Greece is in shambles…and apparently it has been for a while.
There are angry mobs of protestors and speculation of financial collapse. Why?
In the land where democracy was born, the retirement age is 53 and Greek citizens retire with nearly full pay (80 percent).
The Greeks are upset that they won’t be able to maintain their current standard. Tough luck.
This has me thinking about a proposal of mine for this country: Raise the retirement age to around 75-80 for members of my generation. Life expectancy has risen since the 1930s and it continues to rise. More Americans are living to be centenarians (100+) than ever before.
The system wasn’t designed to support the elderly for decades. It’s security for life’s twilight, not the last 30-40 years of life. Why the Greeks think they can maintain their current retirement arrangements is literally “all Greek to me.”
No one in this country would be effected for several decades. For example, under my plan, I wouldn’t reach retirement age until the years 2064-2069 (2054 with the current retirement age).
If nothing is changed and the average American of the future lives to, say, 95, the United States may face a financial disaster like we’re seeing in Greece today (we need tighter regulations of banks as well so we don’t have a repeat of America in 2008).
We must keep, maintain and ensure the survival of the most successful safety net in US history. Doing so requires we use common sense and foresight.Follow @MicahsTwoCents