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The Real Crisis Brewing
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JRsec Offline
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Post: #41
RE: The Real Crisis Brewing
(06-24-2018 09:51 PM)JMUDunk Wrote:  
(06-24-2018 08:50 PM)THE NC Herd Fan Wrote:  
(06-24-2018 08:46 PM)thespiritof1976 Wrote:  
(06-24-2018 08:44 PM)THE NC Herd Fan Wrote:  
(06-24-2018 08:35 PM)Kronke Wrote:  Need to raise the retirement age. Painless fix, and makes sense as people are living much longer now than when it was implemented.

I'm 55, I worry about making it to 65 (much less the 67.5 full benefit age). Most companies don't want people over 60 for a variety of reasons. Raise the age to 70 and you'll have a bunch of geriatrics trying to find work at Walmart and McDonalds. The problem isn't the retirement age, it's relying on current revenues to pay current benefits, that's a ponzi scheme.

Don't you also get pennies back on the dollar, when factoring in how much you paid into the system ?

If so, what a load.

Exactly it's not just the 6.5% you put in but the 6.5% employers have to match. If that were invested, even conservatively, in the free market your payout would be much better an fully funded. Think of all the people that die before retirement and never collect a penny.

That'd be my Dad. 20 days after our wedding. Still going in at 67YO's cause he loved his job and had several research projects in the air and wanted to see them through, figured he'd bank it for a bit longer and retire at 72 after 40+ years paying in plus his time in both the Navy and the Army...

Never saw a penny of it.

Likely went to some slob that claimed disability at 38 and "retired". 07-coffee3

It only gets worse. That fully funded plan is now under assault with a new trick. The entity's board of directors that hold your 401k or 403b can vote to annuitize it. If they do you will get 100% of the interest it earns paid out to you over the rest of your life, but the damned company keeps the principal. It does not go to your heirs at your death either. Your spouse can have 75% or whatever figure they set of your payout at your death should he/she survive you. It's a legal trick allowed by your courts to preserve the "solvency" of the entity when facing fund depletion (aka Boomer Retirement Panic). How do I know this? Because after 20 plus years of service to my second career the non profit I worked for voted to do this at the same time they gave their leadership continued raises. Thankfully a protest by the rank & file workers has led to a 35% payout of the principal if it is put into a home or existing mortgage which is what you must do to qualify to get even that. But if you do it of course reduces your interest payment. So in other words it is a legal way of stealing 65% of your retirement principal and when the bank or entity handling your 401k or 403b whines about payouts and your leadership buys into it by a vote of its board of directors it can happen. And my, and your, Congress allowed it to become law under George W. Bush.
(This post was last modified: 06-24-2018 10:04 PM by JRsec.)
06-24-2018 10:00 PM
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JMUDunk Offline
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Post: #42
RE: The Real Crisis Brewing
(06-24-2018 09:57 PM)stinkfist Wrote:  
(06-24-2018 09:51 PM)JMUDunk Wrote:  
(06-24-2018 08:50 PM)THE NC Herd Fan Wrote:  
(06-24-2018 08:46 PM)thespiritof1976 Wrote:  
(06-24-2018 08:44 PM)THE NC Herd Fan Wrote:  I'm 55, I worry about making it to 65 (much less the 67.5 full benefit age). Most companies don't want people over 60 for a variety of reasons. Raise the age to 70 and you'll have a bunch of geriatrics trying to find work at Walmart and McDonalds. The problem isn't the retirement age, it's relying on current revenues to pay current benefits, that's a ponzi scheme.

Don't you also get pennies back on the dollar, when factoring in how much you paid into the system ?

If so, what a load.

Exactly it's not just the 6.5% you put in but the 6.5% employers have to match. If that were invested, even conservatively, in the free market your payout would be much better an fully funded. Think of all the people that die before retirement and never collect a penny.

That'd be my Dad. 20 days after our wedding. Still going in at 67YO's cause he loved his job and had several research projects in the air and wanted to see them through, figured he'd bank it for a bit longer and retire at 72 after 40+ years paying in plus his time in both the Navy and the Army...

Never saw a penny of it.

Likely went to some slob that claimed disability at 38 and "retired". 07-coffee3

:sobs: ....happens too often to the good folks.....

it's scary stupid how we've subsidized those that don't deserve it......

Thx.

Yea, stunner at the time, he was still quite fit, no real "issues". But it's now been more than 20 years, so the melancholy fades, though the memories do not. Only wish he'd been around to yell at his 6 grandchildren and continue traveling the world with my mother.

Thankfully she carried on with her adventures. 04-rock
06-24-2018 10:04 PM
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TigerBlue4Ever Offline
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Post: #43
RE: The Real Crisis Brewing
(06-24-2018 08:36 PM)stinkfist Wrote:  
(06-24-2018 08:35 PM)Kronke Wrote:  Need to raise the retirement age. Painless fix, and makes sense as people are living much longer now than when it was implemented.

that solves what????

more specifically, what do you do when you lose your 125k jobs at 58 due to 'whatever-ism', eh?

At that age, losing a well paying job can be a crushing blow as no one wants to hire old white guys, especially if your skill set is obsolete.

