Posted on 09/25/2012 5:10:12 PM PDT by Condor 63
In June, Robert Benmosche, the chairman of the insurance giant American International Group, said an increase in the retirement age was unavoidable. What surprised many is how high he predicted the age would go. "Retirement ages will have to move to 70, 80 years old," Benmosche told Bloomberg. "That would make pensions, medical services more affordable. They will keep people working longer and will take that burden off of the youth."
(Excerpt) Read more at money.msn.com ...
I believe that is exactly right.
In it’s current incarnation, social security is a pure ponzi scheme. The idea is that you can put in a finite amount of cash and then pull out a much larger amount of cash — for decades. That just doesn’t work.
Originally, the idea was that most people would pay in, most people would die before the retirement age, most people would lose all the money that they paid in, and very, very few people would get payouts of any kind — and those lucky people would also most likely die before collecting for too many years.
Now, it’s all quite different, and the numbers are just not sustainable.
Again: Social Security was designed as a system in which most people would pay and get nothing. That was the plan
Guess what? We’re going back to that. The people (such as myself) who paid in, and who may feel that they are “owed” money, are most likely not going to get much of anything. It’s how it was meant to be.
Agreed. Unless the economy expands at a rate greater that the net population growth, unemployment can only go higher, and career people will find it harder to move up if the senior talent does not retire...
Seems like a pretty good reason to privatize social insecurity and take the decision out of the hands of greedy government bureaucrats.
It’s horrendous. Health insurance premiums based on average employee age are killing off the the job market for those over 40...35...30. Carousel anyone? Or to the Soylent green factory for the rest of us.
That sounded selfish of me didn’t it. I meant they can’t force me to work like they will those who are not over the hill yet. I actually envy those who are able to retire and travel or do something exciting. But life put me behind the millstone and that is where I will drop when my time is up.
The new world order is that you work until you croak.
“70 sounds about right.”
I think 72 will just about result in retirees actually getting out what they paid in, rather than taking twice as much.
At the current rate of devaluation of the dollar, never.
I’m sixty. I have Wonka’s golden ticket in my pocket. A class A CDL with tanker endorsement .
Here on the Bakken, all shapes and sizes, young and old work. Prepare to be cold
Is being a burglar a career? Like I will be doing software development in my 70’s.
Is being a burglar a career? Like I will be doing software development in my 70’s.
It didn’t sound selfish to me. It sounded smart.
Understand about getting behind the millstone which I guess is the point. In America you should have options. If you want to work and are capable of it fine. You should also be able to retire if that is what you want.
The sad thing is the culture is changing so much in favor of liberalism that having financial freedom and options seems to be becoming a thing of the past.
Clearly you have never done software development.
Find something you really enjoy doing day in and day out because nobody is retiring.Ever.
Ditto at 62.
If you set SS retirement age to 85, most of the payees will die off before collecting - which was the original plan for Social Security...
Not that I’m looking forward to no retirement...
I agree. You should never retire to do nothing.
You may, however, reach the point where its time to do something else.
Retire when your personal projects don't leave you enough time to work for someone else.
I turned 66 last Thursday. I own and run 4 businesses, write a lot of paychecks and pay a lot of taxes.
I guess I am legally retired, but I’m not going to quit working. I’m just going to have one heck of a retirement party and then get up the next morning and go to work.
They got screwed.
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