What is your opinion about Government increasing the age of retirement to 68?

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In Ireland the retirement age was 65 years, now it is 66. Any Person born after January 1 1955, the age of retirement increases to 67 years, and Who ever was born after January 1 1961 the age of retirement increases to 68 years. In Europe it is likewise. My Question is when I'm 66 or 67 years of age after working in very physical labour all My Life on building sites, Who would keep Me in employment ? Who would be willing to continue to pay My wages, when I'm all used up ? I am aware that Governments are attempting to ease the pressure on the pension fund, yet many of these Countries have massive unemployment also. Why not reduce the retirement to 60 years, and there would be plenty work for the young unemployed.

39 Comments

In the future we may be asked to save more and put off social security-type pension until later. This is because soon 1/3 of the population in the US will be living well beyond 80. We didn't used to expect people to live to 100, but they are now doing it frequently. If people can be kept employed, there will be enough money paid in to keep things going. I wouldn't be surprised that in the future the age will increase to 75 as the target age.

All this is well and good, but they do need to find a way to contain costs. It's hard to encourage people to save when the cost of housing, food, and medical care are so high. A modest house in my area is now going for a half million dollars! Ouch. The price of housing and medical care have far outpaced the average paycheck.

So we're told to save on one side and told to pay on the other. We can certainly get into a crunch.
I personally did work till age 68 but that was my choice. Just because people are living longer does not mean they are able to continue to work into their 70s.
If the Social security fund had not been raided by a previous Govt benefits would be more likely to continue. the same thing has happened with many private pension funds leaving people who thought they had planned for the future destitute.
Making the rich pay more taxes is not going to solve the problems of the poor.
It is going to take a far bigger effort than that.
JohnJoe, the national insurance schemes run by both the British and the Irish governments to fund pensions and sickness benefits are soon to be shown for what they are - the biggest pyramid selling scandals in history. So far.

I think the age should stay at 65, as even though people are living longer, they wouldn't be able to do the same work either due to mobility issues or memory issues.

I am 70 years old and my boss is older... we laugh that between the two of us there is one good brain :P I know of one lady who is in her 80s so works part-time as a receptionist and she loves it, it gets her out of the house. But she isn't the norm.

Too many times I have heard of people being let go due to downsizing and they are in their very early 60's.... health care would be covered under COBRA but that is limited, then what? Buying insurance on he open market is expensive unless one had a poverty type income. Then its years before Medicare kicks in. I took social security at 66 as I wanted to make sure I got some of the money I had put into the system, because at my age I never knew what was around the corner health wise.
P.S. I am against forced retirement. Back decades ago here in the States, I remember my Dad had to retire at 65 even though he could have easily worked into his 70's. Dad hated that. He did find part-time work to keep him busy.

Now there isn't any forced retirement, but ones job can easily be eliminated due to downsizing. It's usually the older work who has been loyal to a company for 30-40 years who is let go because their salary is high. Companies can bring in a college kid for much less with lesser benefits.
I haven't had a night of restful sleep in over a year. I've lost weight. I have no doubt that the combination of my stressful job and caregiving for my mother will result in my ending up on disability or very likely dead due to a massive stroke or heart attack by the time I'm 50 (3 more years). So all the money I've put into the system will be used by people that have never worked a day in their lives as they play the system by hiring lawyers to help them falsify applications to receive unearned support.
babygirlga, no one can obtain Social Security unless they had placed money into the system working at least ten years. Someone born prior to 1929 need less years to qualify.

The only way someone can "play" the system is through identify theft.
Freqflyer I know several people on SSI Disability that have never worked more than a summer job as a teenager. So where are their funds coming from?
SSI Disability is totally different as it is funded by general tax revenue, not Social Security taxes. I wouldn't be surprised if there is a lot of fraud in SSI.
68 plus means I'll be working for 10 more years, and I am pretty sure I can't do my present job at that point.. too many youngsters with way more energy than I! Although at this rate I;ll be dead before then. And ff I know what you mean about one brain.. one of my BFF/coworkers and I joke that she can push my wheelchair and O2 tank, and I'll tell her where we are going and what to do!

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