2007-07-24 07:57:56 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Y, to fix this mess we've gotten ourselves into, I am sure that will be part of a proposal to "save Social Security". What's likely to happen is that "full retirement age" will move to 70. You could take it EARLIER, but get less benefit under Social Security (currently, you can take it as early as 62... I'd guess they might move that up too...)
Best advice... even if it IS around, Social Security will be nothing more than a safety net. If you don't want to just eat beans in your 1 bedroom retirement apartment at 70, get started saving for your OWN retirement -- NOW.
2007-07-24 08:12:26 · answer #1 · answered by Bryan A 3 · 0⤊ 0⤋
Current law sets the retirement age at 67 for people in their 20s. When social security was established in the late 1930s, the retire age was 65 but the life expectancy was about 65. Now the life expectancy has increased significantly.
There may be a push by lawmakers to increase the retirement age above 67 years justified by rising life expectancies although no one can say for certain that will happen. Since social security laws are set by congress, it is hard to imagine that they will ever be able to agree on anything :-)
2007-07-24 15:34:16 · answer #2 · answered by skipper 7 · 0⤊ 0⤋
That would be the cap set by social security. You could retire at 22 if you have the money to do it. More than likely you don't. What you need to do is start saving your money to pay for your retirement. Check out 401k plans at your place of work. Even the fast food places offer these plans these days. If your does not have one then see what it would take to get one. Then check out IRA, such as the Roth IRA. That is a pretty sweet plan. You need to start saving so that you can pay for your own retirement. Do not depend on social security.
2007-07-25 17:42:53 · answer #3 · answered by A.Mercer 7 · 0⤊ 0⤋
You can retire any time you like but you won't get full benefits unless you meet the criteria.
According to the statement they send me every year, social security will run out of money by the time I hit retirement and I'm in my 40s. So I'd not count on getting any money from the government when you retire.
2007-07-24 16:01:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Retirement age is whenever you decide it is. Want to retire early? Figure out how to make enough money and residual income to support yourself. If you depend on a pension or SS you'll never be able to retire. Take charge of your life now- the younger you are when you start the easier it is.
2007-07-24 15:08:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It wouldn't surprise me, I am 35 and my retirement age is 67. I can't imagine what kind of quality of life someone can expect for their retirement if they keep on raising it! Either that, or they will do away with social security completely.
2007-07-24 15:02:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Start working hard on it right now. Jennifer
2007-07-24 18:50:52 · answer #7 · answered by Jennifer 6 · 0⤊ 0⤋