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A few months ago, Genuine Realist asked me, in a gentle jibe, if I’d started taking Social Security yet and was I happy with it. The answer, then and now, is that I haven’t started taking Social Security yet for several reasons:
First, I’m not old enough. I would have been old enough under the rules that my parents and grandparents enjoyed, but the government keeps increasing the retirement age. As the Republicans want to do again:
Second, I can’t afford it. Benefits don’t keep pace with inflation, so I’ll need to work until I die.
Third, a higher percentage of my paycheck is being taken out than my forebears. So in
the Ponzi schemeSocial Security, I get less take home pay. Therefore, I’ll need to work until I die.I’ll repeat my offer to the government. I want out. I want out of the Social Security/Medicare system. You can keep half of the $684,000 that my employers and I have paid in over the years, and I won’t even ask for interest on my payments dating back to my first job in 1976. Just give me $341,000 (tax-free, since I’ve already been taxed on those payments) and we’ll call it even.
Audaces fortuna iuvat
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At the same time, American life expectancy has increased in an almost linear fashion (year, average American life expectancy):
1950 68.14
1960 69.84
1970 70.78
1980 73.70
1990 75.19
2000 76.75
2010 78.49
2020 78.93
2024 79.25
So if we live longer, we’ll pay more and get less. C’est la vie. BlackRock CEO Larry Fink says a 65 year old retirement age is asinine, given the aforementioned statistics:
America’s retirement age of 65 is “crazy,” BlackRock CEO says (msn.com)
My father retired at age 52. My father in law (Stanford grad) took early retirement from NASA when the Challenger blew up just after his 50th birthday. He had a great pension. I won’t have any such thing, at least nothing that I don’t fund myself.
U.S. Life Expectancy 1950-2024 | MacroTrends
Audaces fortuna iuvat
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