cnbc
Meanwhile, the House of Representatives last week approved a retirement bill that would push out the age for required minimum distributions on certain savings accounts to 75, up from the current age of 72. That change, if it passes the Senate, would be gradually phased in by 2032.
The proposal reflects a reality that many people today are generally healthier than generations past and therefore are living and working longer, said Mark J. Warshawsky, a senior fellow at the American Enterprise Institute and former deputy commissioner for retirement and disability policy at the Social Security Administration.
“It should cascade to other official ages throughout the tax code and the government’s programs, Social Security included,” Warshawsky said. More
Now that the government has taken control of “healthcare,” that whole living longer thing will be no more …regardless, you will not be eligible for minimum benefits until you’re dead.
10 years!
It serves the lefties right.
The only problem is that it completely fucks over the hard working people who actually build a country physically with blood, sweat, & Pubes of steel. (Real Women Included)
Imagine, 74 years, 11 months and 29 days, climbing a ladder, up a roof, to do construction work…
Stolen elections he=ave SEVERE Consequences.
Does that apply to illegal aliens too?
Askkng for some aged vets..
The description in the article is addressing the 72-1/2 IRA age to begin mandatory minimum withdrawals…maybe it’s deeper in the article.
Gubbment Socialist Security was always a way to steal money.
You HAVE to pay (some exempted), and they will steal it.
So, yeah, the change let’s you keep a tight lid on IRA/401k savings a few years longer…
Doesn’t offset the Dem stated desire to seize those funds stated years past.
If they bump it up a couple more years they will have outlived most of my families history….I got no shot genetically unless they give me a covid coupon, who’s ass I kicked….It was the flu with a glorious cold following….I can send you pictures of my snot….epic!….I could have made legos out of the shit that came out of my head!!!!…
Social Security eligibility age hasn’t changed, it’s still age 62 (reduced benefits) to 66 or 67 (“full retirement age FRA”). The article is about Congress raising the age for REQUIRED Minimum Distributions (RMDs) from IRAs or 401Ks from age 72 to age 75.
They want the Boomers money. Bill O’Reilly recently posted that Boomers are holding $53 billion in assets. Democrats want that money so that they can spread it around to their favored (slugs) constituents.
The 401K was where your money was. Well, your slightly-taxed money, as opposed to the money the feds stole from you.
At what age will they cut former Congress members pay?
Oh, never.
Gave themselves a 21% raise, so “they” can afford gas.
But the Dems have no problem proposing trillions in NEW spending.
The 401K is, in fact, your money. But yet not. Matching contributions are held in abeyance until some magical fruition.
Yet the monies you put into your 401K are yours, but not yours.
I must sound like fuck knuckle.
“The proposal reflects a reality that many people today are generally healthier than generations past and therefore are living and working longer”. However, this proposal does not consider that fact that the sheep have taken the jab and their life expectancy has probably been significantly altered, and not for the better. All part of the plan.
I say we eliminate THEIR retirement!
I am not fuckknuckle, or are in any way connected with fnord, or grouchy, or any of these other retarts.
Let it be written.
… and then they will introduce the zeke emmanuel amendment
do these people talk to each other, or do they just each independently work to screw the working man?
Whatever it takes to poop on Americans, eh Dems?
I am still amazed how the Dems I know are still in a trance thinking their party cares about them at all. You’re voting for own destruction, dummies, not just the little people.
Where’s my lock box, Mr Gore?
I think it’s time I take it home.
How about suspending yearly income, health benefits, and retirement contributions for all members of Congress each year until the budget is balanced…
It is “beautiful” that words change. With Truth(TM). According to The Ministry of Truth.
“Men” are better “girls”, than girls.
“Pederasts” are “loving families”, “adopting” little boys.
And what those (remotely) eligible to get a Social Security(TM) check, do… now… is “work”. (Hey! Wymyns, who aren’t physicists! How you is?)
I suspect that a move like this is preparation for something more sinister. CONgress can not be trusted…. ESPECIALLY when it comes to our money.
You will own nothing and you will be happy! Achtung!
FJB
The article says the govt has 3 choices to save SS. Raise retirement age, raise the (double) tax on benefits or raise payroll taxes.
Not quite. There are a couple more that no one has the will to do. Stop sending SS $ to the general fund and/or privatize retirement benefits.
The attempt to raise the age regarding 401k and IRAs is, according to money guy Mr. Beachmom, to curb a run on the market as baby boomers are beginning to retire.
The Supremes ruled decades ago that Socialist Security is a TAX and that you are not ENTITLED to a damn thing.
It’s been a massive scam since its inception – and continues so.
Me, my Mom, and my Dad were fucked out of our Socialist Security because we were gov’t retirees, and thus, according to that worthless slimy stinking piece of shit Jimmy Carter, “double dippers” even though we paid into it from employment outside the gov’t. And my Dad’s Socialist Security was one of the “promises” he received for his participation in WWII.
mortem tyrannis
izlamo delenda est …
Maybe it is because every loser who suffers a bloody nose gets to go on SS disability. Or maybe it is because every illegal alien taps into the system for benefits as well.
My concern about long term savings is (if not pre taxed) the longer it stays in 401,IRA etc. The higher the tax rates will climb.
How many years doe one “serve” in Congress in order to receive “retirement” benefits?
One of the big problems today, and the reason we have so many under-employed 30- somethings is that folks like me, IT workers in their early 60s, can’t retire because Congress let corporations do away with tax-deducatable pensions and retirement benefits. So I have to work until I’m 67 while some 36 year old is living in mom’s basement and making my coffee every morning. How my barista is ever going to build up a 401K is beyond me, but here we are.
It’s all a gamble and the house (gov’t) makes the rules.
By the time you have access to your money, it will have been eaten by inflation or the stocks and/or bonds will have tanked. That’s dependent upon you living that long.
@ cato April 6, 2022 at 8:46 am
> It’s all a gamble and the house (gov’t) makes the rules.
>
> By the time you have access to your money
The House rewrites The Rules(TM), subject to change without notice, only after you’ve shown your cards.
Not any Rules(TM), there.
Living to 75 and beyond is not the norm. Those who do usually suffer ailments without any cure.
The plan was to encourage saving for one’s old age to supplement SS benefits.
What was saved in the last 20 years has lost value due to inflation.
“Gov’t” knows that no college “educated” 40 and under can do anything. Someone has to keep the gov’t going . . . for a while.
This says it’s NOT about Social Security, but rather about IRA and 401K required withdrawal age. https://www.barrons.com/articles/delaying-required-minimum-distributions-higher-taxes-51648684506
“The proposal reflects a reality that many people today are generally healthier than generations past and therefore are living and working longer”
Not anymore.