Why the Retirement Age Is Increasing

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And people wonder why Social Security and Medicare are in trouble. If you work 45 years, retire at 65, and collect pension payments for 20 more years, you would have had to put in about 40% of your wages during your lifetime into Social Security to pay for yourself. Retirement ages must be increased to make sure that workers contribute enough to pay for their pensions. Age 60 or 65 is far too young with today's life expectancies. Denmark is doing something about it, so is Norway. The ideas of paying for retirements is discussed in the popular free ebook series "In Search of Utopia" (http://andgulliverreturns.info) Books 1, 4 and 8 as I remember. We have got to be more economically realistic.
When Social Security started in 1936 the average lifespan was 62 and retirement was at 65. Now the average life span is 78. People have usually contributed enough to pay for their first four years of retirement. After that we borrow from China to pay. I wonder what plans the Tea Partiers have to fix this.

ProfBob of CA 2:58PM November 16, 2010

Why are they raising the retirement age? Because the government blew your money, so now you're going to have to work longer to pay for their mistakes, while they give themselves a bigger pay raise.

John of TX 2:30PM November 16, 2010

Raising the retirement age for high-paying executives is one thing, for laborers with physically demanding work- it is a benefit cut.

Smith of CA 1:07PM November 16, 2010

I can't help but wonder what all the talk about the baby boomers is all about. It seems to me they all had children or most all anyway.Those children work and pay into Social Security and most of their children and grandchildren, by now, do too.So whats the big deal,so there were more people born in that generation. They have also populated more.why do they put a burden on the system.or is it the government just wants us to think that

Jim of NC 12:36PM November 16, 2010

I assume you are only talking about privately employed people. My brother in law a park ranger who has never fired a gun, just started a 60K a year pension at age 51. Our police chief is getting a 90K pension at age 52 but was just rehired so he can collect both. Teachers stop accruing pension after 35 years(70% of pay) so most stop working as they are only netting 30% pay over what they would make if they stayed home. This is just the tip of the iceberg.. boy I wish I took that 9600 a year state job instead of that 9600 a year computer job in 1978. A decision at age 22(taken with no greed in mind- they seemed the same to me) will cause me to work until i die.. Oh well

alan of CT 11:45AM November 16, 2010

I have been forced out of the United States to find work. The last two years I spent looking for work and had 4 interviews total. Those were at the age of 59 and 60. So working beyond my present age was, in fact, impossible. I now have a United States Job, it is an outsourced job, in a foreign country. I talk to people at U.S. phone numbers every day. I am a combat veteran, and I have contributed the max to my SS account. I will start to draw it at 62, in a third world country, age is not necessarily preserved, to postpone certain eventualities.
I have traveled a great deal and come to this place with forethought and soul searching. I am at peace here and not conflicted by people bickering over things they refuse to resolve. Life is what it is and everyday is a gift of incomparable opportunities. It is a pleasure to have work and be appreciated.

Jerry of CA 6:11AM November 16, 2010

The idea that most people are able to work beyond our usual retirement age is a fallacy. By that time the thing that will eventually kill us is at work and will gradually make an appearance in a few years. By 65 many have arthritis and other limiting physical problems. My doctor said to me, "we can usually keep people alive till 84 or 85''. That is not saying in what condition. Those final years are full of aches and pains and limitations, dementia, alzheimers, pills and Doctor visits, and so on. JUst because a person heart is still beating does not mean he is able to take on a job from nine to five.
Consequently "keeping people alive" is perhaps no great favor. I have seen people in awful condition were it not for medical support one way or another would be dead.
To be sure there are those who have great genes and shine on for many years beyond what others can obtain. Who will sort out those who can get SS or Medicare or other benefits and those who won't.
Enough said.

marilyn rhodes of WI 11:19PM November 15, 2010

part of the reason why is because of the benefits that illegal immigrants and the benefits that people who have not been in the usa receive. These people get free benefits of all kinds that we have paid for all these years. Now Obama is trying to legalize 11 million more which whould make them elgible for social security and medicare even though they have not put a dime into the system. What part of illegal do we not understand? We need to start taking care of the American citizen and not worry about everyone else. Harsh but needed.

jim of CA 9:27PM November 15, 2010

no title just bad feelings about the gov't. messing with all our lifestyles. i'm 60 and have been working since i was 14. i am looking to take an early retirement and working part time so i can enjoy some of my life instead of being enslaved to taxes and the garbage were all paying into for nothing.
i read the obit's and see a lot of people a bit older than i dieing early. speaking of, what happens to all the money i and others paid in to ss and then never or only recieve a portion of. families dont get it and the people that pass on never see it.
i say, at 62 give me 85% of it all and then leave me alone.and why did medicare quit covering people and become another financial burden to the elderly? it's time for the gov't to get their fingers working and quit screwing around with our life and money

gene of NY 8:08PM November 15, 2010