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JDPriestly

(57,936 posts)

86. During the Reagan era, Social Security taxes were raised on baby boomers so that the baby

Sun Jan 4, 2015, 02:51 PM

Jan 2015

boomer retirement bulge would be covered. The Social Security law requires excess Social Security money be placed in a trust fund. There is a lot of misinformation out their spewed by the right-wing that is misleading people into thinking that the baby boomers' very existence and aging is to blame for the what people are being lead to believe is a Social Security crisis.

Baby boomers paid more into the system. That is why there is a surplus that is expected to extend for some 30 or so years, the time that is anticipated for the retirement of the baby boomer generation.

If we got rid of age discrimination, healthy seniors who need to work would work longer. But as one who was forced to retire before I wanted to, I have to tell you there are two sides to the early retirement trend. I wanted to work to age 70. Employers had other plans. I went back to school to get a degree in a new field so that I could work longer. Invested a lot of time and money and did well, but . . . . the field I chose has a rather odd structure that makes it hard for a person to enter it late in life. And that is what many people who think they are going to work forever will discover. The employers don't want them. Starting a new business in your 60s takes a lot of investment. If you have the money to do it, great. Most of us don't.

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You might have to work forever: The honest reality about Social Security and retirement [View all] xchrom Jan 2015 OP

my calculated retirement age is 215. n/t PowerToThePeople Jan 2015 #1

The cause of your inability to retire RazzleCat Jan 2015 #16

Spoiled and lazy I see...just kidding, a very funny response you have there. and probably true randys1 Jan 2015 #28

You're saying "work forever" like it's a bad thing Cosmic Kitten Jan 2015 #2

People like to say that, but the reality is that if health problems don't take you out CTyankee Jan 2015 #6

Agreed. The economy is rigged. Cosmic Kitten Jan 2015 #10

Yeah--like vote. nt tblue37 Jan 2015 #34

Vote for who? SomethingFishy Jan 2015 #77

Rust belt folks demand TheFarseer Mar 2019 #103

Interesting point. Because that also means that you will have to work for lowerer GoneFishin Jan 2015 #13

There is good news on that front, I think...Since the Koch bros want you working till you die, they randys1 Jan 2015 #29

Maybe if the D's running in 2014 had actually run on progressive ideas peacebird Jan 2015 #36

You better hope it isnt a loser in the end, though, especially if you are a minority of any kind randys1 Jan 2015 #38

A better pitch and relentless effort to back it up are a better hope investment. TheKentuckian Jan 2015 #51

I agree, although the truth is, working people who whathehell Jan 2015 #101

Give Dems a candidate to vote for who will deal with employers who discriminate based on age JDPriestly Jan 2015 #83

you can be healthy and not cost them a damn thing magical thyme Jan 2015 #41

Yep! Nowadays once you hit 50 they start trying to get rid of you. brush Jan 2015 #56

I held out to 65 but threw in the towel once I knew they wanted me gone. CTyankee Jan 2015 #60

true dat flamingdem Jan 2015 #66

Thanks. Discrimination -- been there done that. JDPriestly Jan 2015 #81

i already know i'll work till i die. i do have a profession i can do sitting on my ass KG Jan 2015 #3

And that's what the PtB want Prophet 451 Jan 2015 #4

My mortgage will paid off in 20 years when I am 82. kaiden Jan 2015 #5

85 for me (just refinanced at age 55) harris8 Jan 2015 #14

Oh, but you'll downsize. I've already faced that situation. I'm looking for a place to CTyankee Jan 2015 #37

You don't have to pay it off brush Jan 2015 #57

First you are talking about Social Security and then pensions. Aren't they two different things? jwirr Jan 2015 #7

Practically every retirement plan out there didn't factor in life extension. TampaAnimusVortex Jan 2015 #8

Don't worry. In the US that treatment will only be available to the ultra rich n2doc Jan 2015 #12

I don't think so... TampaAnimusVortex Jan 2015 #46

The TPP will delay the time in which drugs go generic. I susupect that is the reason that JDPriestly Jan 2015 #84

There has been some discussion of increasing the maximun amount of salary which FICA is taken. Thinkingabout Jan 2015 #9

And once again we are told things (like retirement and universal HC) are impossible to maintain n2doc Jan 2015 #11

+100. Millionaire writers who write these things don't want their own taxes raised. closeupready Jan 2015 #23

Where are these millionaire writers? spinbaby Jan 2015 #26

Tom Friedman (aka the 'stache of freedom), David Brooks, George Will n2doc Jan 2015 #35

This is true IF..... daleanime Jan 2015 #15

Yeah, I've pretty much accepted that. ladyVet Jan 2015 #17

Don't worry. Your employers will force you out when you get into your 50s. nt LiberalEsto Jan 2015 #18

