Social Security gets stretched, strained by long retirements (Age to 70?)

http://www.usatoday.com/news/nation/2005-01-24-social-security_x.htm


Social Security gets stretched, strained by long retirements
By Dennis Cauchon, USA TODAY

Bill Mossman, 78, stopped working at 62. He's had a joyous retirement — traveling, studying, working out three times a week and assembling a giant collection of historic jazz recordings.
Social Security's early retirement age made it all possible. "I took Social Security benefits right away. We wanted to travel and needed the cash flow," says Mossman, who worked for 39 years as an engineer and manager at an electric utility in Madison, Wis., where he still lives.

The golden age of retirement is in full bloom in the USA. Seniors are healthier, wealthier and more active than ever. Americans are retiring earlier — half retire at age 62 — and living longer.<snip>

When people think of Social Security, they often focus on the "normal retirement age" — originally 65, now 66 and on its way to 67 in 2022. But 55% of workers start collecting benefits at 62. Less than one-fourth wait until 65 or later.<snip>

Federal Reserve Chairman Alan Greenspan and two federal commissions have suggested that Congress consider raising the early and full retirement ages as one way to improve Social Security's finances.

A one-year increase in the retirement age is equal to a 7% benefit cut, says Ron Gebhardtsbauer, senior pension fellow at the American Academy of Actuaries. Such an increase would eliminate about one-third of Social Security's projected $3.7 trillion shortfall over the next 75 years, not counting the extra tax revenue it would generate from people working longer, he says.
<snip>

Congress has several options besides raising the eligibility age:

•Raise the current 12.4% Social Security payroll tax — or taxing income above the current $90,000 annual limit.

•a straight cut to monthly benefits.

•a straight cut to monthly benefits, where we pretend private accounts make people whole.

The above avoids the danger that raising early and normal eligibility ages costing the government some money by pushing people onto Social Security's disability rolls.

Raising the early retirement age of 62 is seen as "good" not because it saves money, but because keeps folks working.

collect.
What a brilliant plan.
:wtf:

he worked for the same company
his retirement wage is nearly the same as when he retired
he has health insurance probably 10% out of pocket
the reality is that tens of millions of workers do not have the luxury of bill`s benefits. we have been laided off, the jobs went overseas, the companies just went out of business,and those companies have not raised wages in years. bill`s retirement benefits are a dream now to all of us who have seen our lives radically changed over the years by the corporate destruction of our economy