U.S. CEOs push plan to raise full retirement age to 70

[DamianTV]

http://www.infowars.com/u-s-ceos-pus...ent-age-to-70/
http://www.cbsnews.com/8301-505146_1...ent-age-to-70/

An influential group of business CEOs is pushing a plan to gradually increase the full retirement age to 70 for both Social Security and Medicare and to partially privatize the health insurance program for older Americans.

The Business Roundtable’s plan would protect those 55 and older from cuts but younger workers would face significant changes. The plan unveiled Wednesday would result in smaller annual benefit increases for all Social Security recipients. Initial benefits for wealthy retirees would also be smaller.

Medicare recipients would be able to enroll in the traditional program or in private plans that could adjust premiums based on age and health status.

Well, so much for EVER retiring...

[HOLLYWOOD]

[Zippyjuan]

At the time Social Security was passed, the retirement age was only a few years less than the average lifespan. Today people live a lot longer and are healthier longer. Somdbody retiring at 65 may have 20- 30 years collecting benefits when before it was five to ten. That makes the program much more expensive. Can we afford to leave things as they are?

If you choose to cut out the government benefits for yourself, you can retire at any age you want.

[DamianTV]

Right. Because all Mundanes should be forced to work until the day they die.

[Keith and stuff]

What is it now, 68? I don't even currently qualify for the program anyway.

[GunnyFreedom]

Anything to keep the younger workers in menial lower positions, and to not have to hire the hoards of unemployed...

[Danke]

$#@!ers already took away my retirement.

[Pauls' Revere]

Depends on the year you were born. But yes, born after 1960 and your full retirement age is 67. May as well play the lotto.

[Zippyjuan]

What is it now, 68? I don't even currently qualify for the program anyway.

From the CBS link (Infowars is not always accurate):
http://www.cbsnews.com/news/us-ceos-...ent-age-to-70/

Retirees can now get reduced Social Security benefits starting at age 62. Retirees must wait until they are 66 to get full Social Security benefits, a threshold that is gradually rising to 67. The eligibility age for Medicare is 65. The business group's plan would make unspecified accommodations for people with physically demanding jobs.

Social Security and Medicare both face long-term financial problems as aging baby boomers reach retirement, leaving relatively fewer workers behind to fund the massive benefit programs.

The trustees who oversee Social Security say the trust funds that support the retirement and disability program will run out of money in 2033, unless Congress acts. At that point, payroll taxes would generate only enough money to pay about three-fourths of benefits.

Medicare is in worse shape. Its trust fund for inpatient care is projected to run dry in 2024, leaving the program unable to cover all its bills.

"The facts are clear: If we want future generations to have access to Social Security and Medicare, America can no longer afford to wait," said Randall L. Stephenson, Chairman and CEO of AT&T (T). "The time to act is now."

Among the CEOs' proposals—
Adopt a new government inflation measure that would result in smaller annual increases in Social Security benefits.

Make initial Social Security benefits more progressive by guaranteeing low-wage workers enough benefits to stay out of poverty, while lowering initial benefits for retirees with higher incomes.

Require newly hired state and local workers to join Social Security. Some state and local agencies are not part of the system.

Expand means testing for Medicare benefits so that wealthier recipients must pay more for services.

Improve Medicare services for low-income people by better coordinating prevention and care for chronic conditions

[TaftFan]

I thought older folks were complaining they were being dropped in favor of younger workers?

[Cutlerzzz]

We actually have people here that think that the government should plan people's retirement?

My problem with this is that it will preserve the system for longer. I'd rather Social Security goes bankrupt in the 30s when it's projected.

[Zippyjuan]

Anything to keep the younger workers in menial lower positions, and to not have to hire the hoards of unemployed...

Keeping kids broke or poor means less money going into the coffers for the older folks though.

Raising the retirement would help reduce government spending (at least on that program).

[eduardo89]

Raise SS age to 99. Social Security isn't meant to be your retirement program, it's supposed to be a safety net for those who outlive their retirement savings.

[gwax23]

The government has no right to dictate retirement ages to begin with.

[helmuth_hubener]

Seems like a pretty reasonable plan. Guys, the SS is headed for financial difficulties. As Ron Paul might say: "we're broke." Raising the pay-out age is one way to lower the costs and make ends meet. As Cutlerzzz says, this is not without downside. But basically, it's reasonable that leading citizens not want their government to go catastrophically bankrupt, but instead do something financially responsible for a change. Now as to how likely that is to happen......

[GunnyFreedom]

We actually have people here that think that the government should plan people's retirement?

