Raising the Retirement Age Essay - 1462 Words

Retirement Age The idea of raising the retirement age because of social security concerns is a thought that many did not even consider when social security first started in 1935. As more and more baby boomers are becoming retirement age and can draw social security, less people are paying into the system which will bankrupt or significantly lessen the amount of social security benefits a retiree can draw. The average life expectancy has risen significantly since Social Security first started. Raising the age of retirement because life expectancy has risen will benefit not only the social security system, a person’s health and well-being as well as future generations. â€Å"Americans are living longer and are having fewer children. Together†¦show more content†¦(John, 2010) According to the chart below, the average life expectancy has gone up since 1940 and will continue to rise likely due to better health care coverage and more people taking control of their own healthy lifestyles. (John, 2010) While raising the retirement age would work for some people, for others it would be a strain on their well-being. It would be more demanding on a person with a physically challenging job to work longer. Retiring later in life with a more physically demanding job puts a strain on a person’s health and if they needed to work longer, the wear and tear on their bodies would be detrimental to the healthy retirement living that is envisioned. â€Å"Our labor force is much more intellectually and technologically driven today. The trend of less physically challenging careers could mean that more people are able to work longer.† (Pendola, 2011) What happens to the construction worker who is working hard every day to provide for their family, it is difficult as a person gets older to fulfill the duties assigned. If asked to work longer because of the rise in retirement age in order to collect full social security benefits, their work may suffer and they may end up losing the ir job due to lack of ability. An example is a coworker of mine whose husband lost his job at the age of sixty because he was not able to perform his physically demanding job like he used to. He is not old enough to collect social security benefits. How long does heShow MoreRelatedShould The United States Raise The Age For Social Security1616 Words   |  7 PagesShould the United States Raise the Age for Social Security Payouts? Currently, the United States is contemplating at a forthcoming Social Security crisis. If changes are not forged, the Social Security system will not be able to keep up with the demanded payouts and is estimated to empty the trust fund around the year 2037. In this paper I will review a brief history of the Social Security program, touch upon the eligibility requirements, discuss what economists believe about the future of the SocialRead More Social Security Essay1054 Words   |  5 PagesSecurity Social security, created in 1935, is the most costly item in the federal budget. The program provides old age, survivors’ and disability insurance to a healthy portion of Americans. Workers and their employers fund the system by each paying payroll taxes. The Internal Revenue Service collects the taxes and deposits the money in government-administrated accounts known as the Old Age and Survivors and Disability Insurance Trust Funds(OASDI). The payroll tax revenues are used to pay benefits toRead MoreShould the Social Security Age Requirement be Raised?1570 Words   |  6 PagesShould the Social Security Age Requirement be Raised? In a world where the old are ignored and have no social security to live off from. Where 65 year olds work in restaurants just to make money for basic items to which they survive form. Hoping they never sick because of them know they would never be able to afford medication and surgery. Living with their children in a single home after they are no longer able to work. Their children having their parents are a burn on them after theyRead MoreThe Social Security System1442 Words   |  6 Pagesuncertainties brought on by unemployment, illness, disability, death and old age. In the realm of economics, these inevitable facets of life are said to be threats to one s economic security†- (www. ssa.gov). The 1935 Social Security Act was a giant step towards creating an economic security for the nation. However, as a person who has yet to be in the work force for 10 years I have already begun to realize that my comfort in retirement cannot rely on government funding, there ar e those whoever, who willRead More Increasing Taxes to Bail Out Social Security Essay1268 Words   |  6 PagesFranklin Roosevelt. As part of Roosevelts New Deal, he instituted Social Security, which established an old-age pension system, to be administered by the federal government, and financed by taxes on both employers and employees. This system was to help the older citizens and dependents of workers of the U.S. However, since its inception, Social Security has been turned into a retirement plan of sorts. Many retired and older citizens rely solely on Social Security benefits to live. The program hasRead MoreSocial Security And Retirement Practices1417 Words   |  6 PagesAccording to Moody Sasser, â€Å"critics of retirement as it exists today have pointed out to the rigidity of retirement practices. Retirement is typically an all-or-nothing proposition. Would it not be better to have some form of flexibility or phased retirement, in which employees gradually reduce their work hours or take longer vacation? The thinking goes that such an approach might enable older workers to adjust better to retirement and permit employees to make gradual changes instead of copingRead MoreThe Issues Surrounding The System Of Social Security1638 Words   |  7 PagesInsurance). The age for a person to receive full retirement benefits has been gradually going up based on a schedule set by Congress in 1983. It is already raising on its own, however by raising the full retirement age further permanently is a great option to close the funding gap quickly. The age to claim reduced benefits is 62, and that aspect of age could remain the same. However, the benefit monthly for those claiming early would be decreased according to each year that full retirement age increasesRead MoreExamining the Economic Platform of a Political Party Essay examples805 Words   |  4 Pagesprivatized cuts and benefits would make things a lot more difficult for Social Security. An appealing plan for Americans at the age of retirement is that Al gore opposes the raising of the retirement age of 65 to the age of 70. Im in agreement with his choice to oppose this due to the fact that a large majority of the voters fall into this category. Gore plans to fight so that the age isnt increased. Gore promises he wont let guaranteed benefits be lower (Issues 2000). To turn Social Security intoRead MoreBenefits And Benefits Of Retirement Security1371 Words   |  6 PagesRetirement security is a very broad term that refers to the confidence a person has in their economic resources to support them through the end of their life at a standard of living consistent to what they enjoyed prior to retirement. For most people, retirement income will come from personal savings and investments, Individual Retirement Accounts (IRAs), Social Security, defined benefit plans, and defined contribution plans (Retirementresourcesusa.com, 2016). Employers have traditionally playedRead MoreBenefits Of Retirement Planning For Retirement860 Words   |  4 PagesWhether you are a recent graduate or a 30 year professional, it is never too early to begin planning for retirement. For years, the age old question has always been how much do you need to comfortably retire? Conventional planning has proposes a benchmark of $1 million to enjoy sustain yourself throughout re tirement. However, since many of us enjoy different lifestyles and varying incomes, 10 to 12 times your final salary can be a more accurate assumption. Yet, as baby boomers are continuously retiring