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Retirement is a financial status, not an age. Gov wants to hold their eymployee pensions until 70? Good luck, most people have already vested and will just exi

Retirement is a financial status, not an age. Gov wants to hold their eymployee pensions until 70? Good luck, most people have already vested and will just exit when they are ready.

hgsgm 4y ago
What are you talking about? The article is about raising the vesting age. And it's not about "employees".
toast0 4y ago
This is about the (us) social security 'full retirement age', which is the age at which the baseline benefits calculation are set; take benefits earlier and get less per year, take benefits later and get more per year. It's probably a sensible change, but old people vote, so good luck senators. Best to phase that in over a long period. Maybe work on making the actuarial tables closer to reality as well.
olliej 4y ago
Um, most people have not vested already. Most people don't have vesting involved in their income at all, at any point in their lives. For people who do have 401(k)s and similar, the "retirement" age determines when you can start withdrawing from your retirement funds without suffering significant tax penalties. This is of course assuming you can save enough in your 401(k) (or similar) to retire given the anemic limits on savings that are - as usual for things that benefit tax payers rather than billionaires and corporations - not tied to inflation.
- kevinventullo 4y ago
  What makes you say 401(k) limits are not tied to inflation? They’ve been going up pretty consistently every year since I’ve been paying attention.
- dragonwriter 4y ago
  > For people who do have 401(k)s and similar, the “retirement” age determines when you can start withdrawing from your retirement funds No, it doesn’t. (I mean, yes, those programs do have an age that does that, but it is not the “retirement age” that is under discussion, which is the Social Security “full retirement age”, which is a separate thing from what you are talking about.)
- idontwantthis 4y ago
  401k withdrawal begins at 59.5 years old. This is for social security.
dragonwriter 4y ago
> Gov wants to hold their eymployee pensions until 70? No, they want to shift to the “full retirement age” (which is, oddly, not when maximum benefits apply) up to 70 – and consequently, reduce benefits at all ages – for Social Security, the public, almost-universal safety-net retirement program.

Retirement is a financial status, not an age. Gov wants to hold their eymployee pensions until 70? Good luck, most people have already vested and will just exit when they are ready.

hgsgm 4y ago

What are you talking about? The article is about raising the vesting age. And it's not about "employees".

toast0 4y ago

This is about the (us) social security 'full retirement age', which is the age at which the baseline benefits calculation are set; take benefits earlier and get less per year, take benefits later and get more per year. It's probably a sensible change, but old people vote, so good luck senators. Best to phase that in over a long period. Maybe work on making the actuarial tables closer to reality as well.

olliej 4y ago

Um, most people have not vested already. Most people don't have vesting involved in their income at all, at any point in their lives. For people who do have 401(k)s and similar, the "retirement" age determines when you can start withdrawing from your retirement funds without suffering significant tax penalties. This is of course assuming you can save enough in your 401(k) (or similar) to retire given the anemic limits on savings that are - as usual for things that benefit tax payers rather than billionaires and corporations - not tied to inflation.

kevinventullo 4y ago
What makes you say 401(k) limits are not tied to inflation? They’ve been going up pretty consistently every year since I’ve been paying attention.
dragonwriter 4y ago
> For people who do have 401(k)s and similar, the “retirement” age determines when you can start withdrawing from your retirement funds No, it doesn’t. (I mean, yes, those programs do have an age that does that, but it is not the “retirement age” that is under discussion, which is the Social Security “full retirement age”, which is a separate thing from what you are talking about.)
idontwantthis 4y ago
401k withdrawal begins at 59.5 years old. This is for social security.

dragonwriter 4y ago

> Gov wants to hold their eymployee pensions until 70? No, they want to shift to the “full retirement age” (which is, oddly, not when maximum benefits apply) up to 70 – and consequently, reduce benefits at all ages – for Social Security, the public, almost-universal safety-net retirement program.