Monday, September 29, 2014
More calls to limit social security payments even to existing retirees, by means testing or by actuarial math
Here we go again, with talks about means testing to stopping Social Security. On a site called “Against Crony Capitalism”, Nick Sorrentino argues that current retires could be paid back (by an actuarial formula) what they put in, and nothing more. People should not retire until 70, or later. The link is here.
The “young cannot fund the old” – partly because there are fewer of them as people have fewer children, and as people live much longer. The writer says that the Baby Boomers were not particularly concerned about future generations.
In fact, when I was working in my “mainline career”, 55 was thought of as a good corporate retirement age. Some company pensions then would pay a “Social Security Bridge” until age 62. Nobody took the demographics seriously.
Also, when I was back home looking after my mother, I was already in my 60s (as a never-married homosexual man with no children), while my mother was in her 90s. The situation seemed unprecedented.
But if you couldn’t retire until, say, age 75, I would have had to take all those unsolicited entreaties to become a huckster much more seriously.
“Sales” won’t replace “making things” or developing real wealth as a source of reliable income for older workers, either.