I've been working since I was 14, paid taxes for the first time when I was 16. I am going on 62. Why should I be forced to wait to retire after working almost 50 freakin years and paying into SS just so I could look forward to having a safety net at the end of my career?
06-25-2018 07:06 AM
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dfarr Offline
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Post: #44
RE: The Real Crisis Brewing
We’d save tons of money if they actually reassessed the folks on SSI disability. I’d say a good 75% of the disabled I see as patients in a day have no true disability.
06-25-2018 07:51 AM
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Post: #45
RE: The Real Crisis Brewing
(06-25-2018 07:06 AM)TigerBlue4Ever Wrote:  
(06-24-2018 08:36 PM)stinkfist Wrote:  
(06-24-2018 08:35 PM)Kronke Wrote:  Need to raise the retirement age. Painless fix, and makes sense as people are living much longer now than when it was implemented.

that solves what????

more specifically, what do you do when you lose your 125k jobs at 58 due to 'whatever-ism', eh?

At that age, losing a well paying job can be a crushing blow as no one wants to hire old white guys, especially if your skill set is obsolete.

I've been working since I was 14, paid taxes for the first time when I was 16. I am going on 62. Why should I be forced to wait to retire after working almost 50 freakin years and paying into SS just so I could look forward to having a safety net at the end of my career?

You have to look at what Social Security was designed to do. It wasn't designed to pay a large chunk of the population for 25 years after retirement. People didn't live nearly as long.

Keep the early retirement age at 62, but gradually move the standard age for maximum benefits up from 68 to 70. Make the cap a million indexed instead of the current 125k indexed. Possibly adjust the formula for the portion over the 125k cap so its not 100% going into the payout calculation. Make the inflation index actual COL inflation and not wage inflation, which has historically been higher.
06-25-2018 07:54 AM
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Post: #46
RE: The Real Crisis Brewing
(06-25-2018 07:06 AM)TigerBlue4Ever Wrote:  
(06-24-2018 08:36 PM)stinkfist Wrote:  
(06-24-2018 08:35 PM)Kronke Wrote:  Need to raise the retirement age. Painless fix, and makes sense as people are living much longer now than when it was implemented.

that solves what????

more specifically, what do you do when you lose your 125k jobs at 58 due to 'whatever-ism', eh?

At that age, losing a well paying job can be a crushing blow as no one wants to hire old white guys, especially if your skill set is obsolete.

I've been working since I was 14, paid taxes for the first time when I was 16. I am going on 62. Why should I be forced to wait to retire after working almost 50 freakin years and paying into SS just so I could look forward to having a safety net at the end of my career?

You can pretty much extend that to anyone over 50, regardless of their skill set. They don't want to keep old people, let alone hire them. Find cheaper, younger people who don't know any better, but think they do.
06-25-2018 07:56 AM
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VA49er Offline
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Post: #47
RE: The Real Crisis Brewing
Sure wish they'd let me keep my 6.2% and invest as I see fit. I guess Congress needs its slush fund though.
06-25-2018 08:08 AM
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olliebaba Offline
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Post: #48
RE: The Real Crisis Brewing
(06-24-2018 08:35 PM)Kronke Wrote:  Need to raise the retirement age. Painless fix, and makes sense as people are living much longer now than when it was implemented.

Yeah, we need to kill us some old people. Speaking of which:

What's the difference between an outlaw and an inlaw?

An outlaw is wanted.
06-25-2018 06:43 PM
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olliebaba Offline
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Post: #49
RE: The Real Crisis Brewing
(06-24-2018 08:56 PM)TechRocks Wrote:  
(06-24-2018 08:52 PM)stinkfist Wrote:  
(06-24-2018 08:50 PM)TechRocks Wrote:  
(06-24-2018 08:38 PM)thespiritof1976 Wrote:  
(06-24-2018 08:35 PM)Kronke Wrote:  Need to raise the retirement age. Painless fix, and makes sense as people are living much longer now than when it was implemented.

I agree, and I also think the idea of retirement is much different too. Retiring at 65 ? Are you kidding me ? Mick Jagger is still rocking and rolling and he's at least 65.

When you are 65 you still have a good 20 years of viability left in the work force. Raise retirement to 75, IMO.

As for me, I'll work till the day I day - whether that is 85, 105, or 45.

I'll be 65 within a month. Trust me, there ain't 20 years of viability left in this carcass. I'm going to collect full benefits baby!!!

Oooops, I lied. A month and 3 days.

XACLY!!!


as would I or me mum and pops are doing to this day........

LOL when you're young and full of piss and vinegar......."yeah, I'll work till I'm 85. Piece of cake".

Honestly, even into my 50's I still felt like I was 30 and did just about whatever the hell I wanted. But man, when I turned 60 it was like hitting a brick wall.

Yep, it gets to that point in your life where even the car knows the direction to the doctors office. I have never gone to so many doctors appointments in 68 previous years. I can't tell my wife something hurts because she'll start making doctors appointments. That's why I started drawing at 62, no way was I going to wait until full benefits. I could have been dead by then and that's what the government wants. They throw away what you invested and then ***** because you draw on that money. Screw them, start drawing at 62. It's better than giving it to illegal immigrants or people like David who is too lazy to work but not too lazy to spend countless hours on his computer.
06-25-2018 06:51 PM
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olliebaba Offline
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Post: #50
RE: The Real Crisis Brewing
(06-25-2018 07:51 AM)dfarr Wrote:  We’d save tons of money if they actually reassessed the folks on SSI disability. I’d say a good 75% of the disabled I see as patients in a day have no true disability.

BINGO! Add my BIL into that list. He claims he has schizophrenia and bipolarism. I've know many a man who has both and yet worked their butts off. That's. No. Excuse.
06-25-2018 07:07 PM
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