Raise the Retirement Age?

[Cold Fusion38]

Yes, absolutely. No question about it.

The age should be raised to 72 or 75. Maybe not this year, but gradually over the next 10 years.

This has to happen. The country has literally tens of trillions of dollars of liabilities for government programs, including social security. Eventually, social security will go bankrupt if it isn't dramatically reformed. And the easiest way to reform it is to raise the retirement age.

Toro, do you have any estimates for how much raising the retirement age would save the budget?

No, I don't.

But if you live to be 65, on average you will live another 18 years, so upping the age to receive social security to 75 will more than halve the liabilities.

The other thing that should be done is that social security should be transformed into a real pension fund, with participants given the option to enter into a defined contribution plan, i.e. do it themselves.

All states have pension funds for their employees. The average state pension plan compounds its plan assets at 6%-8% per year. The social security trust is nothing but government obligations earning 3%-4%. This may sound small but the difference compounded over time is staggering. After 50 years, $100 compounded at 4% becomes $710. At 8%, $100 becomes $4,690. Social security should become a real pension plan that invests in stocks, real estate, corporate bonds, etc.

We should also give people the option of investing it themselves. Eventually, all state employee pension plans will be like this (as most corporate plans have become) since it shifts the liabilities off the balance sheet of the state. Social security should give people this option as well.

The Left vehemently opposes these solutions, but they should not. Social security - and medicare - are ticking time bombs. These are solvable problems but they must be reformed or they will collapse. The budget deficits today are peanuts compared to what is coming.

I can't stress this enough. My wife and I are not American, and one of the few things that makes me want to leave this country and go live in the Caymans or Bermuda or some other tax haven is the liabilities of the government for elderly people. It must change.

Yeah wouldn't privatizing be COOL unless the DOW drops 7,000 points like it did the last year of Bush who by the way wanted to privatize SS.

 

[Article 15]

Yes, absolutely. No question about it.

The age should be raised to 72 or 75. Maybe not this year, but gradually over the next 10 years.

This has to happen. The country has literally tens of trillions of dollars of liabilities for government programs, including social security. Eventually, social security will go bankrupt if it isn't dramatically reformed. And the easiest way to reform it is to raise the retirement age.

Toro, do you have any estimates for how much raising the retirement age would save the budget?

No, I don't.

But if you live to be 65, on average you will live another 18 years, so upping the age to receive social security to 75 will more than halve the liabilities.

The other thing that should be done is that social security should be transformed into a real pension fund, with participants given the option to enter into a defined contribution plan, i.e. do it themselves.

All states have pension funds for their employees. The average state pension plan compounds its plan assets at 6%-8% per year. The social security trust is nothing but government obligations earning 3%-4%. This may sound small but the difference compounded over time is staggering. After 50 years, $100 compounded at 4% becomes $710. At 8%, $100 becomes $4,690. Social security should become a real pension plan that invests in stocks, real estate, corporate bonds, etc.

We should also give people the option of investing it themselves. Eventually, all state employee pension plans will be like this (as most corporate plans have become) since it shifts the liabilities off the balance sheet of the state. Social security should give people this option as well.

The Left vehemently opposes these solutions, but they should not. Social security - and medicare - are ticking time bombs. These are solvable problems but they must be reformed or they will collapse. The budget deficits today are peanuts compared to what is coming.

I can't stress this enough. My wife and I are not American, and one of the few things that makes me want to leave this country and go live in the Caymans or Bermuda or some other tax haven is the liabilities of the government for elderly people. It must change.

Thanks ...

I'm for giving it a try.

If we do something like this and make cuts to the defense budget like what's being discussed in the other thread, good things can happen.

 

[Oddball]

The Left vehemently opposes these solutions, but they should not. Social security - and medicare - are ticking time bombs. These are solvable problems but they must be reformed or they will collapse. The budget deficits today are peanuts compared to what is coming.

Count on that continuing to falling on tin ears.

The last thing any demopublicratican politician can admit is that their grand schemes are a train wreck in waiting.

I can't stress this enough. My wife and I are not American, and one of the few things that makes me want to leave this country and go live in the Caymans or Bermuda or some other tax haven is the liabilities of the government for elderly people. It must change.

Already a possibility on the itinerary, man.

