Haley: Raise the Retirement Age

[WorldWatcher]

Former South Carolina Gov. Nikki Haley calls to change retirement age during presidential campaign​

""The first thing you do is you change the retirement age of the young people coming up so that we can try and have some sort of system for them," Haley said at a town hall in Council Bluffs, Iowa."

<<SNIP>>

""Joe Biden now is basically saying the only way to deal with entitlements is to raise taxes. He doesn't care that it runs out in five or 10 years, he's not going to be there anymore," Haley said."


The first quote advocates cutting benefit payouts by raising the retirement age for young folks. The second quote indicates this is done to impact Social Security in 5 or 10 years.

So if she raises the retirement age for younger workers, say those 50 and below, to 70. Then the first year this impact is 20 years AFTER the change. So that would be 70-50 which is 20 years, and assume the law is changed in 2025 after the election. 20 years after 2025 is 2045.

However the financial problems for Social Security are due to hit 10 years prior to the earliest impact which is 2035 (based on the 2022 Trust Fund Report).

Reducing benefits by raising retirement age does not impact the current shortfall.

It's pretty simple when boiled down to basic terms. Benefits Paid Out = Revenues + Trust Interest + Trust Principle. If by 2035 the Trust is depleted then only revenues support benefits paid. To fix the problem by 2035 either age must be raised immediately, revenues increased, or both.

WW

 

[TNHarley]

Work your whole life and pay into a system you were FORCED to pay in to, only to enjoy yourself for a couple years.
What a load of bullshit.

 

[pyetro]

Former South Carolina Gov. Nikki Haley calls to change retirement age during presidential campaign​

""The first thing you do is you change the retirement age of the young people coming up so that we can try and have some sort of system for them," Haley said at a town hall in Council Bluffs, Iowa."

<<SNIP>>

""Joe Biden now is basically saying the only way to deal with entitlements is to raise taxes. He doesn't care that it runs out in five or 10 years, he's not going to be there anymore," Haley said."


The first quote advocates cutting benefit payouts by raising the retirement age for young folks. The second quote indicates this is done to impact Social Security in 5 or 10 years.

So if she raises the retirement age for younger workers, say those 50 and below, to 70. Then the first year this impact is 20 years AFTER the change. So that would be 70-50 which is 20 years, and assume the law is changed in 2025 after the election. 20 years after 2025 is 2045.

However the financial problems for Social Security are due to hit 10 years prior to the earliest impact which is 2035 (based on the 2022 Trust Fund Report).

Reducing benefits by raising retirement age does not impact the current shortfall.

It's pretty simple when boiled down to basic terms. Benefits Paid Out = Revenues + Trust Interest + Trust Principle. If by 2035 the Trust is depleted then only revenues support benefits paid. To fix the problem by 2035 either age must be raised immediately, revenues increased, or both.

WW

I can't believe Trump is the liberal on this issue in the GOP

 

[WorldWatcher]

Work your whole life and pay into a system you were FORCED to pay in to, only to enjoy yourself for a couple years.
What a load of bullshit.

If you wait until retirement to enjoy a couple of years.

You lived your life wrong.

WW

 

[Marener]

If you wait until retirement to enjoy a couple of years.

You lived your life wrong.

WW

Not everyone has the opportunity.

 

[Aldo Raine]

Former South Carolina Gov. Nikki Haley calls to change retirement age during presidential campaign​

""The first thing you do is you change the retirement age of the young people coming up so that we can try and have some sort of system for them," Haley said at a town hall in Council Bluffs, Iowa."

<<SNIP>>

""Joe Biden now is basically saying the only way to deal with entitlements is to raise taxes. He doesn't care that it runs out in five or 10 years, he's not going to be there anymore," Haley said."


The first quote advocates cutting benefit payouts by raising the retirement age for young folks. The second quote indicates this is done to impact Social Security in 5 or 10 years.

So if she raises the retirement age for younger workers, say those 50 and below, to 70. Then the first year this impact is 20 years AFTER the change. So that would be 70-50 which is 20 years, and assume the law is changed in 2025 after the election. 20 years after 2025 is 2045.

