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With most of the long-term unemployed being over 50, I think that the early retirement age, should be lowered to 52. Why wait until you're 62, to start collecting Social Security. If you're a taxpayer, and have paid Social Security taxes for decades, then shouldn't you have the option to start collect Social Security benefits, at 52?
Since age discrimination in the workplace is so widespread, and with older workers, having such a hard time finding employment now, then lowering the retirement age to 52, might be a viable solution. Feel free to give me your thoughts and opinions, on this issue.
With most of the long-term unemployed being over 50, I think that the early retirement age, should be lowered to 52. Why wait until you're 62, to start collecting Social Security. If you're a taxpayer, and have paid Social Security taxes for decades, then shouldn't you have the option to start collect Social Security benefits, at 52?
Since age discrimination in the workplace is so widespread, and with older workers, having such a hard time finding employment now, then lowering the retirement age to 52, might be a viable solution. Feel free to give me your thoughts and opinions, on this issue.
I want the IRA and 401K withdrawal up be a little earlier then 59.5. I would not mind SS at 52 though. My plan to retire is at 45 anyways.
When you consider that the Social Security system has solvency problems right now, as currently structured, then your proposal is unrealistic in the extreme. Just because you may have paid in for decades at age 52 (for example) doesn't mean the money is there for you to start drawing. After all, just think what your statistical life expectancy is at age 52 - you would likely be receiving benefits for close to 30 years!
62 and 65-66 is not a retirement age;its just when you can start drwing SS. Like 591/2 on a IRA without penalty.Retriement age is whenever you can afford it really.But to allow you to draw SS earlier as stated would just creat more of a problem than SS has now.There is nothing stopping a person from planning and retiring at 52;I did.
If your full retirement age is 66 (1943-1954) and you decide to retire early at 62 your benefit amount is reduced by 0.520% per month (48 months) which is why your benefit amount gets cut by 25%. If you are in that same age bracket and you (hypotetically) retired at 52 (168 months) your benefit amount would be reduced by 87%, leaving you with 13% of your full benefit amount to support you in your "golden years". Sure you want that?
I want the IRA and 401K withdrawal up be a little earlier then 59.5. I would not mind SS at 52 though. My plan to retire is at 45 anyways.
The law already allows you to make withdrawals from your 401(k) prior to 59 1/2 without penalty; you just are limited in how much you can take out each year. They are referred to as 72(t) distributions. For example, if you retire at 45, you can begin taking monthly withdrawals at that time based on your life expectancy. You can Google 72t for more detailed info if you are interested.
IF Social Security were solvent, and IF SS were driven by member contributions and careful investments, and IF SS was an opt in program, then maybe. As it stands now it is none of those. It is a transfer of wealth from those that earn high wages, pay high SS taxes, but whose benefits are capped to those that earn little, pay low SS taxes and whose benefit is not capped, at least as far as the benefit is based on their contributions.
SS was a noble, if misguided, idea but it has been corrupted by politicians over the years who have used it to pay for pet programs and engage in social engineering. I firmly believe that a well run program, protected from being raided by Congress where each member has at least some control of their own contributions is workable and, more importantly, fair.
But it is what it is. Those in the system are stuck and hopefully had the wisdom not to believe that SS could deliver on all the vaunted promises made by politicians. The way the system is run, no it is not possible or likely the retirement age will go anywhere but up.
It is a transfer of wealth from those that earn high wages, pay high SS taxes, but whose benefits are capped to those that earn little, pay low SS taxes and whose benefit is not capped, at least as far as the benefit is based on their contributions.
You are aware that contributions are capped as well as benefits, aren't you?
But it is what it is. Those in the system are stuck and hopefully had the wisdom not to believe that SS could deliver on all the vaunted promisesmade by politicians. The way the system is run, no it is not possible or likely the retirement age will go anywhere but up.
I am unaware of any "vaunted promises" made by politicians concerning Social Security. The benefits and their calculations and the rules surrounding them are totally transparent, established by law, and readily available to the general public. The benefits have been paid like clockwork for around 75 years now. Exactly what has been promised but not delivered? Nothing.
the fact is you pay like clock work,but SS is a pyramid scheme and we are nearing the collapse of the pyramid. g.w. bush tried to privatize SS I would have felt safer with a private business controlling my money than politicians.
my mother paid into SS 37+ years and died at 57 years old she never saw a penny of her SS nest egg and neither did any of her relatives where as if it was placed into a IRA it would have been .left for the family.
I haven't paid enough into SS to collect and I am doing just fine without it!
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Dream on
