Why Working Until 70 Is Not Simple Solution to Retirement Crisis: Viewpoint

By Gail MarksJarvis | February 1, 2019

  • February 1, 2019 at 8:09 am
    PolarBeaRepeal says:
    Hot debate. What do you think?
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    One key distinction between Socialism and Slavery is that Socialism doesn’t take 100% of workers wages. But Socialism isn’t far from Slavery in taking a larger percentage of workers wages as compared to Capitalism. Capitalism takes only those wages from workers that are necessary to fund necessary, fundamental government services such a law enforcement, military, road and other infrastructure construction, and administrative functions.

    That said, the (‘necessary’ under Socialism) increase in working years age toward 70 is another incremental step toward a higher percentage of a workers wages being taken by a Socialist government. If The People woke up, they’d realize elimination of Soc. Sec. and replacement of it by an expanded IRA or 401k contribution percentage, with more lenient rules and greater tax deductions, is the better (economically ideal?) way to fund retirement.

    • February 1, 2019 at 1:30 pm
      Craig Cornell says:
      Well-loved. Like or Dislike:
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      But Polar, you can’t trust Wall Street! Allowing the people to make their own investing decisions? Crazy.

      Yes, Social Security and Medicare go under water in less than 10 years, and yes, the investment returns on the money we all contributed to Social Security are a joke compared to any other investment.

      And yes, the government used Social Security funds by putting IOUs into the Social Security fund. (HA HA!)

      But still. You can trust the government to look after us. Because well, just because I want to believe that.

    • February 1, 2019 at 2:16 pm
      SWFL Agent says:
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      Yes, expanded IRA or 401k contribution percentage would be better but that requires people to think, plan, and follow through. Many can’t balance a check book. I wish it were different. The issue with Medicare is a little different and I would argue they get a great return on their investment with paying a small percentage and potentially reaping years of advanced medical care.

      • February 1, 2019 at 5:54 pm
        PolarBeaRepeal says:
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        People don’t think?! What do people do now? A: they receive advice from the managers of their 401k and IRA plans. Why should that not suffice with a purely privatized US retirement system?

        There are sufficient numbers of CFAs, CPAs, EAs, etc. to provide counseling on investments in IRAs & 401ks. If not, demand will eventually be met with increased supply through higher wages bid up when supply is low.

        Further, what does Uncle Sam do to advise people about their retirement? …. Nothing, zilch, nada, zip,zero, bupkis, nil, …. I advise voters to push for a phased replacement of Soc. Sec. and MediCare with expanded IRAs and ‘HEALTH CARE SPPECIFICS’. With expanded IRAs we will receive higher retirement income due to investment earnings on our IRAs – – – which the Socialist PAYGO system could never pay.

        • February 4, 2019 at 4:27 pm
          Captain Planet says:
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          So, what about people who don’t have a 401k benefit or any retirement benefit from their employer? Screw ’em, right? FYIGM mentality much?

  • February 1, 2019 at 2:40 pm
    reality bites says:
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    Retirement? WTF is THAT? Is that where I replace the bald rubber donuts on my 15 YO car?

    Planning? WTF is THAT?? My plan is the only economic one I can afford – from cubicle, to pine box.

    OOPS. I meant, from Open Floor desk + gym locker, to urn. Maximize that real estate utilization!

  • February 4, 2019 at 10:40 am
    Anita Newton says:
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    Deciding factor for me was that I would be in my late 80’s before I could recover the money I would miss by waiting until 66 to retire. The benefits didn’t go up enough to make it worth waiting. Instead my husband and I are using our SS benefit money to pay down our mortgage. We make a regular payment each month plus extra principal equal to one or two months. We save the money we would’ve spent on interest and escrow. The savings is much more than any investment would pay. We are both working in average paying jobs. (Electrician and Realtor). We pay bills with job earnings and the mortgage with SS money and are able to save for the first time in our lives. Without a mtg we will eventually be able to retire…with a mortgage we would never be able to retire and be secure..run an amortization schedule to see how much your principal and interest is. I have mine on my bulletin board as incentive…only another year or two and we will have a house with no mortgage payments…..hopefully our health will be good enough…who knows how long we will live? You can’t get SS benefits if you die first. The government wants you to retire later because a lot of people will die before ever getting their first check!

  • February 4, 2019 at 11:55 am
    Seriously? says:
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    …”Munnell explained that employers are sometimes afraid to hire people in their 50s because they fear that person will stay indefinitely to build up meager 401(k) savings…”

    This is a new one = any HR Folks care to chime in?

  • February 7, 2019 at 1:30 pm
    Theodore Pappas says:
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    Ever think about your retirement funds in the investment accounts? With more and more mega mergers, there is more $$ chasing fewer investments, which make them have higher valuation. Capital appreciation is a joke. Unfortunately, we have no alternative, other than the mattress, which was not bad this past year.

  • February 8, 2019 at 7:19 pm
    Furrie Princess says:
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    Long story – short version. Worked for an agency for 25+ years, parent co. sold it. Employees were not assets. Subsequently parent co. went bankrupt. Pension & 50% of 401K disappeared. Still working at 72 +. Even when you plan and do the right things, stuff happens.



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