I just had my benefits meeting for 2024 and I thought I heard them say retirement is increasing to 75 years of age.
Any else hear retirement age going to 75?
- Thread starter SomeSoldier
- Start date
Steal2B
.700 Nitro Express
I would think with Bidenomics 75 years of age would be early reduced benefit retirement.
Could they be talking about a minimum 75 year rule to qualify for any retirement benefits where the total of your age plus your years of service must equal at least 75 (e.g. 65 years old with 10 years of service)?
The Congressional report was suggesting a new phase in of 69 years old for full benefits (it is currently 67 for those born after 1960) while a think tank suggested a phase in even a year later to 70 for full benefits.
In Great Britan The Centre for Social Justice has recommended the retirement age be increased to 75 by 2035.
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Russ Woody
.357 mag
I'll be dead by then. I'm 65 now, I'm not sure I can make it until 66 and 6 months
RedBreast21
6.5 Creedmoor
Yet the actuary tables used to calculate retirements plans have mortality age set at 78. So three years of retirement?
Better enjoy them. Trump wanted that age raised to 80 and keep age 65 for retirement but that would cost companies too much. So the Swamp put an end to it.
I'm taking it as soon as I'm eligible.
I did the math. If I leave even the first year on the table and took it the next year, it'll take 15 years to break even, although it does go down the longer you wait, but really, who thinks the USA will be around in 15 years?
I did the math. If I leave even the first year on the table and took it the next year, it'll take 15 years to break even, although it does go down the longer you wait, but really, who thinks the USA will be around in 15 years?
Inflation hammering workers' retirement funds, economist warns
Workers need up to hundreds of thousands more dollars in their retirement pots to have the same quality of life they would have had pre-Covid, an economist has warned.
Xae289
.223 Rem
Retire? Lol. Maybe a few years after I'm dead.
Won't be many making it to that age...hhumm, maybe onto something.
Once you own your life by not being Slave to the Lender, you find it doesn't take that much to live free and comfortably...I punched out at 58 and have thought twice about it, (although I did undertake a five-year commitment to care for a Grandchild)
spat
.700 Nitro Express
I figure my 401k is just a hedge against society *not* collapsing into a dystopian shithole by then.
I view retirement as a "sure would be nice if that can happen" sort of thing.
I view retirement as a "sure would be nice if that can happen" sort of thing.
Acer-m14
20×102mm Vulcan
i need to check on my 401k .. all these wars now . time to switch some investments .. correct .,.
Saltwater60
20×102mm Vulcan
I do t need the government to retire. I’m done at 63.
Robin
.577 Tyrannosaur.
Does that mean I get to collect twice now? Still won't get it all back!
Robin
Robin
If they change the age of retirement does that change when you can pull from your 401k without penalty?
2WheelGnnr
6.5 Creedmoor
I'll be working till noon on the day of my funeral !!!!!!!
Steal2B
.700 Nitro Express
When I was looking at my numbers for Social Security the tables, benefit amounts, and break even points were all set at projections of 82 years old.
If you thought you'd die before 82 - collect early to maximize benefits paid out .... if you thought you'd die after 82 - delay collection to maximize benefit pay outs.
The wild card which is less clear are different numbers to see how various inflation rates vs estimated cost of living adjustments impacted the live or dead at 82 conclusions.
The depressing calculation is running what your nest egg would have been if you were able to invest the Social Security payments made in your behalf by yourself, self employment taxes and your employers over more than 50 years. Yeah, in my case the system was clearly wealth redistribution from me to someone else.
SS is one thing, but there are no rules to prevent you from retiring at age 35....if you have the cash....
Plenty of scammers apply for, and get SS disability payments.....................$750/month and scream about it.............
Cops and Firemen who are retired or disabled, can get the 75% retirement checks, plus SS and can go out and work a 2nd career with the Feds..
The system is meant to be played.
Plenty of scammers apply for, and get SS disability payments.....................$750/month and scream about it.............
Cops and Firemen who are retired or disabled, can get the 75% retirement checks, plus SS and can go out and work a 2nd career with the Feds..
The system is meant to be played.
Cavalry
.308 Win
They will need to raise the age while they try to figure out where the magic money is going to come from. Hopefully more people die before breaking even with benefits. We have known SS was going to run out for 20+ years and literally there is no solution in sight. 2037 is getting very close and since they have adjusted it a few times it could be even sooner.
Cavalry
.308 Win
If one was able to have invested the 6.2% on their own, retirement age would be 55
Steal2B
.700 Nitro Express
Yup. Even earlier with the 12.4% self employment or adding the additional 6.2% that the employer needs to cough up on top of our 6.2%
TEOTWAWKI inc.
.338 Win Mag
I would forfeit all claim to future benefits if they would stop withholding SS today.
Deplorable Me
.700 Nitro Express
If they raise it till 75 at least you'll have your NY ammo purchase approvals finalized in time for a trip to the range.
Steal2B
.700 Nitro Express
Using actual dollars contributed over actual working years with the typical tax deferred or exempt investment returns over those specific years .... my nest egg from the monies pissed away in to Social Security could exceed well over 10 million dollars. I assumed it would have been 1 to 2 million until the accountant plugged in the numbers to further piss me off.
Not After either is the game. lol
RedBreast21
6.5 Creedmoor
I would like to hear more about this housing market boom. It's currently contracting in rural areas. I'm not seeing this boom on the horizon with interests still having to climb. But I am all ears. Specifically what you're talking about when it comes to rent vs buying. Rent vs mortgage spread right now is ridiculously wide and the average credit score 650 which amounts to a nearly 9% mortgage. There isn't an upside to buying like there has been for the past 25 years. Love to hear your opinion.
Dr. Evil
20×102mm Vulcan
I think he means blow up and not in a good way.
C3D
.338 Win Mag
Hell I retired at 51. No need to wait for 75!