Friday, September 04, 2015

Hey, Let's Raise the EARLY Retirement Age To 90

so that few people EVER live long enough to collect it.

God damn I hate these people who are spewing anti-SS nonsense simply because businesses want to get out of paying their share of the FICA tax.

Given the rampant age discrimination in the workplace, few people are going to last in the job market until age 70 or 75, especially when it comes to full-time work.

Yours truly will have to work until at least 70 to get a monthly Oregon PERS benefit instead of a cash payout, if I last long enough to get vested. I would be 64 then in 2019 to get the vesting.

If I go full-time in the next year or two doing a different job, then I could get the monthly pension benefit and at an earlier age. Right now at my piddling pay, I can't.

Perhaps confusion arises because “raising the age of retirement” sounds like a nice jobs program for older Americans, or an end to forced retirement. I sympathize with that position: Anyone who wants to retire later and work into old age should have a job. But that’s not what raising the retirement age would entail—the fact is, raising the Social Security retirement age represents a reduction in benefits: Because the monthly payments a person receives grow bigger the later in life he or she retires, raising the age cutoff reduces the total amount of money paid out.

If workers are kicked to the curb at 55 or 60, if not earlier, what in the fuck are they supposed to do given the terrible job market?

Raising the age ALWAYS means a cut in benefits.

The article, unfortunately, makes the erroneous claim that taking benefits at 62 lowers your SS benefit for life. That is false. You get the same total amount, but it is spread out over a longer period of time. In fact, there is something called the "break-even" factor that means one would have to be in his or her late 70s or older to where the taking it early vs. taking it at 66 or 70 would be equal. The fact is when you take it at 62 instead of 66, you have FOUR years of extra payments when you are still relatively healthy enough to enjoy them. Many people are still working, and that amount will continue to recalculate. Others, like yours truly, will be forced to take it at 62 because of cash flow issues.

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