And what are those laid off over 60 workers who have been contributing all their lives (nay, FORCED TO CONTRIBUTE) going to do for the meantime ?
Try finding a job at that age after you have been laid off (often because of your age).
Why not try something else — LIKE STOPPING THE RAID OF SOCIAL SECURITY TO PAY FOR CURRENT BUDGET EXPENSES.
We’ve been talking about the lockbox since Al Gore made the term a comedy signature at SNL, but we have not even implemented it.
I have to agree here. I’ve just found a position after being laid off at 53. Took me 4 months. At least I’m not having as “would you like fries with that....yet!”
The problem with SS (interesting abbreviation noted..) is as you say. It is a giant Ponzi scheme. If it were set up as a savings plan instead AND the government stopped raiding it continually, then it would be solvent by definition.
Then we have the discussion of whether the government is a good investor - wouldn’t be nice to at least be in territory where that was the problem set instead of the bankruptcy the system is currently staring at.
I think Boehner was exempting those close to retirement from his proposed change in the age to receive benefits.
After 60? I have so many friends in their 50’s who have been laid off. A year and a half later, they still have no jobs. They are not hiring people in their 50’s either. So I guess you just go on welfare for 15 years and then collect, that is if you are still alive at 70.
Most of these fixit plans have phase-ins. Even now, the full retirement age is 65 for some folks and 66 for others, depending on when they were born.
It probably would have been better had SS not been developed in the first place. But, since it has, as you say, many have not only been drained to support it, but have been deprived of the means of saving for themselves because of their SS payments. So, any actuarially solvent change has to be phased in. I can't imagine a plan which would up the retirement age suddently, unretiring people who had already retired and become disconnected from their work.
It's like addiction to a drug... seems good at first, but then it's hard to break, especially cold turkey.
Too late for that. The time to do it was 30 years ago, but as of now, SS is already upside down with current outlays exceeding current revenue. They already are dipping into the 'reserves' which are nothing but IOUs from the Treasury and it will only get worse as the tidal wave of boomers start collecting benefits over the next decade.