Quote:
Originally posted by CrimsonTide4
What if an announcement was made that the new retirement age was no longer 65, but 85? What would you do? Can you even imagine working until you are 85?
It is a possibility. I read this yesterday at work:
http://www.livescience.com/humanbiol...ire_later.html
ST. LOUIS—A person entering the workforce today in America might face a much longer career than Mom and Dad.
Life expectancy in the United States is now around 78 years. But if anti-aging therapies prove to work as well for humans as they have for worms, flies, and mice in laboratories, by the year 2050 people might routinely reach the ripe old age of 120.
That could place a tremendous burden on the economy if people continue retiring at 65 or earlier.
The retirement age might have to be boosted to 85 to prevent economic collapse, figures Shripad Tuljapurkar of Stanford University.
Do the math
There are 285 million people in the United States, with the median age around 36. Every two people over the age of 65 depend on money garnered from the wages of 10 working people age 20 to 65.
|
That's horrible. Think about it - you have a retirement account or pension plan that you have been contributing to and you have to wait until you reach 85 just to draw a monthly income? And if you're in Corporate America you're doomed. What kind of job could you possible do in "fast-paced" Corporate America at 85? Especially if you work in a numbers driven environment where speed earns higher rewards.
I don't think it'll happen. There's also something called minimum distribution - (basically a forced distribution for those who are past the retirement age and have yet to retire). Would that go away, or would it be raised to like 90 yrs old?