Germany Raises Retirement Age

[Dr. Shane]

Germany raises retirement age

Quote:

---

The German government Wednesday decided to gradually raise the retirement to 67 from 65 by 2029, six years earlier than previously planned.

---

Americans can expect something simular within 10 to 15 years since the far left-wingers rejected both President Clinton and President Bush's Social Security reforms.

[Yong T Tay]

I thought the U.S. had already gradually raise the retirement age to 67 from 65 for those who are born after 1938.

[Dr. Shane]

I am not aware of that. I have a 63 year-old superintendant working with me now that is retiring when his project is complete in a couple of months.

[Yong T Tay]

"Any person can retired at age 62 but with less S.S."

That's true.

I retired at age 65 with full S.S. because I was born before 1938.

My wife can only retire at age 66 if she wants to get full S.S. because she was born in the mid-1940s.

My son will not get full S.S. unless he retires at age 67 because he was born in the mid-1960s.

There are even talks in the Congress of gradually raising the retiring age to 70 in order to get full S.S.

Of course if you are not depending on S.S. for your retirement, you can retire at any age.

[cricket]

Quote:

---

From

Social Security Online

You can also retire at any time between age 62 and full retirement age. However, if you start at one of these early ages, your benefits are reduced a fraction of a percent for each month before your full retirement age.

As a general rule, early retirement will give you about the same total Social Security benefits over your lifetime, but in smaller amounts to take into account the longer period you will receive them.

Note: If your birthday is on the 1st of the month, we figure the benefit as if your birthday was the previous month.

---

Figures. My birthday is on the 2nd of the month. I don't get to retire until I'm 67.

[Dr. Shane]

This is why both Clinton and Bush wanted to invest part of Social Security in the stock market to increase its return. There are only two options: 1) Increase the return or 2) Decrease the benefits. Raising the retirement age falls under option number two.