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Old 01-07-2017, 08:06 AM
 
Location: Living rent free in your head
31,102 posts, read 13,622,175 times
Reputation: 22152

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Quote:
Originally Posted by finalmove View Post
You can retire at any age. It is up your YOU to accomplish this. Plan, save and invest. You may not even need the meager monthly check Social Security promises.
If the thought of having to work until 70 frightens you, do something about it when you are younger and still have income. It's a shame so many focus on Social Security as their main source of funds later in life. It won't be enough for any decent lifestyle, yet so many refuse to understand this.
Of course you can retire at any age, if you don't care about eating or having a place to live. And it's great to plan well for your old age, most people sort of intuitively know that. But if you are a low wage worker, dont't have a great education and lack marketable skills it's pretty darned hard to save enough money to fund a meager emergency fund let alone a retirement- if you don't believe me, try it sometime.
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Old 01-07-2017, 08:39 AM
 
Location: Planet Woof
3,139 posts, read 3,512,142 times
Reputation: 9889
To answer the OP's question: no, evidently some do not. And most could care less. They've got their lifetime pension on our dollars-let's start by cutting that, how 'bout it?
I filed SS for next year at age 62 because I've been long-term under-employed since a 2009 recession lay-off. Part-time and contract work with no benefits has kept me afloat, but I am tired of being hungry and insanely stressed all the time over paying the rent and keeping the electric on. Right now I am on my prepaid phone because we can't pay the router bill. LOL
Not complaining, but no way in Sam Hill could I postpone filing to age 66 or 70.
No one is hiring 62 year olds much. I've got one part-time job in healthcare and it could go any minute if Medicare is cut or the ACA repealed. Nothing is secure.
I'd like to have some sense of a quality retired life before I die so I took it early.
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Old 01-07-2017, 08:53 AM
 
491 posts, read 598,538 times
Reputation: 2095
Vison67, it wouldn't let me rep you but I wanted to say that is a nice post. I too have changed a lot over the years and much more see it as we see all in this together. I don't really want to live in a country where lots of people don't have their most basic needs met.
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Old 01-07-2017, 10:04 AM
 
1,288 posts, read 294,016 times
Reputation: 1536
Despite healthy living or not, the men in my family seem to pass to the great beyond around age 70-72. So if the USG decides to raise the full retirement age to 69, my genetics dictate I won't get to collect for very long, and the government will have effectively indentured me to the care and feeding of others for 50 years. Sure, I might be able to collect a reduced benefit at 67 or even 65, but it doesn't seem right or fair to keep moving the goalposts for people who have been paying into the program for decades. I think SS statements are a complete fabrication used to placate people into continuing to pay. If the statements said, "We don't know what you'll get. You may get something or you may not!", we all would demand that politicians fix it now or quit taking it out of our pay.

SS has always been presented to us as an earned benefit. You work, you pay into it, and you get something out of it in your later years. But it's really just a Ponzi scheme. It's a failing Ponzi scheme that makes Madoff look like an amateur hour act.

I am retiring in 8 years at the end of the year I turn 60. I want those last 10 years. I'll do what I have to do in order to make it happen. I'll continue to work if I have to, but I'm going to do it on my own terms. And as long as I have the internet and some good books, I can live frugally and happy.

Cheers and Happy New Year!
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Old 01-07-2017, 10:19 AM
 
Location: Hickory, NC
1,141 posts, read 1,014,587 times
Reputation: 1568
Quote:
Originally Posted by jasperhobbs View Post
I am amazed at how many young people I work with that do not contribute to the 401 K that is offered. I tell them to at least contribute 6% as company matches 75 cent for every dollar up to 6%. Plus you get a tax break.


The excuses I hear are not right now or I want to pay off something first.
This. It also helps to have an employer who lets you invest in whatever you want. I started at my previous employer in Oct 2008, right as the Dow was crashing 700-800 points per day. I threw every penny I could into that 401k (no target date funds for me, it was all mutual funds and individual equities), and got 40% return in 2009, and averaged 15% or so each year after that. After just 7 years, I had more money in my account than most people who were there for 20+ years who had only put funds into the "money market" account with an incredible 3% return.

People worried about paying off debt at historically low rates can't see the forest for all the trees.
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Old 01-07-2017, 10:26 AM
 
Location: SoCal
13,252 posts, read 6,351,451 times
Reputation: 9873
Quote:
Originally Posted by greywar View Post
Actually the argument is that as our technology advances we are beginning to see the exponential growth of our computing power that soon providing this would be both trivial, and necessary.

But until then discussing it is reasonable, and several countries have started testing it in small numbers. All of that seems appropriate to me. The time for basic income will become obvious when we have massive technological unemployment.
Those are socialist countries with ZIRP interest rate. Why should we follow them?
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Old 01-07-2017, 10:28 AM
 
Location: Hickory, NC
1,141 posts, read 1,014,587 times
Reputation: 1568
Quote:
Originally Posted by finalmove View Post
You can retire at any age. It is up your YOU to accomplish this. Plan, save and invest.
You may not even need the meager monthly check Social Security promises.

If the thought of having to work until 70 frightens you, do something about it when you are younger and still have income.

It's a shame so many focus on Social Security as their main source of funds later in life. It won't be enough for any decent lifestyle, yet so many refuse to understand this.
Another +1. This is exactly why I began investing in rental property at age 30. I just wish I had started 5 years sooner. Social Security already sent me a letter a few weeks ago stating that only 70% of SS will be funded by the time I get to 62 or 70. AFAIC, it may not even be around anymore. If it is, I'm sure that $1,500/month won't go far in 30 years.
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Old 01-07-2017, 10:29 AM
 
Location: SoCal
13,252 posts, read 6,351,451 times
Reputation: 9873
Quote:
Originally Posted by s1alker View Post
SS has basically replaced workplace pensions as a main retirement funding for many people.
Pension system was broke, that's why the move to the current system. Even my company's pension was underfunded for years and it's a very good company that's doing well.
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Old 01-07-2017, 10:29 AM
 
15,336 posts, read 4,053,162 times
Reputation: 11059
Quote:
Originally Posted by Tonyafd View Post
A bill was sent to the floor of the house (HR 6489) recently that would raise the Social Security retirement age to 69. It is common knowledge that being unemployed and over 50 is a nightmare and less known that suicide rates of people between 55 and 60 took a jump during the last recession.

Does Congress have any sense of reality when it comes to the SS retirement age and the reality of age discrimination?
They don't have any sense of reality in this (and most) cases. Since the mid-1970's Congress has worked for business - not for people. This means stripping as much wealth from the middle and lower classes and assigning it to the top. In order to do so, they have passed dozens of bills which have shifted burdens from the employers to the individual.

It's a long story but the old America isn't coming back unless millions of people hit the streets regularly in DC. Complaining on the internet ain't gonna do it.

In truth, enhanced productivity should mean MORE vacation and an earlier (or the same - given longer life spans) retirement.

I'm fairly healthy and 63. If I had to go to work every day I think I'd be a candidate for suicide.
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Old 01-07-2017, 10:34 AM
 
Location: SoCal
13,252 posts, read 6,351,451 times
Reputation: 9873
Quote:
Originally Posted by finalmove View Post
No need to interject lies into the topic. Health care is not free anywhere.
Tax is huge in those countries. Even UK NHS, people we know who are working in NHS have told us they were told to not go to the extra care like they used to regarding care for older people. Basically, they were told to stop doing a good job, just provide minimum care.
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