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Yavin4

(35,420 posts)
Thu Aug 6, 2020, 04:54 PM Aug 2020

Another idea for fixing the economy: Lower the retirement age and Medicare eligibility age to 50

UBI for Old People

Allow people the OPTION to retire earlier at 50 or above with full SS benefits and become eligible for Medicare. They can also begin withdrawing from their 401Ks without taxation or penalty.

Let me repeat: This is would be OPTIONAL. Not MANDATORY.

A new policy like this would alleviate the unemployment crunch while being a good public health care policy as older Americans would be able to avoid working without risking their lives.

This idea would NOT interfere with current UE benefits or any extensions. Any person that qualifies for UE gets UE at any age.

Obviously, it would not benefit EVERYONE. For some people, it may not make good financial sense. For most, it might. Again, OPTIONAL.

How would we pay for it? Raise the corporate tax rates on large companies. Impose a monopoly tax on businesses like Amazon. And raise taxes to 75% on incomes above $50 million and 90% on incomes above $100 million. Impose a wealth tax. Raise the inheritance tax.
12 replies = new reply since forum marked as read
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Another idea for fixing the economy: Lower the retirement age and Medicare eligibility age to 50 (Original Post) Yavin4 Aug 2020 OP
I would retire today if that happened! nt USALiberal Aug 2020 #1
Especially Medicare zipplewrath Aug 2020 #2
Social security doesn't pay enough to live on jmbar2 Aug 2020 #3
As I said in my post... Yavin4 Aug 2020 #5
I've done some of my best work since I turned 50, so not for me PJMcK Aug 2020 #4
Think of 50 year olds in Southern states like Mississippi, Arkansas, Alabama Yavin4 Aug 2020 #6
Yeah, I don't have a lot of sympathy for those states PJMcK Aug 2020 #11
How about just doing a UBI Sherman A1 Aug 2020 #7
I suggested that and got very negative feedback. Yavin4 Aug 2020 #8
UBI is great. Anyone who thinks otherwise hasn't done their homework. PTWB Aug 2020 #9
I know. Yavin4 Aug 2020 #10
At a very minimum reduce the age for Medicare crimycarny Aug 2020 #12

zipplewrath

(16,646 posts)
2. Especially Medicare
Thu Aug 6, 2020, 05:03 PM
Aug 2020

A significant number of people would likely move on to alternate careers at that age range if they could have access to Medicare.

jmbar2

(4,860 posts)
3. Social security doesn't pay enough to live on
Thu Aug 6, 2020, 05:04 PM
Aug 2020

People in their 50s would likely still have kids in school, loans, etc. They would be plunged into dire poverty for the next 30 years or so. Just my take, having retired early...


Yavin4

(35,420 posts)
5. As I said in my post...
Thu Aug 6, 2020, 05:10 PM
Aug 2020
Obviously, it would not benefit EVERYONE. For some people, it may not make good financial sense. For most, it might. Again, OPTIONAL
.

PJMcK

(21,988 posts)
4. I've done some of my best work since I turned 50, so not for me
Thu Aug 6, 2020, 05:08 PM
Aug 2020

Thanks for your creative thinking, though. I'm sure others have different experiences.

Yavin4

(35,420 posts)
6. Think of 50 year olds in Southern states like Mississippi, Arkansas, Alabama
Thu Aug 6, 2020, 05:12 PM
Aug 2020

Low cost of living states. A good majority of people would benefit a lot from early retirement.

PJMcK

(21,988 posts)
11. Yeah, I don't have a lot of sympathy for those states
Thu Aug 6, 2020, 05:35 PM
Aug 2020

Those people elect the worst and most corrupt politicians.

Sorry, but the truth is they hate me, too.

crimycarny

(1,351 posts)
12. At a very minimum reduce the age for Medicare
Thu Aug 6, 2020, 05:40 PM
Aug 2020

I’m 61, my husband is 59. I have benefits whereas my husband does not (W2 contractor) so he is covered under me. As things stand right now I have to work until my husband reaches 65 and is eligible for Medicare, meaning I’ll be working until I’m 67. If they lowered the eligibility age for Medicare and he could retire early as well. Instead we’re working longer so that we have medical coverage. Stupid. (Cost through ACA is about $2500 a month for us — not affordable).

I like your idea. It opens up the job market and allows people to actually enjoy retirement versus working until they drop dead.

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