Raise the Retirement Age?

[Article 15]

Would you support raising the retirement age to collect social security benefits?

If so, to what age?

 

[Kex]

Are you crazy? Hell, lets just settle it at tomb stone.

 

[kyzr]

Yes very slowly to be fair generationally. I don't want a 1950s person retiring at 62 when a 1990s person has to work until they are 70.

Be generationally fair but save SS.

 

[Old Rocks]

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.

 

[potter 58]

Congrats old rocks, but I doubt most of the wingnuts would believe you

 

[Oddball]

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.

I can't even imagine what it must be like to be such a pathetically envious tiny wretch of human existence.

 

[Article 15]

What's a couple of years? 68?

What if the payroll tax cap was raised with it?

 

[paperview]

I don't see why not...we're living longer than were.

Why not?

 

[Article 15]

I don't see why not...we're living longer than were.

Why not?

I bet it would help with the budget thing.

 

[Old Rocks]

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.

I can't even imagine what it must be like to be such a pathetically envious tiny wretch of human existence.

Really? Did you make six figures in 2008? How well did you do in 2009? The last decade has been a good one for me. I have done a lot of traveling, and when on a plane, rode first class most of the time.

I am being realistic. In 1965, the average CEO, which is a hireling just as I am, made about 24 times as much as a working man. Today, that factor is 264 times. And today, they get it whether or not their company is successful.

Privatize the profit and socialize the loss. Ain't modern 'capitalism' wonderful.

 

[potter 58]

ok 15, how long did your parents live on avg? grand pa 61, never collected, dad 57 , never collected, me just turned 60, I want some of what they and I paid into all our lives, you young fucks want to keep it all for yourselves LOl

 

[Oddball]

Really? Did you make six figures in 2008? How well did you do in 2009? The last decade has been a good one for me. I have done a lot of traveling, and when on a plane, rode first class most of the time.

I am being realistic. In 1965, the average CEO, which is a hireling just as I am, made about 24 times as much as a working man. Today, that factor is 264 times. And today, they get it whether or not their company is successful.

Privatize the profit and socialize the loss. Ain't modern 'capitalism' wonderful.

What I make is none of your damned business.

What you're being is a base, envious little poltroon, who wants someone else to do your robbing for you.

 

[Article 15]

ok 15, how long did your parents live on avg? grand pa 61, never collected, dad 57 , never collected, me just turned 60, I want some of what they and I paid into all our lives, you young fucks want to keep it all for yourselves LOl

It would be like doing your part to help with this debt y'all burdened on us!

My grandfather on my father's side lived to be 86 ... my grandmother 79. On my mother side her father had a heart attack and died at 49 but her mother lived to be 88. Not too shabby, eh?

 

[potter 58]

well 15, between you and me and Ronnine braidead Raygun, Bush 1 , Jr and Obama., what do you mean me white man

 

[Article 15]

well 15, between you and me and Ronnine braidead Raygun, Bush 1 , Jr and Obama., what do you mean me white man

My bad ... that wasn't meant to be taken personally.

By "y'all" I mean the generations before mine who steered the country to where we are today.

 

[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.

 

[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?

 

[Cold Fusion38]

No reason SS tax should not apply to ALL the money you make the current cut off means that someone making OVER 6 figures pays LESS than someone making LESS it makes NO SENSE AT ALL!

 

[Cold Fusion38]

And YES raise the age. I am (guess) but I would be impacted and I don't care because it is the RIGHT thing to do for my COUNTRY and my COUNTRYMEN!

 

[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.

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.