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There's no incentive to early retirement. Social Security doesn't pay the bills, and a lot of people in their 50s and early 60s - who weren't planning to retire until 67 or 70 - don't have the financials in place to afford retirement.
Instead of these multiple trillion dollar stimulus packages and bailouts, what if we put those funds to a more productive use?
Early retirement.
Since the virus has a disproportionate impact on those over 50 years old,. What if we gave people an incentive to take early retirement?
Lower the retirement age to 55 for full Social Security benefits and provide other tax incentives such as making 401K and other retirement savings completely tax free.
Maybe include some type of mortgage payoff program for those who are still paying for their homes.
This would help reduce the spread of the virus and get many of the most vulnerable people out of daily risk of exposure through their jobs especially if they're essential employees who's occupations involve limited ability for social distancing or not being able to work from home.
This would also open up the job pool for many younger workers who will need to get back to work and have long term job security to ensure that the economic recovery from Covid-19 has a chance to bounce back.
I know, it sounds pretty far fetched......
But it's an idea that makes sense to me.
If we're going to go trillions more into debt to get out of this.......it may as well be spent productively.
The incentive must include Medicare for those that retire early. Right now Medicare kicks in at age 65 for folks that aren't on disability.
There are a lot of people in the workforce today that have enough money to retire now but they stay working until age 65, until they qualify for Medicare at age 65. These folks would happily retire today if they qualified for Medicare, even if they had to pay a higher premium to get Medicare early.
what's the goal of this? pushing them out of the workforce? keeping them at home and out public areas? reduce the spread of the virus?
because it fails on all of these fronts.
are you forcing them to retire? what if they don't want to retire? i know I'm still going to be hustling after 50.
I get to agree with you again. Correct, most in their 50s are not prepared, and living off of a measly SS check isn't going to cut it.
And what about those who are 54? They get screwed?
If you made it 50, then people who are 49 would get screwed.
Why do we make tax brackets change arbitrarily at certain income levels?
Have to draw a line someplace.....
And those at 54 now could be eligible if this is still going on when they turn 55.
Last edited by FatBob96; 05-18-2020 at 12:50 PM..
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