View Single Post
Old 07-31-2013, 11:38 AM   #35
Fedaykin
Ring of Famer
 

Join Date: Nov 2006
Posts: 4,949

Adopt-a-Bronco:
None
Default

Quote:
Originally Posted by nyuk nyuk View Post
The idea of a right to live for upwards of 40 years for free of a pension from an old job is preposterous. People need to shake out of the idea. Social Security is meant to be supplemental, which is why it's called supplemental. It's not supposed to be lived off of to the exclusion of all else.

Such programs were put into place when people lived much shorter lives than they do now. You simply cannot have tens of millions living off the dole for free and float an economy and medical system. If you can work, you need to be.

If you work for a city government, for example, and retire in 1990, you should not be entitled to live off the dole until you die in 2030. Ridiculous idea. Mooching. Destructive.


Do you really think there are more than an extremely tiny minority of folks that live 40 years in retirement?

Minimum retirement age for most pensions (private or public) is at or around 55+ for people who are at or near retirement now (most plans have a sliding scale, much like SS). The current federal requirement is 57 years. The current CO minimum is either 55 WITH 30 years of service, or any age if you have 35 years of service (and considering most people wouldn't start a career path until early 20 that means between 55-60 years old.

Retire before then and most pension plans are void.

And, most pension plans have a minimum year of service requirement and a differing benefit amount depending on years of service.

And, most pensions plans either readjust age/service restrictions periodically as life expediency improves (i.e. CO), or have a built in age formula based on birth date (i.e. the federal pension plan)

Also, many state employees (CO being one) and federal employes do NOT get Social Security benefits/credit for the years served with the state.

The idea that there is some huge number of people living off pensions for 40 years of retirement is absurd. The only people who live that long on retirement are the small minority that live into their mid 90s and beyond.
Average mortality of current retirees is still in the low 70s, with typical full retirement benefits (SS and/or pensions) only kicking if you retire at 60+.
Fedaykin is offline   Reply With Quote