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 ...
Thing is, people are not living longer anymore. So that is not a valid excuse for them.
And few women were working.
We have to keep in mind that there are people getting SS benefits who never paid a flat dime into the system.
Perhaps the crooks in Congress should start there by cutting out those who don’t deserve it.
Social Security payments are calculated so that regardless of what age you start receiving social security, everyone’s lifetime payment is the same.
“Social Security payments are calculated so that regardless of what age you start receiving social security, everyone’s lifetime payment is the same.”
That is a calculation based on actuarial tables so it is true for the aggregate.
Of course each individual person has a totally different set of factors to look at...
I waited until seventy to start collecting because:
—I could afford to do it
—I was/am in excellent health
—My parents and grandparents lived a long time so while I could croak tomorrow the more likely outcome is that I will live a long time as well.
Each person has to make their own decision based on their own situation (actual and guessing their future).
“Social Security payments are calculated so that regardless of what age you start receiving social security, everyone’s lifetime payment is the same.”
That is a calculation based on actuarial tables so it is true for the aggregate.
Of course each individual person has a totally different set of factors to look at...
I waited until seventy to start collecting because:
—I could afford to do it
—I was/am in excellent health
—My parents and grandparents lived a long time so while I could croak tomorrow the more likely outcome is that I will live a long time as well.
Each person has to make their own decision based on their own situation (actual and guessing their future).
Republicans do suck badly in this department. Reagan loved illegal aliens with amnesty but screwed Americans with retirement. And he’s considered the best.
That’s right… they will start on disability at 40. Actually read an article where people intentionally get diabetes and kidney disease so they can more easily qualify.
Disability is a really interesting topic that none of the politicians want to discuss.
It was originally designed for manual labor jobs which required good physical condition.
Then it also covered office jobs where folks were not healthy enough to report to the office every day.
However the world has changed and disability policy has not.
“Disabled” workers can usually work—remotely in office jobs.
The politicians are sticking their heads in the sand and hoping nobody notices.
You can retire at any age—you just need the money to do so. But if you think you can live off of your Social Security monthly check alone, you’re dreaming. It was always “supplemental income”, not designed to provide one with a life of leisure by itself.
For perspective, consider the reason 65 was chosen in the 1930s when Social Security was first established is because at the time the average life expectancy for Americans was 64. Given that it’s now (depending on the sources you read) somewhere between 75-80, that would mean that if the Social Security benefit eligibility age had “kept pace” is would be something in that range.
That will be the day. No, they “need” that money for fat federal pensions and the welfare bums.
The one thing propping up the dollar right now is that so many other currencies (the Yen, the Euro, etc) are in even worse shape. That's not reassuring.
I'm just now getting to the age where I can claim Social Security but I'm going to hold off until at least my FRA of age 67. I also told my wife, who is 62, not to claim it early. Right now we don't need the money because I'm working and I make so much money already. I'd rather take it when I actually stop working so it can supplement what is in my IRA and 401k's.
Now there is a lot to criticize about our Social Security system to be sure, but it does not even begin to meet the definition of "Ponzi scheme."
The way the article is written implies the current republican congress raised the age and cut SS.
In fact the current congress did just the opposite by raising the age for RMD.
Nothing is stopping people from investing in index funds.
My share of FICA is about 7.65% of my income (employer pays the other 7.65%). I've been putting at least 12% of my income (when you include company match) into my 401k for decades.
So now I have two income streams when I retire. My Social Security and withdrawals from my retirement savings. People need to realize that Social Security alone will not be enough.
It’s less about life expectancy and more about the ability to work. Many physical ly demanding jobs are pretty much impossible even in your early sixties. And at 70, many people are not mentally capable for a job much more demanding than a Walmart greeter.
Plus, most of the gains in life expectancy come from reductions in infant mortality. Actual human lifespan has barely changed at all. In all likelihood, your person who died at 80 in 1940 would probably live to be 80.5 today, and that extra six months would be enduring the hell of chemotherapy while the medical industry drains his kids’ inheritance.
That is not true generally. It takes 12-13 years to make up for the loss of income caused by delaying receiving benefits. And by that time, you're too old to appreciate it. IMHO
It is not a retirement plan but a tax break for old decrepit workers forced to keep slaving until death. Lower it back to 62.
Wages paid to government workers is a drop in the bucket of annual federal outlays. A rounding error.
THey will tax it all away if you work and collect SS.
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