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I have two different defined pension plans, active 401ks and hope to draw retirement. However, I don't think Social Security will be there for me even though I have paid into it for over 30 years now.
However, if it is, ha ha ha because the women in my family live into the hundreds and the men into the 90s. I plan on drawing a very long time even if I am 67 upon retiring.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,758,986 times
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Quote:
Originally Posted by IWonderWhy1
Why should they wait to get something they earned?
For instance, I know someone who will retire from the military in a few years, after 30 years of service. They will be 48 years old. They will get their "retirement" from service. Then, the can start a second career - spend another 20 / 25 years and get that retirement.
I have no problem with individuals doing this.
I have patients who are collecting their social security and then start their own businesses -
God Bless them
First of all, and many people are not aware of this, there is no such thing as "retirement" from the military service until you are 60. Yes, you may retire at 48 but you are subjected to being called back to duty at anytime until you reach the age of 60 years (and this has happened to many members who thought they were "retired" since Iraq and Afganistan got going).
Secondly, I am only referring to Social Security- a public program. What the military or a private company chooses to do is its own business. I am not saying people should not be able to work at all but their earnings should be limited. If things keep on, we are going to end up like some nations in Europe with hordes of young people unable to find jobs or start careers which is a social and economic disaster waiting to happen.
Location: The Chatterdome in La La Land, CaliFUNia
39,031 posts, read 23,016,954 times
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Quote:
Originally Posted by KevK
First of all, and many people are not aware of this, there is no such thing as "retirement" from the military service until you are 60. Yes, you may retire at 48 but you are subjected to being called back to duty at anytime until you reach the age of 60 years (and this has happened to many members who thought they were "retired" since Iraq and Afganistan got going). Secondly, I am only referring to Social Security- a public program. What the military or a private company chooses to do is its own business. I am not saying people should not be able to work at all but their earnings should be limited. If things keep on, we are going to end up like some nations in Europe with hordes of young people unable to find jobs or start careers which is a social and economic disaster waiting to happen.
Uh ... The military is funded by public tax dollars in case you weren't aware ... Those who collect SS are folks who paid into the system. If you did not pay into the system, you cannot collect a benefit (as with several govermental sector jobs that pay into a pension instead). Once a person reaches retirement age, they have the rights to collect their money and not have to wait until they actually stop working as there is no guarantee that the funds will even be there for them. I can't stand it when folks refer to SS money as the government's money when it belongs to those who contributed into the program.
I decided long ago that I wouldnt be able to retire. Im Ok with that because i live everyday like its my last. I dont look for others to carry me through life, I dont really care about SS
Location: Prescott Valley,az summer/east valley Az winter
2,061 posts, read 4,134,533 times
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Quote:
Originally Posted by KevK
Secondly, I am only referring to Social Security- a public program. What the military ........ chooses to do is its own business.
GUESS DURING MY 20 YEARS in the US military I didn't realise that I was not working in a government program.....SECOND there was a period between when you retired and the eclipse of 30 years service when they could recall you to active duty~ not the 60 years of age you stated. Sugest you at least figure out the US military does in fact work for the US
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
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Quote:
Originally Posted by Chatteress
Uh ... The military is funded by public tax dollars in case you weren't aware ... Those who collect SS are folks who paid into the system. If you did not pay into the system, you cannot collect a benefit (as with several govermental sector jobs that pay into a pension instead). Once a person reaches retirement age, they have the rights to collect their money and not have to wait until they actually stop working as there is no guarantee that the funds will even be there for them. I can't stand it when folks refer to SS money as the government's money when it belongs to those who contributed into the program.
It is a public RETIREMENT system and as such can have rules as it wishes. Lots of people pay lots into the system and never get a dime out of it. If you don't live to see at least 62, you don't get ANY of what you put into it. If you win life's lottery and live to 95, you can get many times what you put into it. My view is that it is perfectly FAIR to expect people to RETIRE before they draw RETIREMENT pay. Most private companies that have pensions will not allow an employee to continue working for that company and draw a pension.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,758,986 times
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Quote:
Originally Posted by deckdoc
GUESS DURING MY 20 YEARS in the US military I didn't realise that I was not working in a government program.....SECOND there was a period between when you retired and the eclipse of 30 years service when they could recall you to active duty~ not the 60 years of age you stated. Sugest you at least figure out the US military does in fact work for the US
It is a government program but it is not a public retirement system. It is an employee retirement system and only available to those who are employed in the military. BTW thank you for your service.
Lets try this again and those of you who are Seniors will understand. Don't believe every article especially those written by younguns wanting sensational headlines. If you start taking SS at 62 you get a reduced benefit compared to your normal retirement age. That creates an outflow from SS now. However when you hit your normal retirement age (66) for those now 62 you are receiving a REDUCED benefit so SS is paying out LESS because you retired early. The decision folks have to make is how long do they think they will live. If you die before approx 77 you were ahead but after that your cummulative early retirement is less than your sum total if you had waited until 77. That is called the break even point. If every person taking SS dies at 75 SS has payed out more. If everyone lives to 94 SS has saved a bunch. If you use acturarial tables as those who study this topic have they consider it a wash as the average life span for a person who is now 62 is longer than 77. Don't confuse the often quoted life span with birth with that for current specific age groups. Life span at birth includes those who have already died. Retirement planner tell us Seniors to focus on the data for our current age and plan til 94. That is many a year after the 77 break even point and a bonus for SS if we take early retirement. The original article on this topic was written back in May by a writer for the LA Times.
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Those who collect SS are folks who paid into the system. If you did not pay into the system, you cannot collect a benefit (as with several govermental sector jobs that pay into a pension instead). Once a person reaches retirement age, they have the rights to collect their money and not have to wait until they actually stop working as there is no guarantee that the funds will even be there for them. I can't stand it when folks refer to SS money as the government's money when it belongs to those who contributed into the program.
