Former Florida Governor Bush recently told CBS News that the current basic retirement age of 65 needs to go to 68 or 70 as a way to sustain Social Security for those now under 40. The Social Security retirement age is based on a sliding scale which takes into account when the recipient was born and whether they want to retire early in return for a reduction in monthly benefits. The current age to begin receiving benefits is set at 65 for those born prior to 1938. Under current law, it rises gradually to age 67 for those born in 1960 or later. Proponents argue that Americans are living longer and healthier lives than they did when Social Security was founded and the program will run $7.7 trillion in the red during the next 75 years. Opponents argue that Social Security provides at least half of total retirement income for more than two-thirds of all retirees and raising the age will rob lower income seniors of necessary benefits.
Social security funds should be distributed at an age based on a formula that accounts for increased age of life expectancy. Future Options should exist not to pay social security and rather invest that money into a personal retirement fund or pay a tax on funds if you choose to cash them in ahead of scheduled retirement age. Not the government's job to make sure there is money for people to retire with, that responsibility should fall to each individual citizen
Social Security was not intended to be a retirement program. Give every child at birth an account worth $5,000 and let it grow toward a retirement nest egg. Do NOT allow the government to be able to spend that money. Taxes would be paid on the original $5,000 when the senior retires and at a reasonable tax rate.
Social security is a clear and perfect example of a ponzi scheme. This program should be phased out as quickly as possible and retirement planning should be up to the individual. This will increase financial literacy and further promote a strong capitalist marketplace.
No, people worked a good bit of their lives keeping the country moving during their workable years. They should be allowed to retire while the Quality of life is still advantage0us. Living longer does not mean having a good quality of life.
No, this will force companies, schools, and other work places to continue to employ workers who are possibly not as able or as interested in doing their work. Many places don't want employees who are only there for a paycheck.
No, not all at once, since it will take time to convince employers that those over 65 are employable. We have a serious age prejudice and discrimination in corporations, and need to enforce better age discrimination laws before we raise the retirement age; otherwise we simply create a bigger poverty stricken group, sooner.
NO, and we should transition Social Security funds into privately managed retirement accounts and away from congressional access and IOU's. Social Security withdrawal should be optional so that those who don't need it are not forced to take it, instead they should receive a tax credit for each year that they don't take it.
The social security program no longer functions as was intended. It was suppose to be a safety net for those whose retirement plans failed. Now people are using it as their retirement plan. They should eliminate it.
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