 

[potter 58]

ok 15, one problem, the extreme left and the extreme right seem to be calling the shots these days, how do we get back to the middle, say like with a guy like Ike, I can't see it happening, party first and to hell hell with country is now the norm on both sides

 

[Cold Fusion38]

You see Toro what you don't understand is that Americans BELIEVE in the "Get Rich QUICK scheme" They always have and they ALWAYS WILL. For FAR TOO MANY 8% won't be enough they will WANT and will be PROMISED 12% and you KNOW what will happen to those people. They will hit 75 and find out they have NOTHING and you will have LOTS of old people DYING in the streets!

 

[Article 15]

ok 15, one problem, the extreme left and the extreme right seem to be calling the shots these days, how do we get back to the middle, say like with a guy like Ike, I can't see it happening, party first and to hell hell with country is now the norm on both sides

I agree. Party politics is the biggest obstacle, I think.

It's a sad state of affairs when being bipartisan is seen as a sign of weakness.

 

[Harry Dresden]

Yes, absolutely. No question about it.

The age should be raised to 72 or 75. Maybe not this year, but gradually over the next 10 years.

This has to happen. The country has literally tens of trillions of dollars of liabilities for government programs, including social security. Eventually, social security will go bankrupt if it isn't dramatically reformed. And the easiest way to reform it is to raise the retirement age.

what if your job is a physical one that tears your ankles and knees and back down.....and doing that job when you are 70 is kinda unrealistic?.....

 

[potter 58]

hey Harry ,it sounds like you actually worked for a living

 

[froggy]

Why not just do away with s.s, and when you can no longer work, let them put you out of your misery.

 

[Cold Fusion38]

I don't know Harry maybe you invest in a Roth AND a 401K.

 

[Harry Dresden]

hey Harry ,it sounds like you actually worked for a living

Worked???.....i still do Potts.....
im just sayin there are some outdoor jobs that the older you get the harder it is to keep up....and if you indeed do get hurt,just doing that job aggravates the hell out of the injury,and slows you down even more.........

 

[Toro]

Yes, absolutely. No question about it.

The age should be raised to 72 or 75. Maybe not this year, but gradually over the next 10 years.

This has to happen. The country has literally tens of trillions of dollars of liabilities for government programs, including social security. Eventually, social security will go bankrupt if it isn't dramatically reformed. And the easiest way to reform it is to raise the retirement age.

what if your job is a physical one that tears your ankles and knees and back down.....and doing that job when you are 70 is kinda unrealistic?.....

Its unrealistic at 60 too, isn't it?


EDIT - I get it. I know that physical labor is hard. But the current system simply is not sustainable. It must be reformed.

 

[Cold Fusion38]

Hey Toro are you EVER going to answer my post?

 

[Cold Fusion38]

I guess not.

 

[Toro]

I'm not sure what there was to answer.

 

[Cold Fusion38]

You see Toro what you don't understand is that Americans BELIEVE in the "Get Rich QUICK scheme" They always have and they ALWAYS WILL. For FAR TOO MANY 8% won't be enough they will WANT and will be PROMISED 12% and you KNOW what will happen to those people. They will hit 75 and find out they have NOTHING and you will have LOTS of old people DYING in the streets! Knowing this do you think privatizing is such a good idea?

 

[Xenophon]

If anything it should be lowered.

The average human life span right now is 66 years. In the USA its a little higher at 77.

So you think people who no longer think clearly, have trouble standing or walking should still be busting their asses at 70?

The entire SS was originally a fraud, the common life span when it was enacted was in the 50s, they hoped nobody would ever live to collect.

And what you sugest is again perpetuating the fraud.

It would be better to end SS and stop robbing us our entire working life.

 

[WillowTree]

No, do not raise the retirement age.

Make all income liable to the 6.2% Social Security tax that comes out of my paycheck. Then you do not need to raise the retirement age.

I am one of the fortunate ones, in that I am 66 and can still work at a strenous job in a steel mill. Most of my peers cannot do that because of the natural aging process.

The very wealthy gained that wealth on the backs of the men that actually man the factory floor. They will not miss a single meal for having to pay the same tax that I do. And they insure their own security. One might remember that this is a rather well armed nation on an individual basis, and if the people see the very wealthy still living high on the hog when the rest are fighting for food and a roof over their head, there will be some "up against the wall" actions. Review the reasons behind the French and Bolshevik Revolutions.

This is truly amazing. You bash any conservative on the forum who speaks of revolt,, and then you justify your reasons for revolt. Typical left wing lunacy!

 

[potter 58]

never fear willow, with your proven skills, you will never go hungry, right slut?

 

[WillowTree]

never fear willow, with your proven skills, you will never go hungry, right slut?

what has my being a slut have to do with revolution?? dingdong?