Skip to comments.Early retirement selfish, unpatriotic (raise taxes to force you to pay taxes longer)
Posted on 03/27/2008 10:54:24 AM PDT by sickoflibs
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“Politicians say more taxes will solve everything....and the band played on.....”
“To encourage such behavior, Social Security benefits taken before age 66 or 70 could be more highly taxed...”
Soc Sec is a classic bait and switch scheme anyway.
Isn’t this the guy who was hoping that global warming deniers don’t expect gov help when the seas flood coastal areas?
I did. I worked from the time I was a teenager, for 45+ years. I put up with a tremendous amount of crap, and lined the pockets of every pimp manager I had. I was bled dry in taxes. I wasted a mammoth amount of my life commuting.
I wish I had retired at 55.
I think we'll either have a geezer revolution (because of reduced benefits), or mass emigration of productive workers abroad, as the domestic tax burden goes through the roof to cover an additional 20 years of average life span. The numbers don't add up. The national debt is current $9T. The retirement entitlements problem is one where we're short $60T. Like it or not, something's gonna give.
Dear Mr. Yarrow,
WOW, sorry to hear that! I’ll add you to my church prayer list.
I plan on working as long as someone will pay me.
I’d work if the government would let me keep a lot more of what I made.
This is the best idea of heard of. Everyone should retire early. As soon as congress figures out there is no more SS money coming in they’ll have to do something. If you keep feeding that SS monster and dragging it out it won’t ever die. It’s like Dennis Miller said, “Don’t drive an economical car and prolong the petrochemicals, everyone should drive a big gas burning SUV and get rid of the gas faster and then they’ll have to come up with a new energy source.
LOL. Don’t worry, with the very low savings rate in this country, most of our seniors will be saying, “Would you like fries with that?”
I don’t care when people retire. What I do hate is when people retire and then scream about being on a fixed income and want a pity party. If you don’t want to be on a fixed income don’t retire.
you need to use the entire saying.....after “ Bite me” you are supposed to add “doughboy”
Why not raise the eligibility age to 90? That would solve our fiscal problem for a long time. SS is quite a system now. You can contribute to the system for 50 years and not collect a dime except a small burial allowance.
My grandfather retired when he was 81.
Tell me about it. Having put in a few hundred grand myself, I'd hate to lose that money. Ideally, we would phase it out by gradually raising eligibility requirements. At the same time, a ponzi scheme like this has to end eventually. Getting more than you contributed only works if more and more suckers join the tax rolls. Current birth rates are just at replacement levels, so increasing numbers of suckers aren't signing up. And getting low-skilled immigrants into the country only adds to rather than subtracts from the tax burden.
That's been my plan for going on 31 years. Now that I'm close I admit I'm getting nervous with everything that's happening with the economy, dollar devaluation, fuel prices, inflation, etc. but I hope I find the nerve to go for it.
One thing I've kept over the years is a 2003 article on an actuarial life span study on Boeing Aerospace retirees done by Dr. Ephrem Cheng. His results showed that the earlier the employee retired, the longer the average life span, with those retiring at 50 living an average 86 years, those retiring at 55 living an average of 83.2 years, to those retiring at 65.2 years living to an average age of only 66.8.....only 1.6 years beyond retirement.
He concluded that for every one year one works beyond age 55, one loses an average two years of life span due to the increasing stress and strain on the aging body and mind that leads to development of stress induced illnesses which end up forcing retirement anyway.
My father retired at 55, now that he’s 62 he’s getting SS. He had colon cancer and just had a heart stent put in- and didn’t want to wait any longer. The difference in benefits between collecting at 62 and 65 was very small. My Mom also decided to get her SS too... it’s all discretionary income for them because of my fathers pension and my mothers investment income. I am happy that they get to travel and do things after working all these years. NO one should have to work until the day the die unless they want to. What a horrible existence.
Welcome to socialized medicine. They take your pay your whole life and when you get sick they put the younger poor at the top of the list and you at the botton. Right now you can save that money and pay a doctor. The government decides who lives and dies.
