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The Wikipedia article does say that, but it uses different wording. It says "...the retirement age for both sexes is to be increased gradually and reach 68 by 2046 or sooner" which is the same thing.
The government is going to raise the minimum eligibility age to 70+. It is only a matter of time.
I have been studying the issue online and countries all over the world are rising the age of their version of Social Security. The USA will follow.
This is happening in an era where most people have little or no retirement savings. They live paycheck to paycheck. Good jobs are going away and being replaced by low wage service sector and retail jobs.
Assuming the Working Class person today can retire at age 62 and get $1300 a month in Social Security, they can at least survive (barely) on an income of most SS Benefits. (And do OK if they are married and both husband and wife are collecting benefits. But what will happen in the future?
In the future people will have to wait until they are over 70 to collect SS. If their body or mind gives out before that age or they are forced out by their employer and can't get a new job due to age discrimination, what will they do?
(I estimated I would need to have saved $500,000 more in my retirement accounts if I did not have Social Security income. Assumes a monthly 4% withdrawal from the the $500k)
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.
I am not saying there will be zero jobs, I am saying there will be nothing even vaguely close to enough jobs to go around. As it stands the world is producing more than we can or want to consume. Factories will with time become much more local as global wages level out and automation allows one line to produce all sort of varied goods at very low cost and with almost no human involvement..
I think the estimated TOTAL retirement SS benefits should be calculated at about age 62, and then it should be up to the retiree at what age s/he should start collecting it and for how long. For example (only), if the TOTAL benefit for someone is estimated to be $300,000 (including anticipated interest), then the retiree should have the choice of the lump sum up front, $30,000 per year for ten years, $15,000 per year for 20 years, or whatever -- and also have the choice of when the benefit should start, with the knowledge that whatever s/he agrees to is what s/he is stuck with. (Meaning that if s/he elects to have the lump sum and then blows it . . . oh, well, so sad, too bad.)
A small adjustment to retirement age and required contributions is a reasonable change to keep the system sound for the future.
Another option is to make an upward adjustment to the cap at which wages are taxed with social security, so that those under this cap aren't paying a disproprortinate percentage of their wages in SS tax.
problem is you are pretty much "retired" once you reached 45 and above for no company would want to hire 45 and above
What do you mean no company would want to hire 45 and above? That is crazy? I got my last job at 45. My sister just got one at 61yo. There may be jobs you will not be eligible for and yes there is age discrimination, but it is very possible to get a job after 45.
The people I feel sorry for are those who work manual jobs, and typically they are lower income than those in front of computers. Unless they actually own their own companies and do manual labor all day and paperwork all evening and weekends. We be in that boat. We are limping along to 70. Really, if something else happens, it will be retirement for sure before 70. Joints get worn out, mental capacity goes down. Just because many are living longer does not mean they can do these types of jobs till 70.
I always wondered seriously about electing people for high office when they're so old.
Also, despite laws against age discrimination, it does exist and that will add to the problem. I think a great majority will not make it to FRA if it is 70.
The government is going to raise the minimum eligibility age to 70+. It is only a matter of time.
I have been studying the issue online and countries all over the world are rising the age of their version of Social Security. The USA will follow.
This is happening in an era where most people have little or no retirement savings. They live paycheck to paycheck. Good jobs are going away and being replaced by low wage service sector and retail jobs.
Assuming the Working Class person today can retire at age 62 and get $1300 a month in Social Security, they can at least survive (barely) on an income of most SS Benefits. (And do OK if they are married and both husband and wife are collecting benefits. But what will happen in the future?
In the future people will have to wait until they are over 70 to collect SS. If their body or mind gives out before that age or they are forced out by their employer and can't get a new job due to age discrimination, what will they do?
(I estimated I would need to have saved $500,000 more in my retirement accounts if I did not have Social Security income. Assumes a monthly 4% withdrawal from the the $500k)
Why would you anticipate needing 20k a month? What kind of expenses do you have?
At that rate, your 500k will be gone in 2 yrs. Please explain.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Originally Posted by Pat Answers
The people I feel sorry for are those who work manual jobs, and typically they are lower income than those in front of computers. Unless they actually own their own companies and do manual labor all day and paperwork all evening and weekends. We be in that boat. We are limping along to 70. Really, if something else happens, it will be retirement for sure before 70. Joints get worn out, mental capacity goes down. Just because many are living longer does not mean they can do these types of jobs till 70.
I always wondered seriously about electing people for high office when they're so old.
Also, despite laws against age discrimination, it does exist and that will add to the problem. I think a great majority will not make it to FRA if it is 70.
I do know people in manual work that manage to 70, but it takes a lifetime of healthy choices and some luck. I know people that have worked up to a less strenuous and also more lucrative position. Here for example, an electrician was promoted to foreman a few years ago, but then recently to project manager. No more climbing ladders and crawling under buildings, and still just late 40s. Of course, there are going to be workers without the education or skills to get into less physical work, and are forced to retire before reaching financial goals.
What do you mean no company would want to hire 45 and above? That is crazy? I got my last job at 45. My sister just got one at 61yo. There may be jobs you will not be eligible for and yes there is age discrimination, but it is very possible to get a job after 45.
Yep. All of my family members lost and found jobs multiple times after the age of 50, 58, 62. But we are in the metropolitan area that always have jobs.
The government is going to raise the minimum eligibility age to 70+. It is only a matter of time.
I have been studying the issue online and countries all over the world are rising the age of their version of Social Security. The USA will follow.
This is happening in an era where most people have little or no retirement savings. They live paycheck to paycheck. Good jobs are going away and being replaced by low wage service sector and retail jobs.
Assuming the Working Class person today can retire at age 62 and get $1300 a month in Social Security, they can at least survive (barely) on an income of most SS Benefits. (And do OK if they are married and both husband and wife are collecting benefits. But what will happen in the future?
In the future people will have to wait until they are over 70 to collect SS. If their body or mind gives out before that age or they are forced out by their employer and can't get a new job due to age discrimination, what will they do?
(I estimated I would need to have saved $500,000 more in my retirement accounts if I did not have Social Security income. Assumes a monthly 4% withdrawal from the the $500k)
Well the FRA moving to 67 was for people born after 1960.
So FRA moving to 70 or more would be for people born after some later date. What, probably some date in the 1980s? Most likely affected would be The Millennials and the Homelanders following them.
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