The Baby Boomers fucked over everything else alphafemale Jan 2015 #19

Funny, this "Baby Boomer" LiberalElite Jan 2015 #22

The baby boomers funded their SS...was the reasoning behind raising the SS payroll tax SammyWinstonJack Jan 2015 #27

Me too. 2naSalit Jan 2015 #43

The Silent Generation got through life with the least problems AZ Progressive Jan 2015 #74

Reading is a wonderful skill. kiva Jan 2015 #67

+1 joshcryer Jan 2015 #69

Oh c'mon Alpha Dyedinthewoolliberal Jan 2015 #78

During the Reagan era, Social Security taxes were raised on baby boomers so that the baby JDPriestly Jan 2015 #86

We will see our Social Security money, unless, of course, we allow them ... dawg Jan 2015 #91

Corporate CEOs can retire anytime, generations of their families never have to work, whereisjustice Jan 2015 #20

+1 SammyWinstonJack Jan 2015 #30

Time for a guaranteed national income (n/t) bread_and_roses Jan 2015 #21

I'm an early 50something, and I've NEVER expected to retire. The_Commonist Jan 2015 #24

My wife and I just retired in June. She is 46 and I am 44. We have never had taxable income over kelly1mm Jan 2015 #55

No kids shanti Jan 2015 #68

I agree that the 'no kids' factor was probably the biggest single reason we were able to kelly1mm Jan 2015 #73

Eliminate the cap. Problem solved. closeupready Jan 2015 #25

That's a 'tax' on the rich and that's why that will never happen. SammyWinstonJack Jan 2015 #31

Successful negotiators do not enter talks with modest goals. closeupready Jan 2015 #50

This is laughable, Beltway, Pete Peterson-driven economic propaganda brentspeak Jan 2015 #32

My brother and his wife plan to retire PasadenaTrudy Jan 2015 #33

No problem! Just be born into a family with money! vkkv Jan 2015 #39

You're right, but there was no "golden age" for retirement income hereabouts HardLineDem Jan 2015 #40

Welcome to DU! Kokonoe Jan 2015 #64

K/R marmar Jan 2015 #42

This is absurd KentuckyWoman Jan 2015 #44

The reality is that older workers face terrible discrimiination in the workplace. JDPriestly Jan 2015 #87

It's also ridiculous to expect everyone to want to work longer. alarimer Jan 2015 #99

And just what does the author think will happen to unemployment if people work an extra decade? strategery blunder Jan 2015 #45

Good points! JDPriestly Jan 2015 #90

Retirement worries are a first world problem. Omnith Jan 2015 #47

well if you live in the first world it's a big fuckin problem. xchrom Jan 2015 #52

I'm just saying the idea and existence of "retirement" is relatively new and could only exist in Omnith Jan 2015 #59

Living past the age of 32 is a relatively new phenomenon. hay rick Jan 2015 #65

depends on how you define "relatively new" hfojvt Jan 2015 #72

What's that supposed to mean? Cleita Jan 2015 #53

I didn't say it wasn't a problem. Omnith Jan 2015 #61

They're really not, but people in agrarian societies breed their retirement plan. LeftyMom Jan 2015 #71

In the third world, seniors live with their children. Problem solved. JDPriestly Jan 2015 #92

I think it is good kids take care of the parents in old their old age. Omnith Jan 2015 #96

The sad thing is with just a few tweaks to the FICA taxes, Cleita Jan 2015 #48

I've adjusted to living on $1158 a month SSDI. Kaleva Jan 2015 #49

I wonder how many of those affected by this VOTED Triana Jan 2015 #54

The Clintons are very good friends of the Pete Peterson crowd. JDPriestly Jan 2015 #93

People need to pay close attention and vote accordingly. Triana Jan 2015 #95

But Wall Street needs those pensions! AgingAmerican Jan 2015 #58

I hate to be such a damn cynic, but the way it is set up - truedelphi Jan 2015 #62

K&R liberal_at_heart Jan 2015 #63

You should appreciate a job that allows you to stay active in your old age. Quackers Jan 2015 #70

Retirement is a stupid concept invented by lazy people nolabels Jan 2015 #75

I don't care what it is that you do, no employer is going to be ... dawg Jan 2015 #89

Another of our union shops down the street just retired a.... nolabels Jan 2015 #97

Key word .... dawg Jan 2015 #100

What's a pension? BubbaFett Jan 2015 #76

OK. As one who is retired. JDPriestly Jan 2015 #79

90% of the working class won't be ready for retirement at all. dawg Jan 2015 #80

Recommend. nt Zorra Jan 2015 #82

This book is written on the cherished premise that the Social Security cap must not be raised. nt djean111 Jan 2015 #85

This article is flawed in several ways. RunInCircles Jan 2015 #88

I apologise for my math mistake RunInCircles Jan 2015 #94

My job is fun and all, and I like traveling DFW Jan 2015 #98

Life expectancy is not rising significantly, except in a few small subgroups. raging moderate Jan 2015 #102