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originally posted by: openminded2011
I have taken in the current societies ills for the past few years, and I feel the retirement age should be lowered to 55, for the following reasons.
1. People should not spend ALL of their life working. The purpose of life is to enjoy life, not to be a widget for someone ELSES wealth creation.
2. It would give younger workers more rapid advancement. As a result, the cycling of new ideas and innovations would be stimulated and increased.
3. People might actually stay in better health, due to the lowering of the impact of stress at middle and older ages. This offers a benefit to society as a whole in the form of lower health care expenses.
4. People would be encouraged to save more at an earlier age to achieve retirement at 55. A new financial architecture would have to be created to do this effectively, which would create more jobs.
5. Employers would benefit in that they would not have to push people out of their jobs in their 50s, and endure the fallout of such actions, (lawsuits, workplace violence, etc.)
6. Grandparents who retired earlier would have more time to help their children and aging parents, without the added stress of the workplace. An improvement overall in the quality of life for several groups.
7. You would have a large segment of the population on fixed incomes, which would stablize spending in the economy (less people dependent on wages)
8. People could still be useful to society through volunteer work, mentoring, etc. It would strengthen the fabric of society.
originally posted by: openminded2011
I have taken in the current societies ills for the past few years, and I feel the retirement age should be lowered to 55, for the following reasons.
1. People should not spend ALL of their life working. The purpose of life is to enjoy life, not to be a widget for someone ELSES wealth creation.
2. It would give younger workers more rapid advancement. As a result, the cycling of new ideas and innovations would be stimulated and increased.
3. People might actually stay in better health, due to the lowering of the impact of stress at middle and older ages. This offers a benefit to society as a whole in the form of lower health care expenses.
6. Grandparents who retired earlier would have more time to help their children and aging parents, without the added stress of the workplace. An improvement overall in the quality of life for several groups.
7. You would have a large segment of the population on fixed incomes, which would stablize spending in the economy (less people dependent on wages)
Federal Insurance Contributions Act (FICA) tax /ˈfaɪkə/ is a United States federal payroll (or employment) tax[1] imposed on both employees and employers to fund Social Security and Medicare[2] —federal programs that provide benefits for retirees, the disabled, and children of deceased workers. The tax also provides funds to the health care system for institutions that provide healthcare for workers that do not have health insurance and can not afford healthcare treatment. Social Security benefits include old-age, survivors, and disability insurance (OASDI); Medicare provides hospital insurance benefits for the elderly.
Every person that contributes to social security would be much better off if they could keep their money and simply invest it in the market. They'd have much higher returns plus actually have an asset that could be passed on to their heirs.