General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAnother idea for fixing the economy: Lower the retirement age and Medicare eligibility age to 50
UBI for Old PeopleAllow 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.
USALiberal
(10,877 posts)zipplewrath
(16,646 posts)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)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)PJMcK
(21,988 posts)Thanks for your creative thinking, though. I'm sure others have different experiences.
Yavin4
(35,420 posts)Low cost of living states. A good majority of people would benefit a lot from early retirement.
PJMcK
(21,988 posts)Those people elect the worst and most corrupt politicians.
Sorry, but the truth is they hate me, too.
Sherman A1
(38,958 posts)For everyone as Yang proposed.
Yavin4
(35,420 posts)So, I came up with another idea.
PTWB
(4,131 posts)Some folks acted as if it was the end of civilization as we know it.
crimycarny
(1,351 posts)Im 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 Ill be working until Im 67. If they lowered the eligibility age for Medicare and he could retire early as well. Instead were 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.