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"After years of debate about how to keep Social Security solvent, the White House has created an 18-member panel to consider changes, including raising the retirement age. Representative John A. Boehner, Republican of Ohio and the House minority leader, has called for raising the age as high as 70 in the next 20 years, and many Democrats have endorsed similar steps..."
The article is about what raising the retirement age means to people who do physical labor, something discussed in City Data forums in the past. While many people think raising the retirement age when people are living much longer makes sense, they rarely seem to consider the ability of people who have physically demanding jobs to do it. Everybody doesn't have a white collar job. I think the panel has its work cut out for them. To me, President Bush's retirement savings account idea seems to make more and more sense (for people now in their 20s) so workers who do physical labor can retire when they want to and not under some SSA age mandate.
"Saving" Social Security is simple. Just raise income and cut expenses.
Apply the payroll tax to all wage and bonus income and limit payments to people with total incomes below the 90th percentile. Then adjust the rate to pay for current expenditures and eliminate the SS Trust accounts. These trust accounts were never anything but a regressive income tax.
"Saving" Social Security is simple. Just raise income and cut expenses.
Apply the payroll tax to all wage and bonus income and limit payments to people with total incomes below the 90th percentile. Then adjust the rate to pay for current expenditures and eliminate the SS Trust accounts. These trust accounts were never anything but a regressive income tax.
Congress established IRAs many years ago. There is no reason any working person cannot put a little away each week to establish a retirement plan.
Congress established IRAs many years ago. There is no reason any working person cannot put a little away each week to establish a retirement plan.
Relying solely on the Gov't is not a good idea.
That's all good and well, but and what happened to the stock market? Or, were you suggesting that IRAs in a money market account at the local bank would grow sufficiently to be a significant addition to Social Security income?
BTW, even with IRAs, we are subject to government tampering considering all the rules and regulations that are imposed, including mandatory withdrawals. Want to keep working far beyond retirement age? Go ahead, just make sure you make those mandatory withderawals when the time comes, so that the government can get more of your money via taxes (precisely because you are working and therefore making more income that they can tax.)
How to save SS? Simple. Give the people back what Congress plundered when they used it as a slush fund, never giving thought to the future and the people to whom it belonged.
This is nothing new the last panel on social security was alos a presdientail commissio headed by Senator breaux (D) oif Louisna. The results were that democrats voted down following there finding that SS was i trouble.Hillary clinton actaully siad nothig needed to be done as SS was already secure until 2040. Both of the last wo presdient s where warned as required under law and that was why the commisoon and the propoasl by Bush. Clinotn basciallty had the commission them ignored its finding under breaux.he current presdiential commison says they will lay everyhting on the table so the panel really doesn't mean much. But presidentail commison are largely historical ignored as the breaux commison was. It's goign to take a congressional commison and a up or down vote on their finding to get nayhtig done in most views.
I stand by my recommendations. They are in line with Social Security as an income, and spending, insurance system in the event of a general economic failure where most small savers were wiped out by the collapse of their local bank. Social Security was and is not a Federal retirement system. As most company pensions have been wiped out everyone does have to put some money at risk even if they do not trust the economic system, let alone the stock market, over the 40 to 50 years they need to save to supply their own retirement income.
Are there to be any provisions for the small and unwary saver suckered into one of Madoff’s schemes? His is not the only one out there. My personal investment survived the current crisis because I did NOT invest in the mortgage backed bonds.
That's all good and well, but and what happened to the stock market? Or, were you suggesting that IRAs in a money market account at the local bank would grow sufficiently to be a significant addition to Social Security income?
BTW, even with IRAs, we are subject to government tampering considering all the rules and regulations that are imposed, including mandatory withdrawals. Want to keep working far beyond retirement age? Go ahead, just make sure you make those mandatory withderawals when the time comes, so that the government can get more of your money via taxes (precisely because you are working and therefore making more income that they can tax.)
How to save SS? Simple. Give the people back what Congress plundered when they used it as a slush fund, never giving thought to the future and the people to whom it belonged.
Are against investing in general? Spend every dime you make but, don't ask me to bail you out.
My IRA devalued abot 1/3 but, It is still worth more than I put into it.
Durrently bond funds are returning around 4 1/2%.
Retirement investing is for the long haul.
Don't buy that carton of cigarettes or that case of beer or that fifth of booze. or maybe cut back on your cell phone options or reduce your cable TV options. There is always to save a little.
Are against investing in general? Spend every dime you make but, don't ask me to bail you out.
My IRA devalued abot 1/3 but, It is still worth more than I put into it.
Durrently bond funds are returning around 4 1/2%.
Retirement investing is for the long haul.
Don't buy that carton of cigarettes or that case of beer or that fifth of booze. or maybe cut back on your cell phone options or reduce your cable TV options. There is always to save a little.
Agreed, one can usually find a way to save something if they try. Too many people don't want to -- it's not that they can't. Simple as that.
Sorry your IRA went down. Mine went up. No kidding.
My point is that one has to be careful and calculating with investments, especially those that have Federal fingers in them, ready to grasp what the Feds can as soon as they can. They love to spend money, and are more interested in revenue than they are in peoples' retirement. Don't trust to Social Security and don't trust to IRAs and such. You have to be more creative than that or you'll be working at age 75 just to put food on the table and keep a roof over your head. Unfortunately, for many people, that may mean physical labor as opposed to a desk job (to get us back OT).
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No kidding.
