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People simply didn't live as long centuries ago.. a 60 year old was rather weak and frail back then but these days, you probably know many over 60 who are in decent health. The same can't be said of people 100+ now but it could change in the coming decades (or maybe centuries.)
Yes, society as a whole will have to face that problem (perhaps is starting to face it already) with regard to Social Security, public employee pensions, and other matters.
Fortunately the evolution of longer living will be gradual, but that doesn't make the problem less real.
Yes, society as a whole will have to face that problem (perhaps is starting to face it already) with regard to Social Security, public employee pensions, and other matters.
Fortunately the evolution of longer living will be gradual, but that doesn't make the problem less real.
My father who passed away 5 years ago at age 87 was career Navy joining up at age 17. Counting active duty time and years receiving a Navy pension he received a monthly check from Uncle Sam for 70 years of his life.
My father who passed away 5 years ago at age 87 was career Navy joining up at age 17. Counting active duty time and years receiving a Navy pension he received a monthly check from Uncle Sam for 70 years of his life.
You dad is my hero!!! I am only at 29 years (career Army), but I got a late start, so I likely will not get to 60 years collecting a check from Uncle Sam.
The government (DoD etc.) is pushing very hard for military pension reform, but I doubt congress will make any significant changes.
FYI, only about 17% of service members actually do a career and collect a pension, it's expensive already (funding the pension liability), but it could be a huge problem if that number rose to 25% or higher of military service personnel doing a full career.
Federal Civil Service (besides military service) is now mostly self-funded (simular to a 401K, with some additional protections built in), and is now a defined contribution plan, not defined benifit plan like it used to be.
The pension cost savings for the Federal Civil Service will be huge as the folks under the defined benifits program retire, and the pension obligations shift to the folks under the current retirement system.
I think it's great if someone really wants to work doing something that they love and are physically and mentally able to work until they're 100. More power to them.
I feel entirely differently if a retirement age of 100 (or some other outrageous age limitation) is used to rip off current and future generations of workers from benefits they have involuntarily and faithfully paid into (i.e. social security) just like those before them, who are now able to reap the rewards of their labor.
Seems that people trying to predict the future simply extrapolate the past trend.
I can already see lots of things that will counter the longevity trend of the past 100 years. Look at the obesity problems among people under 40, for starters. Not to mention the looming end of the middle class and all that implies. I actually think the trend may reverse.
You dad is my hero!!! I am only at 29 years (career Army), but I got a late start, so I likely will not get to 60 years collecting a check from Uncle Sam.
The government (DoD etc.) is pushing very hard for military pension reform, but I doubt congress will make any significant changes.
FYI, only about 17% of service members actually do a career and collect a pension, it's expensive already (funding the pension liability), but it could be a huge problem if that number rose to 25% or higher of military service personnel doing a full career.
Federal Civil Service (besides military service) is now mostly self-funded (simular to a 401K, with some additional protections built in), and is now a defined contribution plan, not defined benifit plan like it used to be.
The pension cost savings for the Federal Civil Service will be huge as the folks under the defined benifits program retire, and the pension obligations shift to the folks under the current retirement system.
OP, sorry for the thread hijack!
Thanks, my Dad was my hero too. After the Navy he worked 33 years for a private sector company and finally decided to retire at age 74. All in all he collected a SS check, Navy pension, pension from the 2nd company he worked for that also had a TSP program. I am a VA nurse and suspected he had several service connected disabilities which would have been another check but he was too proud to file a claim. He also probably had the best healthcare coverage of anyone I know because he could get care with medications at the local Navy base, the VA, had Tricare, free very good Aetna coverage for life from company #2, plus Medicare.
BTW, thank you for your service to our country and I am very honored to be able to have a job caring for America's Heroes our Vets
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I am only at 29 years (career Army), but I got a late start, so I likely will not get to 60 years collecting a check from Uncle Sam.