However the financial problems for Social Security are due to hit 10 years prior to the earliest impact which is 2035 (based on the 2022 Trust Fund Report).

Reducing benefits by raising retirement age does not impact the current shortfall.

It's pretty simple when boiled down to basic terms. Benefits Paid Out = Revenues + Trust Interest + Trust Principle. If by 2035 the Trust is depleted then only revenues support benefits paid. To fix the problem by 2035 either age must be raised immediately, revenues increased, or both.

WW

Math is hard you know!

 

[initforme]

If you wait until retirement to enjoy a couple of years.

You lived your life wrong.

WW

Hard to enjoy it while working.

 

[WorldWatcher]

I can't believe Trump is the liberal on this issue in the GOP

Some people are say'n...

..... ..... ..... Can't say who...

..... ..... ..... ..... ..... ..... But Trump plans on releasing a detailed plan for Social Security that will cost less and will pay out more benefits.

..... ..... ..... ..... ..... ..... ..... ..... ..... He'll release the plan in two weeks.

WW

 

[Harry Dresden]

Work your whole life and pay into a system you were FORCED to pay in to, only to enjoy yourself for a couple years.
What a load of bullshit.

and what about the people who work outside doing physical jobs that break your body down that cant go much further than 62-65?....

 

[WorldWatcher]

Hard to enjoy it while working.

Enjoying life does not mean spending a lot of money you know.

WW

 

[ReinyDays]

Former South Carolina Gov. Nikki Haley calls to change retirement age during presidential campaign​

""The first thing you do is you change the retirement age of the young people coming up so that we can try and have some sort of system for them," Haley said at a town hall in Council Bluffs, Iowa."

<<SNIP>>

""Joe Biden now is basically saying the only way to deal with entitlements is to raise taxes. He doesn't care that it runs out in five or 10 years, he's not going to be there anymore," Haley said."


The first quote advocates cutting benefit payouts by raising the retirement age for young folks. The second quote indicates this is done to impact Social Security in 5 or 10 years.

So if she raises the retirement age for younger workers, say those 50 and below, to 70. Then the first year this impact is 20 years AFTER the change. So that would be 70-50 which is 20 years, and assume the law is changed in 2025 after the election. 20 years after 2025 is 2045.

However the financial problems for Social Security are due to hit 10 years prior to the earliest impact which is 2035 (based on the 2022 Trust Fund Report).

Reducing benefits by raising retirement age does not impact the current shortfall.

It's pretty simple when boiled down to basic terms. Benefits Paid Out = Revenues + Trust Interest + Trust Principle. If by 2035 the Trust is depleted then only revenues support benefits paid. To fix the problem by 2035 either age must be raised immediately, revenues increased, or both.

WW

The SS trust fund only pays 11% of benefits ... the rest comes from taxes ... so in 2035, everyone receiving SS will receive 89% of the benefits they've been receiving ... not the end of the world, and this is ONLY SS benefits ... your own retirement accounts are unaffected ...

People are living longer ... and are healthier ... thus they can work longer ... [snaps whip] ... what you get for not saving yourself ...

 

[gipper]

Former South Carolina Gov. Nikki Haley calls to change retirement age during presidential campaign​

""The first thing you do is you change the retirement age of the young people coming up so that we can try and have some sort of system for them," Haley said at a town hall in Council Bluffs, Iowa."

<<SNIP>>

""Joe Biden now is basically saying the only way to deal with entitlements is to raise taxes. He doesn't care that it runs out in five or 10 years, he's not going to be there anymore," Haley said."


The first quote advocates cutting benefit payouts by raising the retirement age for young folks. The second quote indicates this is done to impact Social Security in 5 or 10 years.

So if she raises the retirement age for younger workers, say those 50 and below, to 70. Then the first year this impact is 20 years AFTER the change. So that would be 70-50 which is 20 years, and assume the law is changed in 2025 after the election. 20 years after 2025 is 2045.

However the financial problems for Social Security are due to hit 10 years prior to the earliest impact which is 2035 (based on the 2022 Trust Fund Report).

