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Originally Posted by guy44
You are correct that few people retire permanently in their 40s. That is why Social Security benefits start being paid at age 65.
To sum up: the age issue really isn't a problem, and I don't think it is in the best interest of the government to fix what ain't broke.
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I don't know what the national statistics are but from personal experience I have seen many folks getting laid off in their 50's like myself. One company I worked for was sold and new management got rid of almost all their workers over 50+, except themselves of couse. Older workers make more money, have longer vacations accrued and probably cost more for healthcare.
Some of us after looking for a while have given up finding jobs and have retired. I won't be elegible for SS until I'm 62 so will have to make do with my personal savings and IRA to get by. I wish I had been able to invest my FICA taxes as well. Companies seem to be discontinuing their pension plans more and more. There is not the loyalty that there once was.
I imagine this trend will continue and companies will eliminate pensions and replace older workers with younger less expensive ones. Of course many companies just move their operations overseas. That's why I don't think that raising the retirement age is a good option. Better to let us invest our FICA money so we can retire earlier. I believe it will become increasingly necessary.
My advice to younger workers is to open an IRA account as soon as you can afford to and if the polititians allow you to invest your FICA money as well, jump on it. Don't depend on any company benefits or government program when you get older. This is no longer our father's world and we will have to take care of ourselves.