raise retirement age to 70
John Boehner recommends that we raise the retirement age to 70. He told the Congress 'we need to explain to the American people that we are broke'. Also only people who really depended on social security would get it. I guess the rest would not get any of the 10's of thousands back that they and their employers paid in to Social Security. Of course you probably then will not have access to your 401K until 70. I wonder if they will steal our 401K's too. People better pull themselves up by their bootstraps.
Re: raise retirement age to 70
Here's the problem. There are many baby boomers and many of them are retiring or about to. My parents are 64 and 62 and they are now retired. Because there were more of them than later generations, there will be less money. Not to mention all the people who never paid in who got money. I don't think social security will be around when I retire.
Re: raise retirement age to 70
Not only that, people also live a lot longer than they used too. Retiring at 65 was fine when people died at 70. Soon an average 90 year lifespan won't be a problem with medical advances going the way they are, should people still retire at 65 when they still have decades to live? not very many people can afford to save money to live for 20-30 years without working.
Re: raise retirement age to 70
here's the most 'telling' quote from Boehner explaining the necessity of proposals of this nature ...
(snip)""We need to look at the American people and explain to them that we’re broke," Boehner said. "If you have substantial non-Social Security income while you’re retired, why are we paying you at a time when we’re broke? We just need to be honest with people.""(snip)
which is a 'necessary' political counterbalance to the other major proposal by Boehner - that none of the mainstream media headlines cited ...
(snip)"The health care law passed in March "pushed most Americans over the edge," Boehner said.
If Republicans retake control of the House, Boehner promised a vote on a bill repealing the health care law and replacing it with a scaled-down package of tax breaks and court reforms. Democrats likely would maintain control of the Senate, and Obama could veto the proposal, all but eliminating its chances of succeeding.
"We are going to do everything we can to make sure that this law and this program never really takes effect," Boehner said. One option would be to repeal the $534 billion in Medicare cuts, which pay for more than half of the law’s provisions. "They’re going to need money from the Congress to hire these 20,000-plus bureaucrats they need to hire to make this program work. They’re not going to get one dime from us.""(snip)
from
politics aside, hearing both prominent democrats and prominent republicans call for major changes in the existing 'rules of the game' re retirement programs again brings up the inherent risks involved in committing money earned today to gov't sanctioned retirement savings programs i.e. Conventional IRA's, SEP IRA's, 401k's etc.
Re: raise retirement age to 70
Social Security is fiscally sound for decades. Right now I think it would be better to temporarily lower the age you can collect Social Security, to give people incentive to retire early. If more people were to retire early, it would open up more jobs for the millions of unemployed.
Re: raise retirement age to 70
Uh, if people retire they become "unemployed".
Re: raise retirement age to 70
No they don't. People are considered "unemployed" if they are out of work and searching for a job. Retired people aren't searching for jobs.
Re: raise retirement age to 70
They are not considered unemployed but there is zero difference. You don't stop needing food and shelter when you retired, what difference does it make?
Re: raise retirement age to 70
If they're able to start collecting Social Security at an earlier age, it might make it financially possible for them to retire earlier.
Re: raise retirement age to 70
Quote:
Originally Posted by
Melonie
politics aside, hearing both prominent democrats and prominent republicans call for major changes in the existing 'rules of the game' re retirement programs again brings up the inherent risks involved in committing money earned today to gov't sanctioned retirement savings programs i.e. Conventional IRA's, SEP IRA's, 401k's etc.
Those "risks" are nothing compared to the monumental stupidity of not planning for retirement and not taking advantage of government sanctioned retirement savings.
Re: raise retirement age to 70
Quote:
Originally Posted by
Kellydancer
Here's the problem. There are many baby boomers and many of them are retiring or about to. My parents are 64 and 62 and they are now retired. Because there were more of them than later generations, there will be less money. Not to mention all the people who never paid in who got money. I don't think social security will be around when I retire.
I'm 43 and I've assumed since I was about 25 that it won't be there when I retire.
Anyone that is relying on SS as their main source of income for retirement has ALWAYS been a fool. Now it's also foolhardy to assume it'll even be there at all in 25-30 years.
Re: raise retirement age to 70
Quote:
Originally Posted by
Mr Hyde
I'm 43 and I've assumed since I was about 25 that it won't be there when I retire.
Anyone that is relying on SS as their main source of income for retirement has ALWAYS been a fool. Now it's also foolhardy to assume it'll even be there at all in 25-30 years.
But the part they forgot to say is that by raising the retirement age would probably also mean not being able to use your 401K or IRA until the new retirement age.