. This guy obviously doesn't understand the concept of compounding and how it's exponential, not linear. You're much better off getting a 15 year mortgage and paying it off. Then you have almost the entire proceeds from the sale of your house to use as a downpayment for a new house. I just bought a new house and I'm paying a few hundred a month over what a 30 year would be, but I'll be much better off for it.
I'll kill myself before I'll work until I'm 85.
"However these trends would also create a "permanent underclass" of countries where opportunities for increased life expectancy were not the same as in the industrialised world"
I can hear the protests: We are "vampires" who are stealing life from third world countries.
I will be retiring from 9-5 work at age sixty. I will not need SS or Medicare and wish I could opt out of both.
What a joke. It's like the Donner Party deciding on inheritance rights...or should I say..rites.
This is why I am going to start saving for retirement immediately once I begin working after college. No waiting except for maybe a couple months to get myself oriented. It has to start soon, for I can't count on getting ANY SS and heaven knows how little that covers anyway.
I'm in my mid-thirties, and I've just accepted the fact that there's no way on God's green Earth that I'm ever getting any Social Security, nor will I ever really be able to 'retire.' And I'm darn bitter about the majority of the Boomers who feel like they've "earned it," and deserve a handout (earned on my ass) at every turn.
The difficulty with all these doom-and-gloom scenarios is that don't take into account the fact that intelligent men and women adjust to changing conditions. Healthy 70-year-olds who want to start new careers other than the ones they've been stuck with for a "lifetime" will have the time to do so. That isn't a bad thing. And those careers will not be in competition with the young pups in most cases. It was fun, but I don't want to be a stud in a Turkish harem anymore - let the young folks do that now.
Anyway, I have a backup plan. We increase the retirement age to 64 on my 65th birthday, to 74 on my 75th, raise taxes to support the whole thing, and the X'ers WILL BE MY SLAVES FOREVER!!! MOOOHAHAHAHAHAHAHA!!!
Sorry.
No problem, I'll be in my 90's in 2050. And retired. Bwahahahaha!
This could become a problem if we get past the end of March.
Once again, society suffers because of the persecution of smokers. When everyone smoked, people stayed skinny, worked hard, and died at a reasonable age.
"Hey! You kids get off my boss's lawn!"
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
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.