From: Mike Lorrey (mlorrey@datamann.com)
Date: Fri May 10 2002 - 18:14:55 MDT
Hal Finney wrote:
>
> > DURHAM, N.C. -- The lifespans of people in developed nations are
> > increasing at a remarkably constant rate, suggesting that there is no
> > natural limit on life expectancy, said a Duke University researcher in
> > an article in the May 10, 2002, Science. Data analyzed by the scientists
> > indicate that the maximum human lifespan will reach 100 in about six
> > decades, which policymakers should consider as they make critical resource
> > decisions affecting older adults.
Which I've been arguing for since 1984. First among these should be the
retirement age to receive social security benefits. The age of 65 was
set when the average life expectancy was only 62 (in the US). The
federal budget, and subsequent taxation, has ballooned as increased life
expectancy has caused the social security program, and related programs
like medicare, medicaid, the Veterans Administration, federal pensions,
etc. to balloon out of control.
I would propose that the law be rewritten to require that, except in
cases of physical disability, the retirement age be indexed so that it
is always 5 years less than the average life expectancy for the current
retiring generation. Furthermore, I'd have federal pensions require 30
years of service to attain 50% of full pay, 40 years of service to
receive 75% of full pay, and 50 years of service to attain 90% of full
pay.
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