America's retirement age of 65 is "crazy," BlackRock CEO says

[cawacko]

https://twitter.com/x/status/1772962369007767849

In case you were thinking of retiring some day, bad news from Janet Yellen:

Social Security and Medicare are now underfunded by $175 trillion.

That comes to roughly $1.4 million per American household.

There are only 3 solutions:
- slash beneficiaries
- massively hike taxes, or
- cut everybody’s benefit to poverty level.

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Raising the retirement age will not solve the problem, and will cause massive new problems.

We've chosen as a country not to address it previously so now the results will likely be raising taxes, increasing retirement age and reducing benefits. It's not a conspiracy, it's math. We have more retirees than we do workers, added to people living longer, has put S.S. in an unsustainable position as presently constructed.

But people who choose not to save and rely only on S.S. are doing themselves no favors.

 

[Dutch Uncle]

We've chosen as a country not to address it previously so now the results will likely be raising taxes, increasing retirement age and reducing benefits. It's not a conspiracy, it's math. We have more retirees than we do workers, added to people living longer, has put S.S. in an unsustainable position as presently constructed.

But people who choose not to save and rely only on S.S. are doing themselves no favors.

Two words: Immigration Reform.