Bush: Retirement age should be phased in to ’68 or 70’

[GMDino]

http://thehill.com/blogs/ballot-box/gop-primaries/243556-bush-retirement-age-should-be-68-or-70

Quote:Jeb Bush wants to push back the retirement age for Social Security by as many as five years.

Instead of allowing Americans to collect full benefits at age 65, the former Florida governor and likely GOP presidential candidate suggested on Sunday that it should be pushed back to 68 or 70.


“I think it needs to be phased in over an extended period of time,” he said on CBS’s “Face the Nation.”
“We need to look over the horizon and begin to phase in, over an extended period of time, going from 65 to 68 or 70,” he added. “And that, by itself, will help sustain the retirement system for anybody under the age of 40.”

At the same time, Bush said that he would be open to cutting back benefits for wealthy people and their beneficiaries, a reform proposal known as means testing.

“I think it ought to be considered, for sure,” Bush said.

Social Security has often been blamed for contributing to the nation’s deficit, and has been considered unsustainable, especially by Republicans.

GOP lawmakers have repeatedly talked about trying to raise the retirement age and restructure the benefit program in order to make the program more sustainable. So far, however, grand entitlement reform has remained elusive.

Maybe we can give all the SS money to Wall Street too! That seems like a safe idea! Now let me go check my 401K....

[*michaelsean*]

He's right. When SS began, the retirement age was something like 2 years later than the average life expectancy.

[BmorePat87]

(07-10-2015, 09:55 AM)michaelsean Wrote: He's right.  When SS began, the retirement age was something like 2 years later than the average life expectancy.

Agreed. We're already living longer and worker longer.

[url=https://en.wikipedia.org/wiki/Social_Security_%28United_States%29#cite_note-39][/url]Current ages:

Year of birth         Normal retirement age
1937 and prior              65
1938                           65 and 2 months
1939                           65 and 4 months
1940                           65 and 6 months
1941                           65 and 8 months
1942                           65 and 10 months
1943 to 1954               66
1955                           66 and 2 months
1956                           66 and 4 months
1957                           66 and 6 months
1958                           66 and 8 months
1959                           66 and 10 months
1960 and later              67

So it was 65 when the program first started. A lot has changed in 75 years.

[BmorePat87]

It should also be noted that those who would be affected by this currently are at 66-67 years, not 65. The change from 67 to 68 isn't that major.

I'm not a Jeb fan, but these are two great fiscal things suggested by him in 2 days that liberals are mischaracterizing and attacking.

Then again, maybe there are some 78 year olds out there who are outraged that Jeb is suggested raising their age from 65 to 68...

[GMDino]

(07-10-2015, 10:51 AM)BmorePat87 Wrote: It should also be noted that those who would be affected by this currently are at 66-67 years, not 65. The change from 67 to 68 isn't that major.

I'm not a Jeb fan, but these are two great fiscal things suggested by him in 2 days that liberals are mischaracterizing and attacking.

Then again, maybe there are some 78 year olds out there who are outraged that Jeb is suggested raising their age from 65 to 68...

I didn't criticize him about the "working more hours" thing.  But it always seems the folks pushing for moving the retirement age don't have to worry about retirement...or working more hours at 68...69...70...75...wherever they decide will be appropriate.

[BmorePat87]

(07-10-2015, 11:01 AM)GMDino Wrote:  But it always seems the folks pushing for moving the retirement age don't have to worry about retirement...or working more hours at 68...69...70...75...wherever they decide will be appropriate.

I would hope not. I'd be worried if our President was someone who mismanaged their savings and won't be able to retire.

[GMDino]

(07-10-2015, 11:09 AM)BmorePat87 Wrote: I would hope not. I'd be worried if our President was someone who mismanaged their savings and won't be able to retire.

Yep.  That's the only reason someone can't afford to retire.  

[BmorePat87]

(07-10-2015, 11:25 AM)GMDino Wrote: Yep.  That's the only reason someone can't afford to retire.  

If you can't afford to retire, you probably don't know enough to make any decision on Social Security policy. You also aren't going to be affected by this either as the average payout a year in benefits is $14k and you're making more than that working minimum wage.

[GMDino]

(07-10-2015, 11:46 AM)BmorePat87 Wrote: If you can't afford to retire, you probably don't know enough to make any decision on Social Security policy. You also aren't going to be affected by this either as the average payout a year in benefits is $14k and you're making more than that working minimum wage.

Or you had saved for retirement so that the SS was a supplement and then lost it all when the market crashed before you retired.  Or the company took your pension.

You know things that people don't know enough about to make good decisions.

I get you disagree with the idea of not moving the age but geeze you argument is silly.

[*Nately120*]

Old people need to get the hell out of the workforce or die or something because younger people need to get them jobs and stop living at home with mommy and daddy!

[Au165]

SS wasn't meant for people who were able to work to stop working and sit around originally. It was a safety net meant to allow for those who most likely would not be able to work at the advanced age, because they were close to the life expectancy. 65 is not that old in today's terms when compared to the intent of the law. The reality is it won't be there when I retire most likely (currently 26), but things like moving it back could stretch it out a few extra years for some.

I have a bigger issue with SS being a government run Ponzi scheme then pushing back the age to collect.

[BengalHawk62]

There won't be any such thing as retirement when I get to that age.  Employers are just going to expect you to work for them until you die. 


Some people say a man is made outta mud
A poor man's made outta muscle and blood
Muscle and blood and skin and bones
A mind that's a-weak and a back that's strong

You load sixteen tons, what do you get
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the company store

I was born one mornin' when the sun didn't shine
I picked up my shovel and I walked to the mine
I loaded sixteen tons of number nine coal
And the straw boss said "Well, a-bless my soul"

You load sixteen tons, what do you get
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the company store

I was born one mornin', it was drizzlin' rain
Fightin' and trouble are my middle name
I was raised in the canebrake by an ol' mama lion
Cain't no-a high-toned woman make me walk the line

You load sixteen tons, what do you get
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the company store

If you see me comin', better step aside
A lotta men didn't, a lotta men died
One fist of iron, the other of steel
If the right one don't a-get you
Then the left one will

You load sixteen tons, what do you get
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the company store

[*Nately120*]

(07-10-2015, 01:01 PM)BengalHawk62 Wrote: There won't be any such thing as retirement when I get to that age.  Employers are just going to expect you to work for them until you die. 

My father's father literally dropped dead on the factory floor and my father was full o' work-caused cancer and still had to punch in and work at times.  Me?  I sit at a desk in an air-conditioned office.  I think they'd both be proud.

[*michaelsean*]

(07-10-2015, 01:01 PM)BengalHawk62 Wrote: There won't be any such thing as retirement when I get to that age.  Employers are just going to expect you to work for them until you die. 


 
 

 

They can't actually make you work for them.  

[BmorePat87]

(07-10-2015, 11:53 AM)GMDino Wrote: Or you had saved for retirement so that the SS was a supplement and then lost it all when the market crashed before you retired.  Or the company took your pension.

You know things that people don't know enough about to make good decisions.

I get you disagree with the idea of not moving the age but geeze you argument is silly.

That sounds like a problem completely unrelated to social security then.

[Belsnickel]

I agree that the retirement age needs to be pushed for the benefit of SS especially. I just don't know how this will play a role in the job market as already we are seeing negative impacts from one that is aging from people staying in longer than before and causing younger people to not be able to get some jobs.

[fredtoast]

(07-10-2015, 11:46 AM)BmorePat87 Wrote: If you can't afford to retire, you probably don't know enough to make any decision on Social Security policy. 

Because doing things like buying a home and investing in the stock market are such stupid decisions.

[*bfine32*]

(07-10-2015, 10:19 PM)fredtoast Wrote: Because doing things like buying a home and investing in the stock market are such stupid decisions.

Latest trends/incidents show that they very well may be.

[fredtoast]

(07-10-2015, 10:40 PM)bfine32 Wrote: Latest trends/incidents show that they very well may be.

I agree.  The stock market is a riding a huge bubble created by low interest rates, but I would say it is safe to buy a hiuse now.

But lots of people were unable to retire a few years ago because their major investments in a house and the market were wiped out.

[Benton]

Agreed with Jeb. Surprisingly.

If we're going to live 10-20% longer than the last generation, the retirement age needs to be adjusted.