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Old 01-12-2017, 04:14 PM
 
Location: Ypsilanti, MI
2,452 posts, read 3,673,115 times
Reputation: 4835

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Quote:
Originally Posted by Hemlock140 View Post
The last 3 retirees here have been over 70, I don't see why this is a problem for office workers making over $100k with a pension that grows with every additional year they work, while adding additional funds to their 401k and keeping their employer's medical plan. At 64 I enjoy my work and expect to stay here until 70, though I could go at 67 for full SS.

Don't bank on having a pension much longer. My former employer, one of the world's largest, froze all pensions 5 years ago, and switched to an Annuity Plan. They pick the Annuity for you AFAIK. I opted for Plan B which was a lump sum distribution, partially just to be rid of them since I could no longer trust any promises they made.
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Old 01-12-2017, 06:03 PM
 
Location: Telecommutes from Northern AZ
1,113 posts, read 1,213,701 times
Reputation: 1552
I know what I'm planning on doing...living overseas. Take Bulgaria....you can have a private medical clinic that is up to Western standards, live in a nice apartment in Sofia or Plovdiv for 300 a month give or take. The food is excellent and inexpensive, and they don't like to admit it but most of the people there born since 1990 speak at least some broken English (at least in the larger cities and villages).

If you live like a local you can survive on 1K a month (in today's prices). Live like an expat 2K will do it. Live like a king for 4k a month.

That is just one place. Many others. One way of dealing with not having a big retirement income. In theory you could get by ok with just SS. Or if you retire early not deplete your savings as fast before SS kicks in.
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Old 01-12-2017, 07:04 PM
 
Location: Central IL
15,253 posts, read 8,556,682 times
Reputation: 35693
Quote:
Originally Posted by jtab4994 View Post
The original Social Security retirement age was 65. That was at a time when most people didn't live to be 65 (please study the issue online). My retirement age (born in 1960) is 67, so even in my lifetime the retirement age has increased.


Why shouldn't the retirement age be increased as people begin to live on average much, much longer than they used to?
Really? People didn't live past 65? The SSA was created around 1935 so a person reaching age 65 in that year would have been born in 1870. The average white male born around 1870 who was alive at the age of 60 was expected to live about another 15 years - so to 75 - another 10 years after retirement age. Men don't really live all that much longer now - most increases in life expectancy have occurred due to prevention of infant deaths...once you reach "old age" you've proven you're pretty healthy already. That's not to say that we aren't "more vigorous" now to a later age but it does make you re-think how much older retirement age should be raised.

The link below shows:

Life Expectancy by Age, 18502011
The expectation of life at a specified age is the average number of years that members of a hypothetical group of people of the same age would continue to live if they were subject throughout the remainder of their lives to the same mortality rate.

Life Expectancy by Age, 1850–2011
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Old 01-12-2017, 07:44 PM
 
Location: SoCal
13,290 posts, read 6,362,704 times
Reputation: 9918
Here is a better link from social Security.
https://www.ssa.gov/history/lifeexpect.html
I think on average 7 years increase for life expectancy since 1940. But the problem is the sheer number of people.
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Old 01-12-2017, 08:32 PM
 
Location: Ohio
19,953 posts, read 14,256,616 times
Reputation: 16133
[mod cut]

Quote:
Originally Posted by evilcart View Post
social security will be replaced by a life long income.

Many folk doubt it, but the only way to stop universal income is total war.
Or reality.

As of November 2016 there were 57,700,000 Social Security beneficiaries drawing an average of $1,341 per month.

22.9% of the population is under 18 years, or based on a population of 318,000,000, the adult population over 18 years is 245,178,000

Social Security taxes collected in 2016 were $839,462,318,932 based on a 12.4% payroll tax, suggesting a payroll of $6,769,857,410,741 ($6.7 TRILLION).

$3,567,714,855,461 in payroll taxes would need to be collected to provide "Social Security for all".

That would require an increase in the payroll taxes to 52.7% in order to pay for it.

Note that SNAPs annual expenditures are $75 Billion and HUD Section 8 is about $550 Billion, totaling about $625 Billion, so even if you shifted those monies to "Social Security for all" you'd still be looking at a hefty payroll tax to generate $2,942,714,855,461 ($2.9 TRILLION).

Last edited by volosong; 01-13-2017 at 04:54 PM.. Reason: orphaned, referenced post edited
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