In 1983 Congress raised the eligibility age to receive full retirement benefits from 65 to 67. It was slowly phased in so that age 67 wasn’t the eligibility age until 2022.
Time to raise the age again 2 or 3 years?
With the industrial build out we do not have to raise the age.
The wealth of the nation is increasing. It is a lie that SS won’t be funded.
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Expectancy has significantly outpaced the actual retirement age (on average).
When we compare ourselves to other countries, we are on the lower end of retirement age (meaning we work longer - most countries retire before we do). One would think the more prosperous we are, the less likely we are to work into our senior years.
I am not sure what extending the age would accomplish other than to create greater wealth disparity.
Additionally, if you increase the age, you likely need to increase the payout (as we already do for those that delay) to make it politically viable so I question whether or not it would result in actually making SS more financially sound. Those that can afford to wait and receive the larger amount are also more likely to live longer and pull even more from SS.
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Yes, I hear that narrative a lot: people live longer, so the age to collect SS should be raised.
What of people who work in the trades, for instance. People who are 60 don’t have the strength and stamina of a person half their age. There is a reason the military offers pensions after only 20 or 30 years, when people are 40 or 50. They may be middle aged, for a desk job, but they can’t run, or jump, or lift, or carry, like a 25 year old. That makes them a liability in the infantry, or as a builder.
Steve
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Creatively, which the American middle class is so stupid about, Fink is plotting how industrials do not pay into the system.
So…he sees an emergency. Really he says lying as an opportunity.
The military has lots of desk jobs and outdoor jobs (just like in civilian life) are aren’t on the ‘pointy end of the stick’.
DB2
The projected reserve depletion date for the combined OASDI trust funds is 2034, a year earlier than in last year’s report.
An alternative to raising the full retirement age is to increase the payroll tax upon wages.
The load upon social security will continue to increase as the median age within the USA is predicted to increase. Though that prediction could be undone by changing US immigration policy.
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If you read the included links, that was one of the major points.
Any in particular? The second one in your post talked about a significant portion of people that start taking SS at 62 do so because they can’t work due to health issues, or were laid off and can’t find a new job. I did not see a solution offered.
If a carpenter or plumber tries to retire due to inability to work as a carpenter or plumber, a Shiny regime could say “You aren’t disabled. Apply for a greeter job at WalMart”.
Steve
Raise the maximum threshold and add a 4th bend point. People earning over $168500 would pay up to that 4th bend point, and their SS entitlement would go up slightly, but the system would also be more liquid became of the 4th bend point. There are articles with supporting arithmetic if anybody is interested.
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I think you are confused. You are preaching to the choir.
Soon, we won’t be able to retire at all. We’ll be too healthy and energized to have a proper rest…
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