The word is, in 2022 retirement age will be 67; Is this better than 66?
There is much controversy on whether or not to increase the retirement age. Some like the idea because by working longer, more money goes to the SSN acct. thus less money is needed to save for retirement. On top of that, the predicted future funding gap would be filled. On the flip side, it will affect low income earners already depending on it.
It is quite possible that by 2022 there will be "no" retirement age. Because of the unfunded liability the US government is facing retirement may well be an unattainable dream for most. It is a very difficult position to put people in but unless we find a way to fix the serious problems with the social security fund we may all lose our choices.
(However....) Social Security had a 2.4 trillion dollar surplus in FY 2009. The projected future gap is based on old numbers for immigration, where the US was absorbing 3 million people a year and the old norms of inflation, a 6% annual rate. Both of those vriables have changed drasticly, with an immigration rate that has fallen off a cliff and an absence of inflation. Also, with the greater empahsis on workplace safety and advances in preventative medicine, disability expenditures have also tapered off substatially.
As for retirement age, retirement is really a state of mind that comes into play when a person becomes debt-free; after that, a job is not really work, it's just something to do to keep busy.
@ point2make...so, the possibility of no retirement age supposedly will improve things for everyone? It seems to me that the original concept of having SSN has been twisted, and that it is like putting money in a tin can with a false bottom. All we hear is the advantage of working till 68 or 70 but, by the time one gets to dip into their acct, there is hardly anything left or, is it a ploy for shorter pay out?
@Jed...I agree that it can be considered a state of mind but the problem is, ppl are paying into the SSN. Debt free is applicable if u r talking about a car or house loan but, ph or electrical bills don't go away. What I mean is, most home owners, for example, would like to pay off their house loans quickly but, how can they if the govt takes 8% on tax, SSN, and so on? In the end there is hardly any money to retire on. If this is not the case, then what is? And to say, 'job is not really work, its just something to get you busy' suits very well with someone who's got money and hangs out at the beach a lot!
I think that not only will it be raised, it will be raised even more and eventually means tested. The minimum wage kills more jobs than raising the retirement age. People can still retire but they don't get their full benefit until that date. This is a nasty problem and our government keeps pushing it down the road.
I don't know that it will have much of an effect; most people who can afford to retire earlier will retire when they want--they don't trust Social Security, nor are they going to keep working just to get benefits. It's getting to the point now where it's increasingly difficult to live solely off of SS, so low-income workers might be forced into working past retirement age regardless of their benefits.
Too late! - In 2010, I received my SS letter that I may retire with full benefits at AGE 70.
Controversy and complaint will not change the feds' minds about the age. Way back in 1994, we heard in medical classes that the age will raise until AGE 75. Further, the feds can raise the age any time they wish.
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