Should people be obliged to retire at 50 years old?
Why do you think that people shouldn't be obliged to retire at a certain age, for example, 50 years old?
- Anonymous9 years agoFavorite Answer
No,that would not be possible for most Americans. Most people by age 50 are in need of health insurance and Medicare,the medical insurance program provided by the federal government does not accept people under the age of 65. If people were to retire at 50 that would require them to find individual health insurance coverage for the 15 years between 50 and 65. Coverage for many 50+ year olds is prohibitively expensive. Also,many people have not saved adequate amounts by the age of 50 to provide for living expenses for what could be over 40 years of retirement living. It is a tall order for middle income earners to save enough for that scenario. Pensions don't usually provide income until age 55,and most workers today do not even qualify for a traditional pension. Furthermore,tax sheltered retirement savings like 401k's and IRA's assess a penalty for withdrawals before age 59 1/2 currently. There are probably other issues too but that's what I can think of for now.
- MARKLv 79 years ago
If people are expected to live until they are 80-100 years old, you couldn't retire at 50. Very few people have that much money at that age. Most people would have to work until they are probably atleast 70 or longer. A lot of people don't save much and the cost of living is always going up.
- rtfmLv 79 years ago
If they retire at 50, who on earth is going to support them for the remaining 30 or 35 or 40 years of their life???
- ?Lv 79 years ago
Because at 50 yrs of age majority of people do not have enough in savings nor a pension plan.
They also have children at home they support plus who would pay all the income taxes.
Better solution is No one under the age of 21 should work. That would free up plenty of jobs for all the adults.
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- MLv 49 years ago
Um, if you're a doctor and you retire at 50 years old, you probably won't even be able to pay off med school.
- Go with the flowLv 79 years ago
Do you know anyone that could financially retire at 50?
- ArtemiscLv 79 years ago
I wish. I think I have to work until I'm 61 to make things work.
- 9 years ago
Yes... you just need to be ready to do it.