Not too good at math is he? Let's see...cutting 159% of a deficit sounds a lot like a surplus to me! He must have grown up learning new math.
What a tosser this moron is.
FYI: Your SS contributions don't belong to you. The Supreme Court ruled in Flemming v. Nestor that there is no legal right to Social Security benefits. Source: Flemming V. Nestor, 363 U.S. 603, 610�11 (1960)
My goal is to retire and be in the underground economy.
Exactly what we’re seeing in the UK and Canada. Give it a few years of socialized health care, all those who were screaming for “free” health care are going to find out the ramifications of “free.” Then the real screaming will begin.
LOL, yeah, let’s tell the elderly VOTERS about this scumbag’s plan to mess with their soshsecurity. Personally, I am in sight of S.S. and after a lifetime of dumping money down the big government toilet, I better not get ripped off out of so much as one thin dime. If the scumbags try ANYTHING to cut my S.S. benefits, I am just vindictive enough and loud enough to let seniors all across the countryside know that their scumbag politicians plan to SLASH their soshsecurity, feed them cat food, and put them in a home...
Exactly wrong (not you Coyote, the author). The libs don't want non-credentialled people mucking around in the Education & Public Welfare sectors. Common sense might sneak in & what then???
I have seen that study and it has a lot of critics.
Here’s one with the exact opposite conclusion:
I’m not sure what the “right” answer is
“It’s not that I’m all work and no play. But there’s just something - make that lots of things - wrong, in general, with retiring at 55, 62 or even 65. I would go so far as to call it profoundly selfish and unpatriotic”
Just one more elitist liberal trying to conceal his thirst for more government revenue behind a wisp of patriotism. Run them ol’ folks into the ground, just so long as they keep paying into the system!
The fact that people have longer life expectancies AFTER they retire now, vis-a-vis the 1940’s, is primarily due to improvements in medical technology that are able to keep older folks alive, and has little to do with the normal aging processes that affect all humans up to, say, age 65.
It is true that aging is “an individual process” - that is to say, that some folks just wear out sooner than others, and some can keep going much longer than most. But I think it’s safe to say that by the mid-sixties, most people are reaching a point where they’re slowing down (both physically and mentally) to a level at which they are having trouble keeping up with the younger workers, and producing at the level that they once did.
I’m willing to bet that Mr. Yarrow has never worked a full day of paid physical labor in his life, other than pounding on keyboards or lifting file folders.
I think it’s fair to say that by the time most guys in the construction trades reach age 60, they’re starting to get TIRED from working. It’s a tough row for them to hoe it to 65, 66, or 67 (as the age will eventually become for younger workers). Just how long does one expect a man to keep going as his body begins to wear out? Oh, I’m sorry, it’s “selfish” to wish for relief from such things.
Fearless prediction: the retire age isn’t going any higher than age 67. The boomers coming into retirement now will NEVER permit that to happen on thier watch. Who wants to be closing in on retirement, only to be told, no, you have to work four or five more years? Or even two?
Ain’t gonna happen.
except a small burial allowance.
Not needed. Turn seniors into food.
See post #50
What a moron. The baby boomers just keep getting screwed. I recall my parents purchased their brand new home for 3500 dollars....on ONE income. Ya see Mom didn't have to work..
I recall Dad going to the gas station and telling him, "gimmie a bucks worth of regular"...Can anyone imagine?
Dad had the same secured job for years, ya see he didn't need to change jobs every year or two because the companies weren't being downsized or being shipped off shore in the pursuit of higher profits and peasant labor...
Most everyone in the country spoke English, and daily phrases like mass murders and drive-by shootings were unheard of.
I think about it, and realize that many people today, are paying as much on their MONTHLY mortgage payment, as my parents paid in the 50s for the *TOTAl* cost of their home.
And now were told that all the money, or much of the money this corrupt government confiscated from us in the form of Social Security, won't be paid back...
And this guy suggests the baby boomers are all selfish. Wow...
