[/caption]We all know that Jack Nicholson, William Shatner, Betty White, and Regis Philbin, all age seventy or more, are still employed in their respective fields, and apparently doing well. These icons are still employed because of choice, but according to the LA Monitor, some law makers in the U.S. government are floating the idea of raising the retirement age to seventy to be eligible for Social Security benefits.
This mandatory retirement age of seventy will not take place right away, but it is projected to take effect during the next decade or two; and, as of now, only those born after the 1960s will be subjected to this mandatory seventy year retirement criterion.
The catalyst for the proposal to raise the retirement age to seventy came about because we are in debt and running out of money to fund Social Security.
Social Security was started in 1935 and then, the retirement age was sixty five; since then, the retirement age has gone through some minor changes: the retirement age for those born between 1943 and 54 can retire at sixty six, while those born in the 1960s and after, the retirement age is sixty seven.
The analysts and the law makers who have looked at this seventy year retirement believe that the public will accept it, because they are not immediately affected by the change. The feeling by the law makers, who are advocating the change to seventy, believe the public will accept it because it shows that Washington is tackling the debt crisis.
No one has broached the somewhat controversial issue of a “means test,” to be eligible for Social Security benefits - this is where if you have the means like say, a wealthy athlete, movie star, or doctor, that these people will not be eligible for Social Security benefits.
I think that this “means test” should not be mandatory, but voluntary - this would preclude the law suits that could be had due to the legal contractual nature of those who contributed to Social Security.
I believe all the elements of Social Security benefeits should be looked at, including all governement employees. The fact to change the age to 70 could be beneficial for our defeceit, but we must take in consederation all of those who have already retired and that their benefeits do not change.
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