As older people live longer, the U.S. will need to raise the retirement age to pay for Social Security, and those affected will need to be given a “serious” warning, wealth managers tell GBN America. Told.
“I don’t think there’s any question that eventually we’re going to have to raise the age,” said David Bernsen, managing partner at wealth management firm Bernsen Group.
“What I am adamantly against is taking it out on people.
“If people are expecting 65 at this point, I don’t think we should be telling 61-year-olds that we’re going to raise it.”
Bahnsen, author of new book Full time: the meaning of work and lifeproposed a notice period of at least 10 to 15 years to give people time to prepare and make changes to their retirement plans.
He said the 15- to 20-year forecast for people under 55 or under 50 may need to be raised for several years based on the long-term mortality benefits and pure economic necessity. I think it will happen if we give it time to prepare.” That would be a very good policy solution. ”
David Bahnsen was asked about the possibility of raising the Social Security retirement age
Getty | GB News
Bahnsen cautioned that while the idea of raising the retirement age may not be popular right now, he believes it is important to take action before greater pressures arise.
“It’s politically unpopular right now, but unfortunately I think it will become politically very popular in an emergency,” he said.
“I’d rather get ahead of it. But I think raising the retirement age and giving people plenty of advance notice is not only good policy, it’s inevitable.”
It depends on the details, but financial experts say it’s “reasonable” to give Americans 15 years to plan.
“Currently, people can receive a partial payment at age 62, a full payment between ages 65 and 66, and even more benefits if they wait until age 70,” Bahnsen said. I can receive it.”
“Let’s say in three years that number increases to 68. If you’re 50 years old, you’ve probably never thought about what 65 means.
“And 15 years to prepare and 18 years to come seems to me a perfectly reasonable solution.
“The older someone is when they start the scheme, the more savings it has, but the less politically viable it is.
“I would suggest it’s 50 years old, because I think it’s almost politically harmless.
“I’m turning 50 this year, and I can’t imagine anyone my age worrying about the difference between being 65 and 68.
“I think for someone who’s 55, maybe a little closer to that, it’s a very good idea to have 10 to 15 years to prepare.”
In his new book, “Full Time: The Meaning of Work and Life,” Bahnsen hopes to make an “appeal” for a “higher, higher perspective” on work.
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“There are many existential, psychological, and sociological benefits that come from people being productive and active.
“I don’t think it’s very controversial, I think it’s actually widely accepted.
“What I argue in this book is that through the implicit belief that work gives people layers of stress and anxiety and takes away from other things in life, that is a net negative. , that we’re trying to escape from.”
“What I’m saying is that the things that are upsetting people, the things that are robbing people of the joy and fulfillment they want in life, need to be rooted in a view of productive and useful work. That’s it.”
