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View Full Version : Should the Age to Receive Social Security Benefits be Raised?



Conley
10-19-2011, 03:28 PM
I was surprised to learn that when Social Security first started in 1935, benefits began when one turned 65 even though the life expectancy was only about 62 (it is skewed because of higher infant mortality rates).

Right now to get full benefits you need to be between 65 and 67.

http://www.ssa.gov/pubs/retirechart.htm

So should the age be raised now that people are living so long?

Check this out:

The first monthly payment was issued on January 31, 1940 to Ida May Fuller of Ludlow, Vermont. In 1937, 1938 and 1939 she paid a total of $24.75 into the Social Security System. Her first check was for $22.54. After her second check, Fuller already had received more than she contributed over the three-year period. She lived to be 100 and collected a total of $22,888.92 Whoops! :D

http://en.wikipedia.org/wiki/Social_Security_%28United_States%29

MMC
10-19-2011, 05:10 PM
If they are going to have this type of system. Then yes it should. Which it would not affect those who have paid in all those years before.

Still, society use to be geared to take care of their own families. Such is no longer the case.

jgreer
10-19-2011, 05:13 PM
It absolutely should be raised. There are many individuals sixty-five and over who are entirely capable of working full time and there is no need for them to begin collecting so early. I do not want to call out the older generation but they need to be part of the solution not part of the problem. Young people like myself are paying for their retirement.

Mister D
10-19-2011, 05:17 PM
See, we can agree, Greer. The limit should definitely be raised.

jgreer
10-19-2011, 05:42 PM
See, we can agree, Greer. The limit should definitely be raised.


LOL. Interesting...first Elibe and now me. Perhaps you are a closet liberal after all? I would have guessed that you would be on the side of the seniors with this one. The saddest part is that no politician will ever propose raising the age as he or she would quickly be voted out of office. It is an interesting topic for discussion regardless.

MMC
10-19-2011, 05:47 PM
No they will do it.....they will just pick some politican who is not going to run for office again. Kinda like Lieberman and all the bills he is trying to get passed before he retires. He is big on that Infrastructure and Nation Building bill Kerry pushed.

jgreer
10-19-2011, 05:50 PM
I stand corrected. I see it has been proposed. I should have said it will never get enough votes to pass.

Mister D
10-19-2011, 06:41 PM
The system is not sustainable the way it's currently designed so something has to be done. That said, I'm not sure how I feel about screwing people who have been paying into this for 50 years.

Conley
10-19-2011, 09:22 PM
The system is not sustainable the way it's currently designed so something has to be done. That said, I'm not sure how I feel about screwing people who have been paying into this for 50 years.


Well, they shouldn't be screwed but realistically everyone who is paying into the system and receiving will be screwed one way or another unless they're dead in the next ten years. I think you could raise the age in a grandfathered-in style.

Mister D
10-19-2011, 09:26 PM
The system is not sustainable the way it's currently designed so something has to be done. That said, I'm not sure how I feel about screwing people who have been paying into this for 50 years.


Well, they shouldn't be screwed but realistically everyone who is paying into the system and receiving will be screwed one way or another unless they're dead in the next ten years. I think you could raise the age in a grandfathered-in style.


That's what I was thinking. "Grandfathered" is a good choice of terms. I can't see my Dad being told well you're screwed. He's been paying into this plan since the mid 1950s. Heck, I don't even mind having the deduction for a while as long as moves are made to reform the system. I'll pay for people near retirement. At some point though I'd like to put 6.2% of my own check into a private retirement account. Or I'll just add that into my 401K deduction.

Conley
10-19-2011, 09:32 PM
The system is not sustainable the way it's currently designed so something has to be done. That said, I'm not sure how I feel about screwing people who have been paying into this for 50 years.


Well, they shouldn't be screwed but realistically everyone who is paying into the system and receiving will be screwed one way or another unless they're dead in the next ten years. I think you could raise the age in a grandfathered-in style.


That's what I was thinking. "Grandfathered" is a good choice of terms. I can't see my Dad being told well you're screwed. He's been paying into this plan since the mid 1950s. Heck, I don't even mind having the deduction for a while as long as moves are made to reform the system. I'll pay for people near retirement. At some point though I'd like to put 6.2% of my own check into a private retirement account. Or I'll just add that into my 401K deduction.


Yeah...I feel like letting Americans handle their own retirement and privatizing SS would be a mistake because a lot of people would end up broke. Then again it is their money and this isn't a nanny state, but seeing them penniless is upsetting.

Mister D
10-19-2011, 09:36 PM
The system is not sustainable the way it's currently designed so something has to be done. That said, I'm not sure how I feel about screwing people who have been paying into this for 50 years.


Well, they shouldn't be screwed but realistically everyone who is paying into the system and receiving will be screwed one way or another unless they're dead in the next ten years. I think you could raise the age in a grandfathered-in style.


That's what I was thinking. "Grandfathered" is a good choice of terms. I can't see my Dad being told well you're screwed. He's been paying into this plan since the mid 1950s. Heck, I don't even mind having the deduction for a while as long as moves are made to reform the system. I'll pay for people near retirement. At some point though I'd like to put 6.2% of my own check into a private retirement account. Or I'll just add that into my 401K deduction.


Yeah...I feel like letting Americans handle their own retirement and privatizing SS would be a mistake because a lot of people would end up broke. Then again it is their money and this isn't a nanny state, but seeing them penniless is upsetting.


I understand what you're saying and I agree but the thing is that the money won't be there anyway.