Posted on 02/07/2023 7:21:17 PM PST by MeneMeneTekelUpharsin
Many Americans eagerly look forward to a time when they can stop working and officially set their status to “retired.” But when asked what age they anticipate that could be, there isn’t a consensus. The average age when people say they hope to retire is 62, according to one survey.
SNIP
Meanwhile, the House of Representatives last week approved a retirement bill that would push out the age for required minimum distributions on certain savings accounts to 75, up from the current age of 72. That change, if it passes the Senate, would be gradually phased in by 2032.
SNIP
Retirement ages were last altered in 1983 under then-President Ronald Reagan. Those changes, which raised the full retirement age to 67 from 65, are still being phased in today. Even just the bump up to age 66 from 65 represented a 5% benefit cut, Elsasser noted.
Read more at the link.
(Excerpt) Read more at cnbc.com ...
If I were to retire at 65, my income from my job after $20,000 would be taxed at a 50% rate. For every $2 earned above that income cap (about $20,000), one's SS benefits are reduced by $1. Is that what you are proposing that I do? And, the side job I do would further increase that income above the $20,000 rate. After having them take all of that money from me for years, it is NOT GOING TO HAPPEN. What enfuriates me is that due to health concerns, I need to retire, but working to try and pay bills would be pointless when I large portion of it would essentially cause me to lose almost all of my SS benefits. Then, I read in the news that they are sending BILLIONS to Ukraine. Your turn...
(Joe, DJT, BO)
https://www.macrotrends.net/2613/stock-market-performance-by-president-from-election-date
1948 on
https://www.macrotrends.net/2574/dow-to-gdp-ratio-chart
The government needs money to pay for illegal aliens and fentanyl to flood across our secure border. In addition to financing wars across the globe and investing heavily in alternative energy sources that clearly aren’t ready for prime time.
The old people can sign up for euthanasia if they don’t like it, of course.
True, but starting at 70 you also wouldn't get the first 30 payments of $2,000.
“These tools can be accurate but require access to your official earnings record in our database.”
https://www.ssa.gov/benefits/calculators/
“In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.”
“Delayed retirement credit
Year of birth Credit per year
1917-24 3.0%
1925-26 3.5%
1927-28 4.0%
1929-30 4.5%
1931-32 5.0%
1933-34 5.5%
1935-36 6.0%
1937-38 6.5%
1939-40 7.0%
1941-42 7.5%
1943 and later 8.0%
https://www.ssa.gov/oact/quickcalc/early_late.html
I am grabbing my S.S. at 62, I file in 2 months for auto deposit to kick in in November...let me ask all of you Freepers here? Have you ever done a trade/job that is always in demand yet you can get paid in cash or personal check? I have been doing these exact types of work since I was 18. I also worked on the books for what would reap me the best benefits. I will collect less than the maximum from S.S. but I am not worried in the least about earning going into my twilight years...there are multitudes of things you can do to generate cash without reporting it.
I feel the same way.
“ Imagine if all your SS payroll taxes had been invested in an index fund. ”
Revolution would happen if people understood that .
I wonder how much money they could raise if they stopped these millions of invaders at the border, gave them Social Security numbers, and required them and their employers to pay into the system, instead of just vanishing into the country, to work for cash and not report their income.
Probably a lot of money.
The average lifespan in the US was 77.28 years in 2020, so on average with the the current SS:
So on average retiring at 62 with a reduced benefit you have 15 years to get paid back what you paid in to SS.
At 67 full retirement you have 10 years on average.
It’s money you paid in, not welfare. It was a good idea, but poor implementation, and with our government they just spend it all anyway, no investment, no saving for a rainy day. The just keep spending into a hole, raise the debt ceiling, borrow more, spend more, send more money we don’t have to Ukraine and everywhere else. Rinse and repeat
Gen X and later all already know that there will NOT be Social Security for us. The treasure chest is due to run out in 2035.
Amen.
The trick in that equation is living that long. Many if not most are in poor health or dead by 70. They're definitely not as mobile as in their younger days. Me, probably take it at FRA.
Got all sorts of money for illegal aliens, welfare mommas, drug adults in tue streets, and Ukraine; but Americans that have worked their whole price? Nope! Sorry! We’re “running out of money.” BS.
It will be 72 by the time I retired.
This article is from April of 2022. That’s what causes confusion about what might happen in the future versus what’s already happened.
Going forward in 2023, one idea that’s been floated by some Republicans in the House is that an increase in the debt ceiling should be tied to cuts in Social Security. Cutting benefits to current recipients is deemed unfeasible, so the idea is instead a further increase in the retirement age. My guess is that the whole Republican caucus won’t go along with this, but who knows.
It puts the Dems in quite a pickle. They want to save FICA by raising the cap (as was done on medicare) but the only way to get GOP votes is to raise the age (as was done in 1986). And the Dems don’t want to raise the age because it hurts blue collar workers in physically demanding jobs. A bit ironic as these workers now uniformly vote for GOP, and the white collar workers (who can easily work past 67) vote for the Rats.
GOP needs to exercise care here so as not to be accused of “cutting benefits” as Biden lied tonight.
Maybe people with soft jobs. Mine was manual.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.