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I read where they may cure "aging." If they do what does that mean to SS? We can say people should work to 70 or older but the truth is the body does wear out that is why 65 was chosen in the first place.
Contributing tax-free money into your retirement account already inspires people to save. The only problem is that you have a limit as to how much you can contribute to your retirement account before being taxed. Increasing that ceiling would inspire people to sock more money away for retirement.
Contributing tax-free money into your retirement account already inspires people to save. The only problem is that you have a limit as to how much you can contribute to your retirement account before being taxed. Increasing that ceiling would inspire people to sock more money away for retirement.
Just to point out...
In 2015 the pre-tax limit for contributions to a retirement plan is $18,000 if you are 49 or younger and $24,000 if you are 50 or older.
If you have a 401k (or 403b for public sector employees) and a 457 retirement plan you can contribute the maximum to both accounts. So that is $36,000/$48,000.
For the poor and middle class stiffs raising the limits isn't going to do much with their ability to sock more away for retirement - they still have to spend money on things like rent/mortgage, food, utilities, transportation, etc. The ceiling could be raised to a $1,000,000 a year - if you are just making ends meet in trying to raise a family it isn't gong to change what can be socked away.
>>>>
First thing I'd get rid of is "file and suspend" where folks earn 8% annual increase by putting off their Social Security until age 70, meanwhile their spouse all during that same time is collecting half of that "suspended" dough.
Raise the retirement age for SS to 70
Drop the eligibility age for Medicare to 55
The dirty little secret is that social security ain't about retirement. The government has been awarding mental and physical health related disability claims covered by social security for nearly half a century. Isn't it time to cover that loophole?
Raise the retirement age for SS to 70
Drop the eligibility age for Medicare to 55
For what? Medicare is likely to go broke sooner than Social Security.
Lets raise the retirement age to 70 because 70 year old people can still stand and work a full 8 hour shift without dropping dead...right? /SARCASM x10
Has to start somewhere.How will that help fund the benefits for seniors who are currently expecting benefits? Your idea would only cause the medicare/social security deficits to increase.Make it a opt in or opt out to start with.Do we touch Medicare and Social Security or not?
With Medicare, it's all about the government giving money to drug companies and rich doctors. We should gradually raise the retirement age, yes. But as far as cutting what Medicare is willing to pay, that would hurt seniors because the greedy doctors and drug companies would stop accepting Medicare. So the only viable thing there is health reform to cut the costs of healthcare paid by all so that what Medicare pays can also go down. Obamacare was supposed to work on that, but because of the toxic Washington environment they rushed out a Democrat only plan rather than working together with Republicans on the healthcare cost issue.
On Social Security, raise the retirement age, and tax benefits to more well off seniors. It's not fair, but there's no alternative. The money seniors put in to social security is gone and the current generation can't sustain the older generation at the current benefit level.
So fixing medicare is much tougher and must be done hand in hand with healthcare reform.
Bottom line: Huckabee, Christie, Bush, everybody had some good ideas. Get together with Democrats and come up with something.
We need to elect somebody who can do that because neither party will win absolute power in 2016.
I'd like to see the income threshold where low income people are eligible for medicaid increased and the so called "gap" to disappear. Then defund Obama careRaise the retirement age for SS to 70
Drop the eligibility age for Medicare to 55
For what? Medicare is likely to go broke sooner than Social Security.
I'd like to see Medicare lowered for those 55 and over and still working. Better option than Obamacare
Contributing tax-free money into your retirement account already inspires people to save. The only problem is that you have a limit as to how much you can contribute to your retirement account before being taxed. Increasing that ceiling would inspire people to sock more money away for retirement.
Just to point out...
In 2015 the pre-tax limit for contributions to a retirement plan is $18,000 if you are 49 or younger and $24,000 if you are 50 or older.
If you have a 401k (or 403b for public sector employees) and a 457 retirement plan you can contribute the maximum to both accounts. So that is $36,000/$48,000.
For the poor and middle class stiffs raising the limits isn't going to do much with their ability to sock more away for retirement - they still have to spend money on things like rent/mortgage, food, utilities, transportation, etc. The ceiling could be raised to a $1,000,000 a year - if you are just making ends meet in trying to raise a family it isn't gong to change what can be socked away.
>>>>
Well I'll have to check that out because at our company, we are only allowed to contribute 7% on top of what our employer contributes which is 10% of gross.
It may by fiscal necessity go to 70. The avg life expectancy in the US is 78.84..81 for women and 76 for men.....BTW, can't wait to see if by virtue of political correctness a new category for ( LOL) transgender people is introduced.....All kidding aside, the min retirement age may very well have to be increased.Retirement age has already been raised. It's subtle, but it's been there since 1983:
Retirement Age Calculator
Lets raise the retirement age to 70 because 70 year old people can still stand and work a full 8 hour shift without dropping dead...right? /SARCASM x10
Actually, they can
70 year olds are on better shape than 60 year olds 30 years ago
.
First thing I'd get rid of is "file and suspend" where folks earn 8% annual increase by putting off their Social Security until age 70, meanwhile their spouse all during that same time is collecting half of that "suspended" dough.
Never happenSingle payer with government negotiating the costs with the suppliers.
