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Originally Posted by Choro&Swing
You are right. The retirement age has already been raised. It was 65 for years. It is now 66. In two or three years it will be 67 for full Social Security. I waited until 66. However something like 75% of people retire as soon as they are able to, at 62, despite the greatly reduced benefits. I haven’t heard talk of THAT being changed, but perhaps I just didn’t notice.
I think that deferring the Social Security Payroll Tax is being presented as money in our pockets, but it is really a ploy to prepare us for canceling it for good. Precious few of us here would like the results. Could you get by on a 25% cut to your benefits? How about 100%? What would you give up? Dining out? Golf? Would you have to move to a mobile home somewhere? Would you have to move in with your kids, or live in a cardboard box somewhere?
What really needs to be done is to RAISE what the employer and the employees pay in Social Security taxes by 0.2% a year for ten years. That’s really all it would take to “save Social Security.”
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The problem with your suggestion is that as the average life span increases will have more and more people collecting and less paying in.
67 at this point is not enough, should be about 70.
I do not see the govt ending SS. People in this country often act like sheep but end SS and would think anyone who voted to do so would quickly need a new job.