Reducing benefits by raising retirement age does not impact the current shortfall.

It's pretty simple when boiled down to basic terms. Benefits Paid Out = Revenues + Trust Interest + Trust Principle. If by 2035 the Trust is depleted then only revenues support benefits paid. To fix the problem by 2035 either age must be raised immediately, revenues increased, or both.

WW

Fuck her. She’s CIA all the way.

Ask her if the War Department needs cutting?

 

[WorldWatcher]

and what about the people who work outside doing physical jobs that break your body down that cant go much further than 62-65?....

My Dad was a blue collar man pretty much his whole life. Grew up on a farm in upstate New York during the depression, fought up the boot of Italy in WWII, helped with the family farm when he got back until landing a job with AT&T (Ma Bell before the breakup) working as a lineman. By the time he was in his 60's he had neck problems, trouble with his back, knees were shot, and arthritis in his hands.

He was to proud to try for disability, working to retirement age and he and Mom lived on his small pension and Social Security for the remainder of their years.

WW

 

[gipper]

The SS trust fund only pays 11% of benefits ... the rest comes from taxes ... so in 2035, everyone receiving SS will receive 89% of the benefits they've been receiving ... not the end of the world, and this is ONLY SS benefits ... your own retirement accounts are unaffected ...

People are living longer ... and are healthier ... thus they can work longer ... [snaps whip] ... what you get for not saving yourself ...

People aren’t living longer. Life expectancy in the US has fallen every year for the past decade.

It’s okay to talk about cutting social programs but don’t you dare speak of cutting the MIC or revising the tax code, to force the ultra wealthy and big corporations to pay more.

 

[TNHarley]

If you wait until retirement to enjoy a couple of years.

You lived your life wrong.

WW

I meant without work.
I enjoy my life but I would really enjoy it if I was retired.

 

[Harry Dresden]

My Dad was a blue collar man pretty much his whole life. Grew up on a farm in upstate New York during the depression, fought up the boot of Italy in WWII, helped with the family farm when he got back until landing a job with AT&T (Ma Bell before the breakup) working as a lineman. By the time he was in his 60's he had neck problems, trouble with his back, knees were shot, and arthritis in his hands.

He was to proud to try for disability, working to retirement age and he and Mom lived on his small pension and Social Security for the remainder of their years.

WW

but would have been able to work until he was 70-72?....

 

[gipper]

and what about the people who work outside doing physical jobs that break your body down that cant go much further than 62-65?....

That’s a lot people too. Of course, it doesn’t include fucking politicians.

 

[JackOfNoTrades]

Some people are say'n...

..... ..... ..... Can't say who...

..... ..... ..... ..... ..... ..... But Trump plans on releasing a detailed plan for Social Security that will cost less and will pay out more benefits.

..... ..... ..... ..... ..... ..... ..... ..... ..... He'll release the plan in two weeks.

WW

Isn't that what he promised with health care?

 

[WorldWatcher]

The SS trust fund only pays 11% of benefits ... the rest comes from taxes ... so in 2035, everyone receiving SS will receive 89% of the benefits they've been receiving ... not the end of the world, and this is ONLY SS benefits ... your own retirement accounts are unaffected ...

People are living longer ... and are healthier ... thus they can work longer ... [snaps whip] ... what you get for not saving yourself ...

#1 Trust fund projection in the 2022 report are 77% of benefits.

#2 Average Life Expectancy (ALE) is longer by about 20 years from 1935, but the biggest influence on this is infant and child mortality rates dropping. Infants and children don't pay into SS, but they do impact ALE. The true measure is months drawing benefits and yes those numbers are up, but only about (on average) 3.5 years.

#3 Thanks for the advise on saving. Been practicing that for along, in retirement my wife and I will have 8 different revenue streams (of which SS counts as 2). No one stream is much, but combined will do just fine as we won't be solely reliant on SS.

WW

 

[WorldWatcher]

but would have been able to work until he was 70-72?....

No. I think the family would have forced him to take disability.

WW