Fix Social Security

March 1, 2011

in Retirement,Uncategorized

The fix is easy but the politics get in the way.  First, change the spin.  Raising the retirement age sounds like a reduction of benefits.  But, as life expectancy has increased, the number of years people will receive benefits goes up.  What if we change the political “spin” to the number of years you will expect to receive benefits?  From that perspective, benefits have increased since the beginning of the program.   Under this scenario, social security full retirement age would start with life expectancy and subtract the number of years we can afford to pay people.  As technology improves our life expectancy, the retirement age would automatically increase by a simple formula that delivers 15 to 20 years (affordable payout) of social security payments.  There is nothing wrong with working until age 70 if you are going to live to be 100.

Be Sociable, Share!

Leave a Comment

Previous post:

Next post: