Over the past couple of weeks, I have seen or read several stories about how we need to raise the retirement age or do away with retirement all together. I always get a good laugh on this topic because usually the person who’s pushing it, is a millionaire. Larry Fink, Blackrock CEO, net worth 1.2 billion, Nikki Haley, net worth, 8 million and my favorite Ben Shapiro, net worth, 50 million. Mr. Shapiro has by far the best remedy, it’s the work till you drop plan, no need for retirement. Now, I have often wrote about folks who don’t live in the real world, and this is three perfect examples of it. Mr. Shapiro’s position is a podcaster, he spends his days putting out his BS right wing narrative and hasn’t worked a day in his life, but he wants you to work until you fall into your grave. I used to have a line I would say from time to time, “Some folks have a position, some folks have a job.” Ben Shapiro is an example of someone with a position, a real job, like most folk have would probably put Ben in cardiac arrest, but I digress.
All these individuals use the same data for their narrative, and that of course is that we are all living longer according to the “life expectancy” chart they all bring out. Life expectancy estimates provide a measure of how long, on average, people of a particular age and sex are expected to live. They are not a measure of how long an individual is expected to live. They also don’t account for the quality of life any one person has and the career they are engaged in. An important point to bear in mind when interpreting life expectancy estimates is that very few people will die at precisely the age indicated by life expectancy, even if mortality patterns stay constant. I knew quite a few people who died very young or have had sever medical issues throughout life, so I don’t buy the narrative that we are living longer, I think it just makes their “raise the retirement age” narrative a little easier.
European countries have an average retirement age of 65-66 and most have a tiered pension system to help seniors in retirement. They also provide a comprehensive health care system which covers in most cases 100% of the cost for medical expenses. When we need it the most, our country makes health care even more expensive. America is the only country that has bankruptcy for medical expenses. Nothing like medical corporations, insurance and pharmaceutical companies making record profits while seniors go bankrupt! One other thing, most of these countries make folks retire at a certain age so they can enjoy retirement, I know at least six people in their eighties who are still working because they can’t afford to retire, a pity really.
I don’t know when we went off the rails on this topic, my parent’s generation couldn’t wait until they could retire. Now, it seems we have a system that works against the middle class and forces folks to work longer that they want to. I retired when I was 57, I would recommend it for everyone. I invested well, have two pensions that compensate me very well and have Tricare which covers my health expenses very well. Every American should have access to this type of retirement system, and they should be able get it at a reasonable age and enjoy their retirement years. Raising the retirement age is Republican and corporate America solution to a retirement crisis. They believe we are living longer, so naturally you should work longer. Let’s say life expectancy jumps to 95 next year, what would the retirement age be then? Policeman, fireman, construction workers, do we really want them working in to their 70’s? I for one, don’t!