Monday, September 12, 2005
FIXING SOCIAL SECURITY
Social security was meant to provide very basic money for retirees to live on. Workers are to put in money and get money back in the future. Hence any kind of means test based on assets violates this agreement. The problems are three. First, people are living much longer. Two, the aging population keeps making for less workers to support each retiree. Third and final, many people draw on the money at a much earlier age than retirement age due to disability. The third factor I will address in the future.
The solution is rather simple. Simply raise the eligibility ages. Each year raised saves billions. People are living longer and capable of working longer. Full benefits age for those born in the fifties is now 68. Born in the sixties 70. Seventies 72. Eighties 74. Nineties 76. And so on.
This will save Social Security without being an oppressive burden on younger generations.
The solution is rather simple. Simply raise the eligibility ages. Each year raised saves billions. People are living longer and capable of working longer. Full benefits age for those born in the fifties is now 68. Born in the sixties 70. Seventies 72. Eighties 74. Nineties 76. And so on.
This will save Social Security without being an oppressive burden on younger generations.
