Time To Raise Retirement Age

[VolAgent]

There have been 435 members of the House of Representatives since 1911, almost 100 years.

In 1911 the population of the U.S. was 92 million, about 212,000 people for each member of House. Today the population of the U.S. is 310 million, meaning just over 700,000 people per U.S. representative.

Congress was to be the house that represented the people and the number of congressman was/is to be apportioned based upon population. That is balanced by the Senate, apportioned 2 members per state, regardless of the population of the state.

I don't think the House has too many members. What we should consider doing is cutting the pay of the members of congress and turning it into a part time job. This would require less government involvement in our lives, something conservatives would be delighted with.

As sad as it is to say, I don't think a part-time Congress is possible. Even if it was a goal, it would take a generation or more to wind down government to a level that a part-time legislative branch could handle. Let's remember, our full-time Congress can't even pass a budget until 3 months after the fiscal year starts. Sure, a lot of that is politics, but a lot is just how much has to be overseen.

Also, making Congress part-time gives even more decision making authority to career bureaucrats or political appointees. That further reduces the separation of power. And if you believe that career bureaucrats and political appointees are any less likely to abuse their power than Congress, I've got news for you. They are probably more likely, as influencing one Congressman may increase the odds that a bill will pass or not pass. But if you influence the right bureaucrat, you know exactly what you're going to get.

Finally, when you consider all the breaks that Congress takes, they are probably in Washington only half the time anyway.

 

[Robert Barney]

Many Americans look at SS as a pension since every year SS sends u a statement of how much u will get at retirement. I can't blame them.

If I contribute to a REAL pension program, the payments are called contributions.

What are Social Security contributions called: payroll taxes

Get it yet?

 

[Norwayguy]

If I contribute to a REAL pension program, the payments are called contributions.

What are Social Security contributions called: payroll taxes

Get it yet?

Yes a system created by people that were subject not to social security but Civil Service Retirement ie a real pension with access to the contributions.

 

[Robert Barney]

Yes a system created by people that were subject not to social security but Civil Service Retirement ie a real pension with access to the contributions.

We agree.

A pension is where you make contributions to a growing fund. The fund is invested to grow further. Later, when you retire, the fund is the source of annual income otherwise known as a pension.

Social Security has NEVER operated in this way.

When it was first instituted, Social Security began paying benefits to retired people who had never contributed adequately to fund the income that they were being paid. Social Security proudly talks about it's first recipient here:

Social Security Online History Pages

Ida May Fuller contributed for 3 years to Social Security, paying a total of $24.75. Her first check from Social Security was in the amount of $22.54. Ida lived to be 100, taking a total of $22,888.92. Pay in $25, take out almost $23,000. What a deal.

Where did the money come from, to pay these retirees? The income was paid from the contributions being made by others. At no time has this mechanism changed. This mechanism is known as a Ponzi scheme.

Your contributions today, are not being invested for YOUR future. You contributions are being taken and given to people who are retired today. Let me put it this way, if you have a neighbor who is retired, then that person has YOUR money.

Social Security is a TAX on one group of people, with benefits being paid to another group of people. This is otherwise known as welfare.

Social Security is welfare for old people.

To summarize, the money you paid into Social Security is GONE. It is no different than any other tax money that you pay, that tax money is also GONE. Gone; no longer there; spent; history; done; finished; over; etc.

Stop whining about what you paid in - it's gone. Whining about it being gone will not bring it back. STOP whining!

Moving forward there is no way that this Ponzi scheme / welfare program will work. There are too many people retiring, and too few people paying taxes. Worse, the country is broke. Broke; busted; out of money; bankrupt; wiped out; etc.

Now the question is, can we continue to afford paying Warren Buffett his Social Security? Not only that, Warren Buffett is still working and making money. Does Warren need to continue sucking money from a bankrupt system?

How about Warren's medicare? Why are my tax dollars paying for Warren Buffett's checkups?

The fix for Social Security and Medicare is simple.

Make people wait longer. You can no longer retire at 65, you must work until you are 70. I support an earlier retirement if the worker can no longer do the job due to illness or injury.

Means test the benefit. If you have lots of other income, then you get less or no benefits.

Is that fair? No, but don't blame me. Blame the Democrats that mandated these darn entitlements without adequate funding. And blame the idiots who elected these idiots to run the country.

 

[Medigap]

France just raised their retirement age from 60 to 62 and there were riots in the streets.

 

[VolAgent]

France just raised their retirement age from 60 to 62 and there were riots in the streets.

I'm all for people retiring early, but that would require actually saving money. You can't spend more than you make AND expect to enjoy a retirement with a high standard of living.

 

[Robert Barney]

I'm all for people retiring early, but that would require actually saving money. You can't spend more than you make AND expect to enjoy a retirement with a high standard of living.

It's a free country - of course you can retire when you want. The issue is who pays for it?

 

[VolAgent]

It's a free country - of course you can retire when you want. The issue is who pays for it?

Exactly my point. If you want to retire early, you better save. Strike that, if you want to retire, period, you better save.

Only recently has the rate of savings for Americans gone positive, and I bet it will go back to negative once this recovery is firmly in place and people are working again. You cannot expect to spend more than you make and enjoy a high standard of living during retirement. It simply does not work, and the government needs to stop reinforcing this fantasy that it is possible.

The biggest single reason we run a trade deficit is our lack of savings. If we actually saved money, then there would be more investment in business which would create more jobs and fuel exports. I'm no economist, but I believe if Americans can continue to save, we will see an explosion in capital investments in this country in just a few years.

 

[Crabcake Johnny]

Sorry. I'm going out broke. This is not to say that I won't save for retirement but let's define retirement.

One myth is you'll be flying around the world - on exotic vacations. The reality is EVERY retired person I know (which is quite a few) is on their recliner doing crossword puzzles.

My parents saved and saved for retirement. Not hurting for money. My mom spends her day cleaning the house and reading.

My dad also reads and is a crossword puzzle nut. Basic health issues keep them from those "exotic" vacations.

So..what's gonna happen to all the money my parents hoarded for their retirement? They're going to pass away and the kids will get it.

I have no idea what my parent's basic expenses are. They own their house and car so just property taxes. My dad has a pre-paid cell phone plan. So I guess it's food and gas in the car. On the flip side my friend's father is BA-ROKE and retired. Lives off SSN. Fishes all day. One of the happiest guys I know.

Sorry...I'm going out broke. So you guys are going to scrimp and save and invest and hoard for your "retirement." Go ahead...suckers:-)

 

[Robert Barney]

My retirement savings are my old age disability fund. I intend to work until I can't - period. Once I am forced to start unloading the IRA's (I should live so long), the withdrawals will be minimal.

Given what Obama is going to do the value of American dollars, I'd be terrified to be out of work (retired) and living on my savings.

Your greatest asset is you ability to work and earn an income - don't give up your greatest asset until you are forced to. And what I do everyday beats crossword puzzles by a mile.