True, there is no right answer, but on the surface I'm inclined to retire as early as possible if my finances and economic conditions hold up once I turn 55. Not to say I'll quit working altogether, but at least cut my hours back significantly and find something a lot less stressful that I would enjoy doing while balancing it with personal things that I have wanted the time to do.
But retirement is not a right. Most people throughout history did not fully retire and spend 20 years living large. That is not the norm, and will not be the norm in the future.
What we have is a generation of people that were lied to and believe that the government will take care of them in their old age. That will not and can not happen long term. There just isn't the money to support 1/3 or more of the population with all the benies and Viagra that we currently are. This nation aborted and contracepted the workers that were to replace the Boomer's, and we are about to reap the whirlwind.
My father is 66 years old, and plans to work full time until at least 76 or 77. Not because he has to (he really doesn't) but because he feels it is his obligation to keep active and productive as long as he can. That, and after spending forty plus years as a farmer working full time in a plant is a type of retirement!
Now I know that many don't have the health to do that, and that is fine. I also know that many have the means to not have to do that, and that is fine also. But to expect to live a life of leisure while someone else picks up the tab is foolish at best. The good book talks of man toiling for his bread all the days of his life, and if a man will not work neither should he eat.
You are right, they did get screwed.
Inflation is a killer, and so is the taxes. But the sad thing is that just because you got screwed, that doesn’t make screwing everyone else right.
All the SS money you paid in (and all that I have) is gone. Long gone. I never expect to see any of it back.
Eat your heart out Andrew L. Yarrow, I start drawing in three months at 62. Having survived two years in a war zone and working as a drudge to pay these taxes for the last 40 years, I see no reason to wait. Plus, in just a few years, if I survive, I’ll be living on YOUR SSI payments. Hahahahahahaah!
I probably will live that long but what I will do is take the lower payment, pay the taxes for as long as I continue to earn outside income and invest the gross in a Roth IRA.
Bet me. I'll get what this corrupt government confiscated from me, one way or another.
At age 35 I am at the bottom of this ponzi scheme
The kind of money - about 15% of gross salary - that comes out of the employer's hide when he decides to hire you is enough to fund a retirement on easy street if conservatively invested until age 65.
l was revolted by the Social Security scam before you were born. I don't see the point of refusing the underpayment that they're paying me now, tho - and as you know the government bonds in which the "social security trust fund" is "invested" are not an asset to the government - and therefore are of no use to you in keeping my Social Security payments from causing inflation.
You're the same age as my children, and I have grandchildren - and I simply have never understood seniors who promote increases in benefits for seniors when it has to come out of the hides of their own children! You have to figure that the Social Security retirement age will get gradually raised to 70 or so. On the bright side, the limiting case of raising the retirement age for Social Security would be to eliminate the program altogether. Ditto for taxing SocSecurity benefits . . . which seems to be well over 50% taxable if you have investment income.
One small consolation: geezers with IRAs or 401(k)s pay income tax that was deferred - which won't cover the full freight of SocSecurity but isn't completely trivial in relation to it, either.
Early retirement selfish, unpatriotic
More likely it is the strain of watching their pensions and 401 (k)' turning into petty cash. I saw news stories last week, of places where "They were dropping like flies" from heart attacks. Consider the Bear-Stearns people who had most of their net worth in company stock.
I was at one place where someone's cousin was running their Balanced Fund. At the time, we could only change the mix two weeks after each end of quarter, so could do nothing but watch as it unravelled. I was lucky-I only lost $36,000. A million was lost just in my building.
I remember when Bush tried pushing his SS savings account idea democrats all came out and said that these government bonds(government IOUs to itself) are solid because the government never defaults on bonds. This is an outright lie that government wont default on bonds to itself. Furthermore, courts have ruled that the payees are NOT entitled, that they can have benefits cut. Lastly, the government TAXES the benefits (a double tax.) So the government can pay back the phony bonds to itself to fund SS by taxing the SS benefits itself. What a scheme! It's like ethanol, every politician is in on it so no-one will explain why it doesn't work,. But dont worry, congressional pensions ARE safe and they can retire long before 65.
What about people like me, who retired at 25 but kept showing up for work? :-)