Grumpy Ol' Man
Senior Member
- Location
- Kansas, U.S.
I'm curious as to just how exactly this works, it seems to me that we(as prospective SS recipients) would want more young contributors to the SS system so as to keep the fund solvent.
I don't understand how young folks dying prematurely can possibly help SS. Plus, any savings that young people might possess is their own assets, and would simply belong to their designated heirs.
I'm assuming he meant that the elder generation pass earlier. IOW, if you start drawing SS at age 66 and live until 96.... you've drawn a lot more than you put in. OTOH, if you start drawing at 66 and pass as 67 you've used very little of what you contributed. But, that's not the entire story.
We, as a Nation, are living longer. The life expectancy is going up every year. So, we are apt to use more than what we contributed to the system. To keep the system solvent, we either need to raise the full retirement age or lower the benefit amount. Since we are living longer and remaining in fairly good health, let's move the full retirement age to 70. Most can start drawing limited benefits at 62. Move that to 65. Those two moves would make a world of difference in keeping the SS system operating in the black.