Three good reasons to lower the retirement age

[eridani]

http://www.foreignpolicy.com/articles/2011/01/02/unconventional_wisdom?page=0,7

This idea is being used to rationalize cuts in old-age benefits in numerous advanced countries -- most recently in France, and soon in the United States. The cuts are disguised as increases in the minimum retirement age or as increases in the age at which full pensions will be paid.

Such cuts have a perversely powerful logic: "We" are living longer. There are fewer workers to support each elderly person. Therefore "we" should work longer.

But in the first place, "we" are not living longer. Wealthier elderly are; the non-wealthy not so much. Raising the retirement age cuts benefits for those who can't wait to retire and who often won't live long. Meanwhile, richer people with soft jobs work on: For them, it's an easy call.

Second, many workers retire because they can't find jobs. They're unemployed -- or expect to become so. Extending the retirement age for them just means a longer job search, a futile waste of time and effort.

Third, we don't need the workers. Productivity gains and cheap imports mean that we can and do enjoy far more farm and factory goods than our forebears, with much less effort. Only a small fraction of today's workers make things. Our problem is finding worthwhile work for people to do, not finding workers to produce the goods we consume.

[Kolesar]

1. The discouraged unemployed have to start SS at age 62 and live a life of privation

Social Security pensions are about 25% less if you retire at 62 , IIRC.

[old mark]

4. I retired at 59 after working since I was 14 at mostly low paying jobs.

I have a small pension from my last employer and started SS at 62. You don't gain any money for your SS unless you are working, so if you are unemployed and 62, sign up.At least is is consistant, and 77 is the break even point, giving you an incentive to live as long as possible.
I hated work for most of my life, and never regretted retiring "early"...it was the right time for me.

mark

[Kolesar]

6. The cover story on AARP magazine said "You don't need a million dollars to retire"

I'm glad it's working for you.

[CTyankee]

8. I would have retired at 62 if I could have. I noticed a concerted effort

at my organization to "discourage" people over 60 to keep working. They wanted a younger, cheaper staff. This will bear bitter fruit for those on the Management Team that were after older workers in their departments. They are reaching that golden age themselves, including the President of the org. I am just waiting for the day when the younger managers (and Board members) want to get rid of her as "dead wood." I'm sure she thinks ofherself as invincible but they all do...and they all get "dethroned" in the end...

[liberal N proud]

2. Many companies are forcing people to retire from the company at 58

Our company and others have over the past few years more or less forced many people who have are 58 or older to retire early. They retiree gets a small incentive package for leaving early.

But I have to think the reduced Social Security has to hurt.

[danbee46]

3. Another reason

Another reason for lowering the retirement age is the availability of the jobs being vacated. At this time of high unemployment, any place we can find jobs is a benefit.

[REACTIVATED IN CT]

5. I think a lot of us seniors would retire before age 65

if we had access to Medicare. I don't want to spend $5000 a year for COBRA for the next 2 years until I qualify for Medicare - and have several coworkers in the same age range who feel that way.

[Kolesar]

7. If you have small taxable income before you reach 65, the new health care law

Will allow you to buy health insurance that is "federally subsidized"

[REACTIVATED IN CT]

10. Thanks for that tip. I will look into it.

My taxable income will be my Soc Sec check plus whatever I need to take out of my 401(k) to make ends meet.

[B Calm]

9. I agree we are not living longer! I get so sick of hearing that lie. Infant

mortality rates are much better than what they use to be, thus giving the impression that we're living longer. It's a right wing lie that needs to be stopped.