Raising the Retirement Age

In an attempt to save money, raising the retirement age to age 70 by the year 2025 is being reconsidered. It is not a new idea. In fact, my senator, Richard Shelby (R-AL), floats the idea every few years.

Without a doubt, Social Security has been a wildly popular and successful program. One reaches their retirement age and receives a set amount of money each month, either as a supplement to one's own savings or as the primary and only source of income. It has certainly been advantageous in keeping our country's elderly out of poverty.

Economists have been concerned about this moment since before the baby boomers were labeled as such. Vice President Al Gore tried to alert us to the urgency of this issue when running for President, but he used the word "lock box". And, the country laughed and laughed and laughed and repeated "lock box" in ways that would thrill Beavis and Butthead. Hee, hee...he said lock box.

As with most big ideas where money is concerned, this will only hurt the poor. If you're poor, you probably won't even live to retirement age. One reason is the lack of adequate health care - one's body tends to wear out from labor jobs. So, once again money will be saved on the backs of the poor. Secondly, while I believe there are some people in certain jobs that can still contribute without doing harm, for the most part I believe many employees need to move out of the way to allow younger people to move in. Let's face it. Most of us run out of good ideas about 20 years before we retire, right? Many of us are now just coasting to retirement anyway, right?

I have been more convinced of this recently. For example, if I only listened to people my age (56) and older, I would be convinced this country is going to hell with no chance of ever surviving all that is wrong with us. Yet, if I listen to younger people, I am inspired by all the possibilities. I am inspired not only by their words but by their actions. In fact, I am amazed at what is already available to us - thanks to younger people. So, I believe we should drag our tired old asses into retirement as soon as possible.

As for me, I have had my eyes set on age 62 since I started working 44 years ago. I am certainly not interested in putting in another eight-plus years if I can at all prevent it. There is, of course, this thing called legal tender that I need and I was counting on my Social Security, that is, until recently.