Stressed States Are Forcing Workers to Retire Later

Lawmakers in at least 10 states have voted this year to require many new government employees to work longer before retiring with a full pension, or have increased penalties for early retirement. A similar proposal is pending in California. Mississippi, already among the states requiring more years of service for a pension, is weighing the additional step of increasing its retirement age.

A federal commission studying long-term U.S. fiscal issues is also entertaining the idea of changing the retirement age as one way to shore up Social Security, said a person familiar with the matter. A report is due to President Obama in December.

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[edit on 3-8-2010 by charlie0]

Yep, keep raising the SS until they die before they can get it. We are in trouble financially in this country and most of the sheep don't even know it.

Originally posted by hoghead cheese
Yep, keep raising the SS until they die before they can get it. We are in trouble financially in this country and most of the sheep don't even know it.

SS has nothing to do with it, even though it is in dire straights for more reasons than the fact that Congress may have dipped in the cookie jar before. People are going on disability in record numbers and drawing full benefits without putting a penny into Social Security...but I digress.

Unfortunately, this type of tactic isn't new to corporations or states. Sometimes after working for that promise of a huge pension for 30 years and finally retiring and drawing (and counting on) that pension check it will suddenly get cut in half or stopped altogether.

This is important for all of you to remember that want a retirement. Start investing in a 401k, Roth IRA, or any type of retirement portfolio (and I wouldn't invest in gold if I were you). Now.