Why do Republicans want to move the retirement age to 70?
WHILE making cuts in Social Security?
* Gullible Liberals - At the expense of people's retirement?
* Retirement age at 70, when most people that age can't even find a job. Yeah, I'm CERTAIN that's the right thing to do..
- Anonymous1 decade agoFavorite Answer
Social Security doesn't add to the deficit, since it is funded by payroll taxes. At the current rate, it will have a shortfall in about 10 or 20 years (right now it has a surplus).
Most people are relatively healthy at 70, and many want to continue working until that age, since Social Security doesn't provide enough money to live on. I'm a liberal, and I don't think it's such a bad idea to raise the retirement age.
However, this is simply a wedge to get at entitlement programs, such as Medicare, Medicaid, school lunch programs, Headstart, unemployment benefits, and many others. Republicans hope to make the middle class hurt a bit more (by raising the retirement age) so that they will be sympathetic to going after programs that help low income people.
Another idea would be to privatize Social Security so that private investment firms can benefit from the money people put into the system. This was attempted by George Bush, but it failed; that doesn't mean that Wall Street is ignoring this potential gold mine. Similar programs have already been implemented in countries like Chile and Mexico.
- 1 decade ago
People are living longer and it's going to bankrupt the nation.
Social security was never meant as a sole means of retirement. You better start investing now so you can retire when you're 65. If you don't you'll be working until you're 70 just to collect a few hundred a month from social security.
- ahandle101Lv 71 decade ago
My guess is that social security will eventually not have enough money to let people retire at 65. If you paid taxes into social security, you should have gotten some statement that basically says that.
- megLv 71 decade ago
The trust fund has been spent to pay for income tax cuts, so we need either to increase the retirement age to reduce the cost of Social security benefits or increase the income tax to replace what was spent from the trust fund. Since the Rich pay a large fraction of the income taxes, the Republican prefer cutting benefits,
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- callenqhranchLv 61 decade ago
We live longer now, then when they did when social security/medicare was implemented.
Besides if Congress can work until they are in their 90's why not the average worker, who is forced into retirement.
- Anonymous1 decade ago
Because the reality is that unless something is changed, social security will either go into insolvency, or the payroll tax rates will have to continue being increased to keep up with the shortfall.
Or, in general tax rates will have to be increased so the government can pay back all the IOUs that are in the SS "lockbox". (In essence, we are to be taxed TWICE for all those billions in IOUs).
Economic reality will hit you whether you choose to accept reality or not.
- MathsorcererLv 71 decade ago
The advances in medical science mean that many septugenarians are still able to function well enough to hold gainful employment, should they desire to do so.
If I feel like working when I am 70 then the government shouldn't be able to tell me that I *must* retire.
- che_obamaLv 41 decade ago
Personally, I believe the retirement age should be higher than 70.
Social Security is NOT, nor has it ever been intended to serve as a retirement pension, however, that is what it has become.
The single largest drag on small business growth is the SS tax placed upon it.
- Anonymous1 decade ago
The unfunded liability (benefits owed vs money available) of SS is about $18 TRILLION. If you expect to get anything at all back from what you are paying in you should hope that the age gets pushed back.Source(s): http://www.ncpa.org/pub/ba662
- DoinLv 41 decade ago
Most cant even afford anymore to retire at that age, regardless of the intention or not.
Most people at that age, have much less used up their usefulness.