SS is an easy problem to fix. The numbers suggest that adding just 3 months to the retirement age and 1 year to the early retirement age would make the system solvent.
62 year olds can work. Age is not a factor. They may have some other issue like a disease or other health issue. But age alone does not stop people from working at 62.
“62 year olds can work. Age is not a factor. They may have some other issue like a disease or other health issue. But age alone does not stop people from working at 62.”
I’m 67 and still at work every day. My wife wants me to retire but I keep asking her, why? I’m still paying for people who never worked a day in their lives.
18 - 30 year olds can work if they crawl out of their parents basements and start to contribute.
There’s plenty of jobs but millennials won’t work unless they get a six figure salary and become President or CEO of a company within the first few weeks of work. Anything longer takes effort and effort and work ethic is something that’s completely foreign to them.
Nothing wrong with retiring at 62 or younger if you can. I prefer to enjoy life while I still can than work until I’m 70+.
It depends on what kind of work you do. And with labor participation rates at 50 years lows, finding a job at age 62 is much more difficult. We have brought in 35 million legal permanent immigrants (equivalent to the population of Canada) since 1990. We have a huge surplus of labor, which also depresses wages.
I don’t think that will come close to solving the problem. The estimates are that under current taxes and payments there is only 2/3 the amount of money needed long term. Benefits would have to be cut by one-third (across the board or focused on the rich or the youngest retirees like you suggest), taxes increased by 50% or some combination of the two. Early retirees who are 62 and normal age retirees between 67 and 67.25 years old don’t consume one third of the social security payments.
Now if only you could get companies to hire 60 year olds.