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You might want to read the constitution from the beginning. It provides the right to prosper. You can't selectively take that right away.
What about old people who refuse to retire who take away jobs from others? Aren't they taking away their right to prosper? What if I have to fund their benefits? That's taking away my right to prosper.
It would solve unemployment/underemployment. If a lot of people retired, we could give those jobs to people who don't have a job or are under employed. If we worked out a system where everyone understood (like my generation and down) that you have to fund your own retirement, we could cut a lot of unneeded spending. I think 60 is a good age. By then, you should have enough to retire.
LOL.
Pardon me, but you must be young.
Only a relatively small proportion of people are ever going to earn enough money in 38 years to fully fund another forty to fifty years of retirement.
I'm in my early 60s and still providing quite a bit of assistance to my children as well as to my elderly parents-in-law. I believe the future will see a much increased amount of generational interdependence played out in a number of ways.
But that's the way it always had been until only the WWII and Boomer generations. There was no such thing as retirement until then. My own grandfather earned an income well into his 80s.
Another thread got me thinking. A lot of problems in the American economy would be solved if there was a mandatory retirement age. I think the US should have a mandatory retirement age.
I don't really see that at all. More like it solves problems for one group of people (generally, young people) and creates problems for another group (generally, old people).
The OP is only interested in his/her self. He/She is saying, "Hey you old people. Get out of my way so I can have your job. I don't have enough to offer an employer, that they will even consider hiring me. But if you old bums get out of the way, there will be a shortage of workers and someone will be desperate enough they will hire me no matter how bad I am".
Only a relatively small proportion of people are ever going to earn enough money in 38 years to fully fund another forty to fifty years of retirement.
I'm in my early 60s and still providing quite a bit of assistance to my children as well as to my elderly parents-in-law. I believe the future will see a much increased amount of generational interdependence played out in a number of ways.
But that's the way it always had been until only the WWII and Boomer generations. There was no such thing as retirement until then. My own grandfather earned an income well into his 80s.
Only 38 years of work for 50 years of retirement? Your numbers are off there. I believe you are incorrect that only a relatively small portion of people earn enough to retire. I do agree that only a relatively small number save enough and are willing to accept a certain lifestyle to meet said goal. A lot of Americans a could do it but choose not to
Only 38 years of work for 50 years of retirement? Your numbers are off there.
Start work after college at 22. Retire at 60--that's 38 years. Live until 90? Not unrealistic for Boomers and later generations.
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I believe you are incorrect that only a relatively small portion of people earn enough to retire. I do agree that only a relatively small number save enough and are willing to accept a certain lifestyle to meet said goal. A lot of Americans a could do it but choose not to
Well, yes, we could adjust our lifestyles sufficiently: No children, for one thing. That would do it.
Start work after college at 22. Retire at 60--that's 38 years. Live until 90? Not unrealistic for Boomers and later generations.
Well, yes, we could adjust our lifestyles sufficiently: No children, for one thing. That would do it.
I don't consider 60 normal retirement but 60 plus 40-50 is 100-110 not 90.
You can make all the excuses you want but, yes even with kids it can be done. I mean you might have to forgo a tv in every room, 300 channels on tv, 3+ of the latest smart phones, tablets, 2500+ sqft houses and the list goes on and on.
??? How much do you expect minimum wage workers to save?
Exactly! And, it goes beyond minimum wage. In the city where we live, the average household yearly income is about $35,000.
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Originally Posted by Lowexpectations
I don't expect people to make min wage their entire life
People that start at minimum wage often don't move up. Think about the waitress that cooks your meal, the person watching your children at daycare, the woman that cleans your house............
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Originally Posted by smommaof3
Too many Americans feel entitled to a retirement funded by others.
Are you talking about social security. They have been taking that out of our checks for 42 years and we are still working and will have to continue to work.
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Originally Posted by Lowexpectations
I don't consider 60 normal retirement but 60 plus 40-50 is 100-110 not 90.
You can make all the excuses you want but, yes even with kids it can be done. I mean you might have to forgo a tv in every room, 300 channels on tv, 3+ of the latest smart phones, tablets, 2500+ sqft houses and the list goes on and on.
So, why don't you take the average household income of $35,000 in our city and show me how a family of 4 can pay their bills and save for retirement. For families that don't have a down payment, rent runs about $700.00 to $800.00 a month and don't forget car payments because we don't have a public transit system to get them to work. You'll have to figure in some child care cost since many here work 10 or 12 hour days so parents trading off shifts to care for the children is pretty much impossible. And, of course, the cost of healthcare since that is required and many employers stay under the required hours or provide very limited benefits unless you can pay a great deal - think the land that has no use for unions. Also, that average figures in the salaries of those teaching at the college and those medical professionals at the hospital so $35,000 is a dream figure for many.
A lot of places prefer to hire older workers because they have a much better work ethic. They actually show up to work and many like their jobs. Many of the younger workers would not have the experience because they think they should just go to the top. People should retire when they can no longer do their jobs or when they have the financial means to leave the job. Many people cannot live on what social security provides and many, many more lost a great deal in the stock market and have put their dreams on permanent hold.
Seriously, I often wonder about all of these financial minds that post that anyone can save money out of their income. Then, when presented with the fact that it wouldn't be possible, the next thing we get is, "Well, they should have went to college and got a degree." Not everyone can go to college and we have college graduates working retail IF they can find any work at all. So, if you think that we would all be financially set if we just didn't have 300 channels of cable, etc., you need to expand your horizons. I'm betting those that feel that way are the same ones that don't want to see a living wage because they will have to pay the "help" more, more for their meals, more to have their dirty work done!!!
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