- Politics and Social Issues
Raising The Retirement Age Should Not Be An Option
The New Truth About Social Security
Recently, the news about Social Security centered around the fact that for the for first time more and more people are receiving less retirement benefits then they pay into the system.
If that's not bad enough for the individual, we now have a candidate running for president that has publicly stated that he favors raising the retirement age to collect retirement benefits. Let's call Social security what it really is, a tax.
If the retirement age is raised then we can safely assume that individuals will be paying even more money into a program, or the better term tax, that they will never see back in benefits. This is just one problem with raising the retirement age.
Another major problem concerns the type of job a person works in. Let me explain. As an example, let's take a look at two different segments of the workforce. Manufacturing and service industries such as retail.
I have worked in heavy manufacturing for over 23 years and I can attest to the fact that very, very few workers in this type of industry can work much past sixty-three or sixty-four.
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These type of jobs are very hard on the body. I also have noticed many workers have died prematurely. Most have only been in their fifties. I see that as a combination of factors.
Through the years ten and twelve hour days, seven days a week were not all that uncommon while working in a hot, dirty environment with questionable air quality. Massive overtime is a reality in many factories.
Compare that to someone working in a clean, air-conditioned environment such as retail or sitting at a desk in an office. I think working past the present retirement age would be much easier for the latter group.
How Other Countries Manage The Retirement Question
It may also be worth taking a look on how a few other countries handle the question of what is a good retirement age.
There is at least one country that bases your retirement age on when you first started working. If you started working full-time at the age of eighteen or nineteen then your eligible to retirement at an earlier age then someone that didn't start working until later in life.
The other method that a few countries use is by basing your retirement age on the industry you have worked in during the majority of your life.
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Of course I realize that the Social Security program needs to be reformed. Right now it's a giant ponzi scheme that can't be maintained the way it's being run now.
The idea of raising the retirement age isn't new but the candidate now running for president is a very wealthy individual worth hundreds of millions of dollars. I'm sure he wouldn't be put out off if the retirement age was raised to triple digits, after all social security wouldn't be a factor in his retirement plans.
I have some ideas to reform social security that use basic, common sensethat I discuss in another hub.
Some of my other links
- A Unique Method To Fix Social Security
Ho to fix social security to a modified privatization plan with greater benefits for the individual and little cost to the government.
- Why this Republican Thinks Unions Are Still Relevant
Why the economy won't recover unless big business shares profits and why unions are still relevant.
- Credit Cards That Should Be Banned
The two worse credit cards that have high interest and high anuual fees.
- Government High Taxes and Effects on Small Business
Over the Thanksgiving holidays I had the pleasure to visit the charming town of St. Charles, Illinois, a suburb of Chicago. The small downtown is unique because of the number of family owned businesses. One of my favorite stops when I’m in the...