Not that I am aware of. Perhaps you are mistaking statements of consequence as though they imply approval?

My problem with this is that it will preserve the system for longer. I'd rather Social Security goes bankrupt in the 30s when it's projected.

[Anti Federalist]

Right. Because all Mundanes should be forced to work until the day they die.

I never had any illusions about doing otherwise.

[James Madison]

"Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains." -Thomas Jefferson

[oyarde]

At the time Social Security was passed, the retirement age was only a few years less than the average lifespan. Today people live a lot longer and are healthier longer. Somdbody retiring at 65 may have 20- 30 years collecting benefits when before it was five to ten. That makes the program much more expensive. Can we afford to leave things as they are?

If you choose to cut out the government benefits for yourself, you can retire at any age you want.

Well , If you could leave the 13 %

of stolen income to someone when you die , then OK , otherwise , just a bull$#@! boon to the evil govt . they should have put all of the money back , and since they did not , they are only evil , criminal thieves.

[oyarde]

Seems like a pretty reasonable plan. Guys, the SS is headed for financial difficulties. As Ron Paul might say: "we're broke." Raising the pay-out age is one way to lower the costs and make ends meet. As Cutlerzzz says, this is not without downside. But basically, it's reasonable that leading citizens not want their government to go catastrophically bankrupt, but instead do something financially responsible for a change. Now as to how likely that is to happen......

I agree , they can just give my 200k or 300k ( I have not checked in awhile ) back , lump sum , tomorrow , I will call it even .Yeah , $#@! them .

[oyarde]

They did not get " broke " by stealing 13 % of income , they got broke doing other things . I hate those worthless motherfuckers.

[jclay2]

The only problem I have with this "fix" is that it keeps the flawed system in place: 1. pay benefits with current taxes 2. Do number 1 when the benefits promised have an exponential behavior to them.

[Brian4Liberty]

I thought older folks were complaining they were being dropped in favor of younger workers?

Crony corporatists have no problem with laying off every worker over 40, and also moving the government retirement age to 80. More money for bailouts and incentives and pork and stuff. It's not like there is a contradiction there. It's the same as backing extended UI and calling for more importation of workers at the same time.

[Demigod]

I expect the life expectancy rate to drop like a stone when all the retirees ( who have been retired for decades ) start dying.Maybe work has become a lot less physical but stress is killing like a plague,not to mention changing technology with witch I just can not see the average worker keeping up at the age of 65-70.Even the most not physical jobs like low level programmers or tech guys could not keep up to work 8 hours a day sitting in a chair before a screen trough the age of 60-70.Yes it would be great for government employees where they will probably get someone else to do their job while they just punch the time card to show they are there but that is about it.

And I think it is fairly reasonable to expect that after you have worked for 35-40 years and payed in that you will be able to take something back for at least 10-20 years.

[Ronin Truth]

What a great idea. Now all we need are enough "enlightened" managements that will even consider hiring the MILLIONS of unemployed seniors (45+), that really want to work, out here in the REAL world.

[MRK]

Retirement age should be 14 or whenever someone starts working. Why should the government decide when someone gets to retire?

Also for those of you who are unaware, this already exists: It's called social security disability, and the payrolls for it have been exploding since 2008.

[tod evans]

Everything government gets involved in it $#@!s up.

SSI is no different.

Let my child opt out.

I never figured I'd live this long so foregoing any promised "benefits" doesn't concern me, I've known since '74 that the deductions were taken with no intention of ever paying them back, let alone with the promised interest.

Lop the head off the beast, don't just nibble around the edges.

[donnay]

At the time Social Security was passed, the retirement age was only a few years less than the average lifespan. Today people live a lot longer and are healthier longer. Somdbody retiring at 65 may have 20- 30 years collecting benefits when before it was five to ten. That makes the program much more expensive. Can we afford to leave things as they are?

If you choose to cut out the government benefits for yourself, you can retire at any age you want.

That doesn't stop them from stealing your money.

[jbauer]

Keeping kids broke or poor means less money going into the coffers for the older folks though.

Raising the retirement would help reduce government spending (at least on that program).

Yeah just means we can spend more on war. There's no way we actually cut spending.

[kcchiefs6465]

I never had any illusions that the money taken from me would ever be repaid. No one else does either. In fact, it is a joke, of sorts, among those collecting. I was talking to one the other day and she laughed when mentioning that money would not be available for me to be repaid. Ha.

They will never end Social Security voluntarily. It will take an economic failure for them to do so, and even then, they'd probably still be pumping worthless dollars into it.