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Retirement Discussions / Retire Well on Less
|Subject: Re: SS conclusion||Date: 11/9/2003 1:46 PM|
|Author: telegraph||Number: 211 of 1705|
Paying early retirement benefits is the first thing that should be eliminated altogether. That was an add on to the program that inflates costs.
Actually, I'd like to see the 'costs'. If you retire early at 62, you will get the same money by age 76 or so...whether you get it over 14 years, or over 10 years..the benefit is reduced by roughly 30%. YOu don't get any more money if you survive to age 75 (which is what they plan. If you live longer than 76, you 'lose' money long term since your monthly benefit is lower. If you expect people to live longer, it is cheaper for the gov't to pay them less per month!
I think you might actually have it backwards...
<>Here's another reform that should be made: at present, Social Security benefits are computed based on the income from the 35 highest years of earned income.
Yes, and you only need 10 years (40 quarters of earnings) to qualify for some SS.
If you work additional years you pay more taxes but collect